"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.

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Report Synopsis

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: