The global digital protective relay market is expected to garner a large revenue by growing at a significant CAGR throughout the forecast period, i.e. 2021 – 2029, owing to the requirement of safe electricity channeling network grids and distribution channels worldwide, development in infrastructure and increasing demand for electricity globally.
Furthermore, increasing focus on substation automation and transmission infrastructure is also estimated to fuel the expansion of market in the coming years. Research Nester has released a report titled “Digital Protective Relay Market – Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global digital protective relay market in terms of market segmentation by voltage, application, end use, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The market is segmented on the basis of voltage, application and end use. On the basis of application, the motor protection segment is anticipated to grow at a considerable rate during the forecast period in view of increasing commercial and manufacturing activities in the world, especially in Asia Pacific. Additionally, based on end use, the power segment is expected to grow at the fastest rate in view of the increasing use of digital protective relay in transformers, bus bars, feeders, and high voltage substations.
Regionally, the global digital protective relay market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific is expected to see the highest growth in the market during the forecast period, which can be attributed to the increasing addition of renewable energy capacity and focus on substation automation and developed grid infrastructure activities in the region.
Two major reasons that are anticipated to cause an increase in electricity demand are rapid industrialization and rising population on a global level. As a result, people are now moving towards renewable sources of energy for power generation. Hence, there is an advancement in power substation construction to provide electricity, which is one of the key factors projected to boost the market growth in the coming years.
However, less investment in grid stability in emerging economies is expected to operate as key restraint to the growth of the global digital protective relay market over the forecast period.