Growing investments in the transmission & distribution infrastructure to meet the ever-increasing demand for electric power, is a major factor instigating global protective relay market demand. A noticeable shift towards renewable energy is further expected to fuel protective relay demand in the near future. Increasing demand for protection devices across power industry in order to avoid any major losses will significantly spur the market demand.
Ongoing smart grid & substation automation projects in Asia Pacific & MEA is further expected to catapult the demand for protective relay over the forecast period. Asia pacific, particularly China is projected to witness significant growth in the near future owing to reforming T&D infrastructure paired with growing electricity demand owing to the rising population. Several infrastructural projects demanding high amount of electricity for its operations, has been a major market driver in North America & MEA. Substitution of obsolete protection devices will offer avenues for protective relays in Latin America over the next few years. However, sale of protective relay in Europe is limited owing to the market maturity in this region.
In-depth report on global protective relay market by Grand View Research: