How big is the Protective Relay Market?

The Protective Relay Market size is expected to reach USD 2.14 billion in 2024 and grow at a CAGR of 5.98% to reach USD 2.81 billion by 2029. Read More

What is the current Protective Relay Market size?

In 2024, the Protective Relay Market size is expected to reach USD 2.14 billion. Read More

Who are the key players in Protective Relay Market?

ABB Ltd., Schneider Electric SE, Mitsubishi Electric Corporation, Siemens AG and Bender GmbH & Co. KgG are the major companies operating in the Protective Relay Market. Read More

Which is the fastest growing region in Protective Relay Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Protective Relay Market?

In 2024, the North America accounts for the largest market share in Protective Relay Market. Read More

What years does this Protective Relay Market cover, and what was the market size in 2023?

In 2023, the Protective Relay Market size was estimated at USD 2.01 billion. The report covers the Protective Relay Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Protective Relay Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Protective Relay Market Share

Statistics for the 2023 & 2024 Protective Relay market share, created by Mordor Intelligence™ Industry Reports. Protective Relay share report includes a market forecast to 2029 and historical overview. Get a sample of this industry share analysis as a free report PDF download.

Market Share of Protective Relay Industry

The protective relay market is highly competitive and fragmented. Some prominent players in the protective relay market include ABB Ltd, Siemens AG, Toshiba Corporation, Mitsubishi Electric Corporation, and Schneider Electric. Companies sustain intense competition by launching products, investing in research and development, forming partnerships, and making acquisitions.

August 2023 - ABB has launched a retrofit program that aims to replace outdated protection devices with new multi-functional devices. The program is designed to increase the lifespan of switch gears and ensure that equipment is future-proofed for an ever-growing electrical grid.

August 2023 - Siemens launched SIRIUS 3UG5 line monitoring relays that monitor grid stability, ensure proper system operation, and extend the service life of components such as motors or compressors. They are ideal for critical areas like hospitals or the process industry that require a high-quality, fail-safe power supply.