Significant expansion of transmission and distribution networks a key driver for protection relay market

A new market intelligence report delivers key insights on the global protection relay market. In terms of revenue, the global protection relay market is estimated to expand at a CAGR of 9 per cent during the forecast period, owing to numerous factors, regarding which, study offers thorough insights and forecasts in its report on the global protection relay market. A protection relay is a device designed to trip a circuit breaker when fault is detected in an electric system. Protection relays are being increasingly used in various industrial applications, owing to their capability to protect machinery and electric circuits from damage. In an electric transmission and distribution network, protection relays are employed to identify the fault of the location. Protection relays are of multiple types, such as electromagnetic relays, solid-state relays, and microprocessor relays.

Global protection relay market: Dynamics
According to TMR Study Increased demand for protection relays for use in the safety of utility infrastructure is expected to fuel the adoption of these relays significantly during the forecast period. The primary use of protection relays is to detect faults in electric circuits and associated equipment. The use of protection relays helps energy companies protect high-cost equipment and utility infrastructure from damage. The ability of protection relays to detect faults at an early stage is helpful in improving the lifespan of electric equipment.