The global protective relay market size was valued at USD 3,222.9 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.2% over the forecast period from 2023 to 2030.

As significant investments are channeled into infrastructure projects across various regions, there is a concurrent surge in energy consumption, propelling the popularity of smart grid technologies for effective energy management. Consequently, the demand for protective relays is expected to witness a notable rise, as they play a pivotal role in parallel systems to mitigate the risk of harm arising from potential system failures. The global increase in electricity demand, fueled by infrastructural developments and other contributing factors, is anticipated to drive the demand for safety equipment, including protective relays, in the forthcoming years.

Gather more insights about the market drivers, restrains and growth of the Protective Relay Market

Furthermore, there is a growing emphasis on power quality and reliability, acknowledging the potential implications of voltage fluctuations and frequency variations leading to equipment damage and power disruptions. These factors collectively underscore the increasing significance of protective relays in safeguarding and ensuring the stable operation of power systems.

The COVID-19 pandemic had a significant impact on the market for protective relays. As the pandemic disrupted global supply chains, manufacturers encountered challenges sourcing raw materials and components, resulting in delays in production and delivery of protective relays. The shift towards remote monitoring solutions during the pandemic also increased the interest in protective relays equipped with advanced communication and remote monitoring capabilities. As the pandemic situation improved in some regions and industrial activities resumed, there was a gradual recovery in demand for protective relays in various sectors.

Protective Relay Market Segmentation

Grand View Research has segmented the global protective relay market based on voltage, application, end use, and region:

Voltage Outlook (Revenue in USD Million, 2017 - 2030)

• Low Voltage

• Medium Voltage

• High Voltage

Application Outlook (Revenue in USD Million, 2017 - 2030)

• Feeder Protection

• Generator Protection

• Bus-Bar Protection

• Capacitor Bank Protection

• Breaker Protection

• Transformer Protection

• Others

End Use Outlook (Revenue in USD Million, 2017 - 2030)

• Infrastructure

• Industrial

• Government

• Power

• Others

Regional Outlook (Revenue in USD Million, 2017 - 2030)

• North America

o U.S.

o Canada

• Europe

o UK

o Germany

o France

• Asia Pacific

o Japan

o China

o India

o Australia

o South Korea

• Latin America

o Brazil

o Mexico

• Middle East & Africa

o South Africa

o Saudi Arabia

o UAE

Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

• The global silicone sealants market size was valued at USD 4.03 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2030. 

• The global metamaterials market size was valued at USD 779.6 million in 2023 and is anticipated to grow at a CAGR of 18.8% from 2024 to 2030. 

Key Companies & Market Share Insights

Vendors in the market are undertaking numerous strategic initiatives, such as acquisitions and mergers, collaboration, new product development, and partnerships with other prominent players. Continuous R&D to offer product differentiation is expected to be the major success factor for industry participants. For instance, in May 2021, ABB launched a new addition to its Relion product family, the REX610. This advanced offering is designed to deliver secure, intelligent, and eco-friendly electrification solutions. The primary focus of the REX610 is to streamline safety and control for basic energy transmission applications, making them more accessible and efficient.

Key Protective Relay Companies:

• ABB

• Doble Engineering Company

• Eaton

• Fanox

• Mitsubishi Electric Corporation

• General Electric

• NR Electric Co., Ltd.

• Siemens

• Schneider Electric

• Schweitzer Engineering Laboratories, Inc.

• TIEPCO

• ZIV

• TOSHIBA CORPORATION

Recent Developments

• In February 2023, ABB introduced new functionality for the REX640, its all-in-one protection relay tailored for advanced power generation and distribution applications. This enhanced version can now serve as a high-speed transfer device (HSTD), offering continuous supervision of the main feeder. This process guarantees an optimal transfer with minimal disruption to the manufacturing process and eliminates the risk of equipment damage, ultimately leading to cost and time savings.

• In February 2023, Schneider Electric unveiled new product lines at its manufacturing facility in Bengaluru to meet the increasing demand for protection relays and IoT gateways for power quality digitization and management. These cutting-edge solutions are specifically designed to address the country's electrical infrastructure requirements, the imperative for building decarbonization, and the pursuit of energy efficiency.

• In December 2022, Siemens introduced an innovative Dual Powered Protection Relay-7SR46. As a key component of their extensive range of protection relays tailored for distribution and industrial grids, the Siemens Reyrolle 7SR46 offers dependable overcurrent and earth fault protection specifically designed for medium voltage transformer stations. This advanced relay ensures a reliable and secure operation of the transformer stations, safeguarding critical equipment and enhancing grid stability.

Order a free sample PDF of the Protective Relay Market Intelligence Study, published by Grand View Research.