Protective relay is a device which is designed to trip a circuit breaker when an electric 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 parameter or based on applications. The main products which are in use in current market are high-voltage relays and medium-voltage relays. The demand for protective relays is growing across the world with increase in electricity consumption and more focus of governments towards infrastructure investments. The other factor which is driving this market is renewable energy. Investments towards renewable energy projects are also contributing to the growth of this market.
The market for protective relays is expected to grow at a CAGR of 11.25% to reach $6.07 billion in 2020 from the current estimates of $3.2 billion. Asia Pacific and South America are the regions which are the main drivers of this market. Some of the major vendors mentioned in the report are ABB, Alstom, GE, Schweitzer Engineering Laboratories and Schneider Electric.
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