As per a report by P&S Intelligence, the global medium voltage protection relay market generated a value of USD 1,337.0 million in 2022, and it will grow at a 7.5% CAGR, to touch USD 2,971.4 million, by 2030. This can be credited to the rise in the requirement for electricity supply, fast industrialization and urbanization, the growth of smart grids, and the electrification of railway infrastructure.
The requirement of both advanced and emerging countries on fossil fuels for power requirement has been reliably high throughout. However, the utilization of fossil fuels primes to the release of a huge quantity of GHG into the environment. As per the U.S. Environmental Protection Agency (EPA), there has been over 90% upsurge in carbon release levels as compared to the 1970s.
Furthermore, credited to the abundant and environmental nature of renewable power sources, including wind and sun, knowledge about their use has been on the surge. Furthermore, according to a statement by the International Energy Agency (IEA), renewables are projected to account for nearly 90% of the worldwide electricity capacity growth in the coming few years.
China and European nations run huge freight throughout their electrified rail. In Europe, 60% of the rail network is electrified, and around 80% of traffic runs on electric lines. Also, in China, over 70% of the rail arrangement has been electrified.
Furthermore, in India, the government is targeting 100% electrification of the railway system, to decrease their dependency on fuel imports. As of February 2023, around 80% of India’s routes have been electrified.
Electrification will prime to a surge in the requirement for numerous electrical arrangements, like conductors, transformers, insulators, and, subsequently, protection relays to stop harm to the broadcast and distribution setups.
In the coming few years, the secondary substation category is projected to advance at a higher development rate. This is mainly due to secondary substations being intended for maintaining the interconnectedness between medium- and low-voltage transmission devices, which is why they need a huge count of medium-voltage protection relays.
In 2022, APAC dominated the medium voltage protection relay market with a 41.3%, revenue share, and the region is projected to be dominant throughout the forecast period. This can be credited to the growing need for electricity supply in the region, particularly in emerging nations, like India and China.
The requirement for power supply has continuously been growing over the years. For example, in 2022, electricity needs in the region augmented by around 3.4%.
Hence, the rise in the requirement for electricity supply, fast industrialization, and urbanization, the growth of smart grids, and the electrification of railway infrastructure are the major factors contributing to the growth of the medium voltage protection relay market.
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