Investigating the Progress of Advancements in the Protective Relay Network, via Market.us
The necessity to ensure operational safety is the companies’ top priority because the area of energy supply is becoming more complex due to technological improvements in the industry. Whenever a fault in the electrical system is discovered, protective relays are the tools that trip the circuit breaker.
According to the latest report by Market.us, “The market for protective relays was estimated to be worth USD 4.19 billion in 2021 and is anticipated to grow to USD 7.15 billion by 2030, with a forecasted CAGR of 6.12% from 2022 to 2030.”
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Protective relays protect safety while assisting in locating the faulty electrical component. The protective relays decide whether there is over-current, over-voltage, reverse power flow, or under-frequency.
The increased need for energy, which has led to an increase in the number of transmission grids, will surely function as a driving force for the expansion of the worldwide protective relay market because these are used in every electrical system to maintain safety.
However, the high capital expense associated with installing protective relay systems is a major market barrier for the worldwide protective relay market. The ongoing maintenance may hamper the development of the worldwide protective relay market that these relays require.
Anurag Sharma, a senior research analyst at Market.us, said, “The rising need for energy from different nations worldwide is the main market factor for the worldwide protective relay market. The development of new transmission lines in response to the rising demand and ongoing efforts for rural electrification will contribute to the expansion of the protective relay market globally.”
It is anticipated that the use of protective relays would increase due to renewable energy.
Because it is environmentally benign, eco-green, and mostly because it is sustainable, renewable energy (RE) has been chosen as an alternative power source. Solar energy is one type of renewable energy with a significant potential to improve energy security and partially meet global electricity demand.
The key driver of protective relay demand in this application category is the rising demand for solar electricity and the expanded installation and modernization of the smart grid. A smart grid uses Protective Relaying Devices (PRD) at various functional levels and in a variety of applications so that it may automatically prevent or reduce power outages, power quality issues, and service disruptions. They are built so that the supply to end consumers is not interrupted if one network component fails.
Additionally, there is an increase in the number of transmission lines and distribution networks due to the end user’s increasing need for electrical equipment. This will likely result in more substations being built shortly, expanding the demand for protective relays.
Recently, the protective relays industry changed;
ABB introduced the M102 motor protection relay in July 2019. The product is intended for use in the water treatment and mining industries.
The new Reyrolle 5 series of digital protection relays from Siemens, which provide overcurrent, earth fault, and transformer protection in substations, was introduced in November 2019.
Power Xpert C445 intelligent motor management relays, Power Safety Line (PSL) Air Circuit Breakers, and easyE4 control relays are three new products that Eaton, a leading provider of power management, technology, and services, launched in February 2020 on the South African market.
The growth of the protective relay market in the Asia Pacific area has been fueled by the region’s rising electricity demand due to its expanding population. Along with increasing urbanization, the region’s infrastructure has been expanding, accelerating market expansion.
China, India, Japan, and South Korea have dominated the region. The expansion of transmission grids and modernization of the existing electric infrastructure in North America and Europe have been the market’s primary drivers.
The market for protective relays in Europe and Latin America will eventually develop due to the region’s increasing use of solar energy in recent years.
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