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According to a recent report from Navigant Research, global revenue from smart grid protective relay systems is expected to total $73 billion from 2015 to 2024.
A recent report from Navigant Research analyzes the global market for advanced protective relays, including global market forecasts for revenue, segmented by technology and region, through 2024.
The use of advanced protective grid relays is changing the management and control of transmission and distribution (T&D) grids throughout the world, collecting information on grid status at regular intervals.
These relay technologies are continuing to evolve, adding new features and capabilities such as sub-second monitoring and data collection that are allowing utilities unprecedented insight into changing grid conditions.
“Almost all of the previous generation of protective relays on the grid today are nearing the end of their useful life and are failing,” says James McCray, senior research analyst with Navigant Research. “These technologies are now considered obsolete, and the markets associated with them are expected to collapse over the next 5 years; this is opening up opportunities for utilities to make much-needed upgrades.”
The stability of T&D networks has become highly visible in the political landscape in recent years due to the effect outages can have on economic development and growth, according to the report. This increased focus is expected to spur increased demand for ADVPRs as a means of ensuring the reliability and resiliency of the grid.