SAN FRANCISCO, October 17, 2016 /PRNewswire/ --
The protective relay market is expected to reach USD 4,025.2 million by 2024, according to a new report by Grand View Research, Inc. Mounting investments in the transmission & distribution networks to replace the old equipment is expected to be a major factor expected to spur the growth over the forecast period. The intensifying intricacy of electrical systems has made it inevitable to incorporate protective devices for power systems safety. The growing electricity generation capacity to meet the growing population's electricity demand is estimated to act as a key driver augmenting market demand. Nevertheless, the cost concomitant with the set up & maintenance of these relays is estimated to challenge the industry over the near future.
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The global protective relay market is anticipated to witness high growth over the forecast period. This may be accredited to continuous population growth along with the mounting regional power consumption in Asia Pacific. The rising importance of smart grid technology coupled with upsurge in renewable energy projects is expected to further catapult protective relay demand over the next eight years. For instance, after the earthquake and tsunami in 2011, in Japan, the government decided to reduce the energy supply gap by augmenting renewable energy generation.
Browse full research report with TOC on "Protective Relay Market Analysis By Voltage (Low, Medium, High), By Application (Feeder Protection, Generator Protection, Bus-Bar Protection, Capacitor Bank Protection, Breaker Protection, Transformer Protection), By End-Use (Infrastructure, Industrial, Government, Power) And Segment Forecasts To 2024" at: http://www.grandviewresearch.com/industry-analysis/protective-relay-market
Further key findings from the report suggest:
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Grand View Research has segmented the global protective relay market on the basis of voltage, application, end-use, and region:
Access research Insight: http://www.grandviewresearch.com/research-insights/protective-relay-market-driven-by-growing-electrcity-demand
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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