Protective Relay Market Driver Analysis & Escalating Demand Till 2024 “In the year 2015, global protective relay market was valued at $4025.2 million and is expected to grow at CAGR of more than 5% over the forecast period.�
"Increasing significance of renewable energy to drive the industry growth" In the year 2015, Global Protective Relay Market was valued at $4025.2 million and is expected to grow at CAGR of more than 5% over the forecast period. Increase in number of power and infrastructure projects in the Asia-Pacific region along with increased investments in the T and D network worldwide is considered as the reason for the rise in the demand of protective relays. "Asia Pacific expected to witness highest adoption over the forecast period" Asia Pacific region accounted for highest market share and about 30% of the total revenue in the year 2015. Extensive investments in the modernization of infrastructure along with renewable sector are the major factors that are expected to drive the demand of protective relays over the forecast period. Due to the economic progress of the countries such as India and China the rate of mounting infrastructure is at all-time high. This rise in infrastructure is expected to fuel the growth of protective relay market over the forecast period. Summer Olympics that are scheduled in the Japanese land in the year 2020 is also a key factor in the rise of infrastructure consequently driving the protective relay market. "Power sector is anticipated to emerge as the fastest growing end-use industry" Power Sector is forecasted to remain the highest and most rapidly growing end-use segment with CAGR of over 5% from 2016-2024. Improved rate of industrialization along with upgradation in the capacity to produce power globally has resulted in growth for demand of relays.
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