A new report from Navigant Research analyses the market for advanced protective relays (ADVPRs), including market forecasts for revenue, segmented by technology and region, through 2024.
The use of digital protective relay technologies is changing and advancing the management and control of power grids. The capabilities of ADVPRs have evolved, enabling advanced sub-second monitoring, data collection, communications, and other capabilities. According to a new report from Navigant Research, worldwide revenue from smart grid protective relay systems is projected to grow from $5.5 billion annually in 2015 to $9.7 billion in 2024.
“The first generations of protective relays are reaching the end of their useful lives and are being replaced with the next generation of ADVPR solutions,” says James McCray, senior research analyst with Navigant Research. “This is a game-changing development for utilities. Grid conditions can now be monitored and managed in near real time, all the way out to distribution substations, where, in many cases, mechanical protective relays with no communications have previously been used.”
There are four main classes of protective relay technologies, according to the report: mechanical protective relays, solid-state protective relays, and digital ADVPRs, as well as integrated digital systems where the functionality of ADVPRs is built into switches, breakers, or other power equipment. Driving the adoption of ADVPRs is a combination of aging infrastructure and, in many cases, a workforce shift heralding the arrival of younger planners, operators, and engineers who have an understanding of and a willingness to adopt and utilise new digital protective relay technologies.
The report, Smart Grid Protective Relays, analyses the market for ADVPRs, with a focus on four classes of technologies: mechanical, solid-state, and digital protective relays and integrated digital protection systems. The study provides an analysis of the market issues, including market drivers and barriers, as well as regional trends and opportunities, associated with digital protective relay technologies. Market forecasts for revenue, segmented by ADVPR technology and region, extend through 2024. The report also examines the key technologies related to digital protective relays, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.