Global Protective Relay Market Overview 2022, Demand by Regions, Share and Forecast to 2027by Zayn Mathew Market Research Reports
According to the new research report by IMARC Group, the global protective relay market grew at a CAGR of around 6% during 2022-2027. Looking forward, the market is expected to continue its moderate growth during the next five years.
A protective relay refers to a mechanical or digital system installed in electrical circuits to reduce failures in motors, generators, and transformers. It receives inputs in the form of voltage, current, resistance, and temperature. A protective relay matches the received input to set points and displays the outputs in the form of indicator lights, control warnings or alarms. It also prevents potential failures and helps in detecting the damaged equipment or devices in the circuit by giving the tripping command to the circuit breaker. The modern variants of the protective relay are microprocessor-based digital tools that are more efficient and cost-effective than their conventional counterparts.
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The growing adoption of renewable energy sources have substantially increased the product utilization in the smart grid network to minimize power outages. Moreover, the growing construction activities for power substations worldwide are further bolstering the market growth. The power stations employ protective relays to trigger alarm switches and circuit breakers during extreme voltage fluctuations while supplying electricity for commercial and residential applications. Additionally, the growing number of advanced electrical circuit designs have further aggravated the demand for protective relays to monitor over-current, over-voltage, and under-frequency for reversing power flow and avoiding major accidents. Furthermore, the increasing awareness regarding safety in the power sector and extensive R&D activities are also expected to drive the protective relay market.
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/protective-relay-market
Insights on Market Segmentation:
Breakup by Voltage:
Breakup by Type:
Breakup by Application:
Breakup by End-Use:
Power Generation and Distribution
Industrial Equipments and Systems
Breakup by Region:
Middle East and Africa
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Created on Jul 13th 2020 07:57. Viewed 219 times.
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