Protective Relays Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The protective relay market was valued at USD 3.73 billion in 2019 and is expected to reach a value of USD 4.98 billion by 2025, at an estimated CAGR of 5.98% over the forecast period 2020- 2025. A protective relay is designed to trip a circuit breaker, whenever there is an electric fault identified. They assist in disconnecting the identified faulty portion from the rest of the circuit.
Key HighlightsThe protective relay market is highly competitive and fragmented. Some of the prominent players in the protective relay market include ABB Ltd, Siemens AG, Alstom SA, Mitsubishi Electric Corporation amongst others. Product launches, high expense on research and development, partnerships and acquisitions, etc. are the prime growth strategies adopted by these companies to sustain the intense competition
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