GCC Protective Relay Market Size, Share & Trends Analysis Report, By Voltage (Low, Medium, High), By Application (Feeder protection, Generator protection), By End-use (Infrastructure, Industrial, Government, Power), By Country, And Segment Forecasts, 2023

GCC Protective Relay Market Size, Share & Trends Analysis Report, By Voltage (Low, Medium, High), By Application (Feeder protection, Generator protection), By End-use (Infrastructure, Industrial, Government, Power), By Country, And Segment Forecasts, 2023 - 2030

GCC Protective Relay Market Growth & Trends

The GCC protective relay market size is expected to reach USD 592.3 Million by 2030, registering at a CAGR of 5.0% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. Escalating investments in the transmission & distribution infrastructure to substitute the aging equipment is a key factor instigating the protective relay demand in the power systems. The increasing complexity of electrical circuits has made it unavoidable to use protective devices for the safe & secure operation. The increasing electricity generation capacity to fulfill the growing population’s electricity needs is anticipated to remain as a chief factor driving the market growth. However, the cost associated with the installation & maintenance of protective relays is projected to challenge the market over the forecast period.

The GCC protective relay market is expected to gain prominence over the forecast period owing to the population growth coupled with the increasing domestic power consumption in Saudi Arabia. Furthermore, upcoming events, such as 2022 FIFA World Cup, would further lead to increased investments in the infrastructure development, thereby spurring the electricity demand in GCC. This would subsequently elevate the need for protective relays to safeguard the power systems in this region.

GCC Protective Relay Market Report Highlights

• The medium voltage held the largest market share of 44.2% in 2022. This is due to their usage in the protection of buildings such as houses, hospitals, shopping malls, and warehouses, which supply medium voltage power.
• The growth in the feeder protection application segment can be primarily attributed to the surging need to protect overhead cables and lines utilized for the electricity transmission. The feeder protection segment dominated the market with the highest revenue share of 27.5% in 2022.
• The power sector is projected to witness a significant growth over the forecast period owing to the integration of relays to ensure safety and security of equipment and personnel at the power stations.
• Saudi Arabia accounted for more than 45.5% of the overall share in 2022. However, UAE is estimated to exhibit the high growth over the next few years owing to the surging industrial, infrastructure, and power projects in this country.
• The key market participants include Siemens, ABB, GE-Alstom, and Schneider. Industry participants strive to undertake product differentiation and technological advancements so as to gain a competitive edge in the market

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