Protective Relay Market Business Growth Factors, Top Manufacturers, Revenue, Demand & Forecast to 2030
Global Protective Relay Market The protective relay market, according to the analysis by Market Research Future (MRFR), is estimated to reach a substantial market valuation of USD 5.20 billion by 2024, at a moderate CAGR of 7.10% from 2019 to 2024. A detailed analysis report of COVID-19 impact on Protective Relay Market is provided with the report. The rising complexities in the architecture of switchgear have intensified the need for protective relays for the detection of faults and operational efficiency. Protective relays facilitate the detection and rectification of defects such as high voltage, low voltage, etc. An upsurge in energy consumption has been witnessed in recent years. The global population explosion is expected to further fuel demand for energy which is poised to aid the expansion of the protective relay market. In addition, the shift towards the adoption of renewable energy is also projected to augment the market over the next couple of years. Get F...