Market Size of North America Protective Relays Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.60 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Protective Relays Market Analysis
The North America Protective Relays Market is expected to register a CAGR of 5.6% over the forecast period (2021 - 2026). The emergence of the COVID-19 pandemic affected the region significantly, resulting in shutdowns across various sectors. This also resulted in the delay of planned smart grid project developments, thereby affecting the market studied. Also, it is anticipated that shutdown across industrial activities would result in a significant economic downturn, owing to which the investments in the electrical infrastructure would take a hit, thereby impacting the market.
- A protective relay is a device that is designed to trip a circuit breaker whenever an electrical fault is detected. It triggers an alarm if any abnormality is found within the electrical circuit. These protective relays can be differentiated on a number of factors, such as actuating parameters or based on the applications.
- The demand for protective relays has been growing across the region with an increase in electricity consumption and more focus of governments towards infrastructural investments. Other factors which are driving the market are the increasing prevalence of renewable energy along with the rising investments towards renewable energy projects in the North American region.
- Organizations in the region make use of protective relays for various applications, not only in the power sector but in other sectors also such as infrastructure, including projects such as rural electrification, electrification of road and rail networks, etc. The region also has a higher level of industrialization as compared to other regions.
- Moreover, with the advent of smart grid networks across the region, the demand for smart protective relays is also anticipated to rise. Further, owing to the increasing environmental concerns regarding the excess utilization of conventional sources of energy, the growth of the renewable energy sector is anticipated to draw new infrastructural investments that will spur the demand for protective relays.
- The region has also been increasing its production of energy from renewable sources such as solar, wind, geothermal, ocean, and hydro. In order to connect these renewable power sources to the main grid, there has been an upgradation of the transmission and distribution systems. Therefore, with the increase in newer transmission and distribution systems, the demand for the protective relay will also increase.
