"BCC Research Study Forecasts a 9.2% CAGR, with Market Growth from $17.2 Billion in 2024 to $26.8 Billion by 2029, Driven by Increasing Demand for Electrical Safety and Grid Reliability."
BOSTON, Jan. 29, 2025 /PRNewswire/ -- According to the latest study from BCC Research, "Protective Relays and Circuit Breakers: Global Markets" is expected to grow from $17.2 billion in 2024 to $26.8 billion by the end of 2029, at a compound annual growth rate (CAGR) of 9.2% from 2024 through 2029.
This report on global market trends for protective relays and circuit breakers provides revenue data from 2023 to 2029. It segments the market by type, voltage, industry, application, and four region: North America, Europe, Asia-Pacific and the Rest of the World. The report also analyzes emerging technologies and the vendor landscape, and offers profiles of leading companies.
This report offers industry stakeholders, an in-depth analysis of the market for protective relays and circuit breakers. As power infrastructure are upgraded and modernized, the demand for advanced protection solutions increases. With rising safety regulations and energy efficiency goals, staying updated on market trends and innovations is vital for competitiveness and compliance.
The factors driving the market include:
Demand from evolving power grids: As power grids become more complex and advanced, the need for reliable protective relays and circuit breakers increases in order to ensure stability and safety.
Global construction of power substations: The expansion and construction of power substations worldwide drive the demand for protective devices to manage and safeguard electrical systems.
Modernization of transmission and distribution (T&D) networks: Upgrading aging T&D infrastructure requires advanced protective solutions to improve efficiency and reliability.
Focus on renewable energy integration: The shift towards renewable energy sources necessitates protective relays and circuit breakers to manage the variable nature of these energy inputs and maintain grid stability.
Railway safety concerns: Ensuring the safety of railway systems boosts the demand for protective relays and circuit breakers to prevent electrical faults and accidents.
Request a sample copy of the global market for protective relays and circuit breakers report.
Report Synopsis
Report Metric | Details |
Base year considered | 2023 |
Forecast period considered | 2024-2029 |
Base year market size | $16.9 billion |
Market size forecast | $26.8 billion |
Growth rate | CAGR of 9.2% from 2024 to 2029 |
Segments covered | By Category, Protective Relay Type, Circuit Breaker Type, Voltage Type, Industry, Application |
Regions covered | North America, Europe, Asia-Pacific, and Rest of the World (South America, Middle East and Africa) |
Countries covered | U.S., Canada, Mexico, Germany, U.K., France, Italy, Japan, China, India, and South Korea |
Market drivers |
|
Interesting facts:
- The global push for the modernization and implementation of smart grids is driving demand for advanced protective relays and circuit breakers. For example, in May 2024, the U.S. launched the Federal-State Modern Grid Deployment Initiative, with 21 states committed to accelerating grid adaptation. This initiative aims to address grid modernization challenges, boosting the need for sophisticated protection systems.
- The utilities segment leads the market, surpassing industrial/commercial and residential sectors due to significant investments in infrastructure modernization and smart grid technologies. The residential market is growing more slowly due to lower demand, infrequent upgrades, and smaller budgets for electrical safety enhancements.
The report addresses the following questions:
- What is the projected market size and growth rate?
• The global market for protective relays and circuit breakers was valued at $16.9 billion in 2023 and will reach $26.8 billion by the end of 2029, at a CAGR of 9.2% from 2024 to 2029. - Which industry segment will dominate the market in 2029?
• The utilities and industrial/commercial segment. - Which region has the highest market share?
• The Asia-Pacific region is the leading revenue generator for the global protective relays and circuit breakers market. In 2023, it accounted for $7.3 billion in revenue, representing about 43.3% of the global total.
Market leaders include:
- ABB
- ANALOG DEVICES INC.
- CG POWER & INDUSTRIAL SOLUTIONS LTD.
- EATON
- FANOX
- FUJI ELECTRIC CO. LTD.
- LITTELFUSE INC.
- MITSUBISHI ELECTRIC CORP.
- NOJA POWER SWITCHGEAR PTY LTD.
- POWELL INDUSTRIES
- ROCKWELL AUTOMATION
- SALZER ELECTRONICS LTD.
- SCHNEIDER ELECTRIC
- SCHWEITZER ENGINEERING LABORATORIES INC.
- SIEMENS
- TE CONNECTIVITY
- TOSHIBA CORP.
- ZIV
Related reports:
Electric Vehicles and Fuel Cell Vehicles: Global Markets: The report on EVs and FCEVs covers the segments of propulsion type, vehicle type, and power source. It includes technological, regulatory, and market ranking analyses for leading companies, market dynamics, and industry trends. The report also discusses patent analysis, ESG trends, emerging technologies, and the impact of the Russia-Ukraine war. It provides company profiles of the top manufacturers, excluding industrial and low-speed EVs.
Sensors: Technologies and Global Markets: The report offers an overview of the global market for sensor technologies, analyzing trends and providing revenue forecasts from 2024 to 2029. It segments data by type, end-use industry, and region. The report analyzes market drivers and challenges, the vendor landscape, and current market trends, and concludes with profiles of leading companies.
Purchase a copy of the report direct from BCC Research.
For further information or any of these reports or to make a purchase, please contact info@bccresearch.com.
About BCC Research
BCC Research market research reports provide objective, unbiased measurement, and assessment of market opportunities. Our experienced industry analysts' goal is to help you make informed business decisions free of noise and hype.
Contact Us
Corporate HQ: 50 Milk St. Ste 16, Boston, MA 02109, USA
Email: info@bccresearch.com,
Phone: +1 781-489-7301
For media inquiries, email press@bccresearch.com or visit our media page for access to our market research library.
Any data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher.
Logo: https://mma.prnewswire.com/media/2183242/BCC_Research_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/protective-relays-and-circuit-breakers-market-to-reach-26-8-billion-by-2029--302363168.html
Voltar noticias em Inglês