Protective Relay Market to grow at 6% CAGR by 2027
A report on global protective relay market has been available by Market Research Future, titled “Global Protective Relay Market Information by Voltage Range (High, Medium, Low), by Type (Feeder, Transmission Line, Motor, Transformer, Generator, and Others), by End User (Utility, Industrial, and Others) Marine, Renewable, Utilities), and Region – Forecast to 2027”.
According to the report, the protective relay market is expected to register a CAGR of around 6% during the forecast period.
The protective relay market will be boosted by ongoing substation automation projects as well as the growing need for electric power in developed and developing nations, the report says.
Asia-Pacific is the leading market in this segment, housing the maximum number of transmission and distribution projects. Europe and North America are other regions which are expected to be highly lucrative for the players in the protective relay market.
Some of the key market players mentioned in the report are General Electric (U.S.), Littelfuse Inc.(U.S.), Eaton Corporation Plc (U.S.), Beckwith Electric Co. Inc.(Ireland), ZIV Inc. (U.S.), Schweitzer Engineering Laboratories (U.S.), Schneider Electric (France), Alstom Group (France), NR Electric (China), Cooper Industries (Ireland), ERL Phase Power Technologies Ltd. (Canada) and Mitsubishi Electric Corporation (Japan).
Source: Market Research Future