Protective Relay Market - Forecast(2021 - 2026)
According to the National Fire Protection Association, around 47% of electricity accidental deaths occurred in construction and extraction work and 22% of the deaths during installation, maintenance, and repair jobs were reported within the period of 2012-2016. This implicates the necessity of protective power circuit system such as protective relay in industrial sectors, offices, and for domestic applications which reduces the chance of electric exposure caused due to over-current, over-voltage, under-frequency, and other electricity failures. The global protective relay market generated opportunities worth $3320.57m in 2018, due to wide applications of protective relay in feeders, motors, generators, transformers, bus bars, and many more. Protective relay aids circuit breakers and alarm systems to work coherently for minimizing system damage which significantly eliminates the risk of electric hazards at any work location. Consequently, they form a reliable power sy...