BOULDER, Colo.--(BUSINESS WIRE)--A new report from Navigant Research analyzes the global market for advanced protective relays (ADVPRs), including global 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. Click to tweet: 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 utilize new digital protective relay technologies.
The report, Smart Grid Protective Relays, analyzes the global 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. Global 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.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global professional services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals deliver expert and advisory work through implementation and business process management services. The firm combines deep technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism to address clients’ needs in highly regulated industries, including Construction, Energy, Financial Services and Healthcare. More information about Navigant can be found at navigant.com.
*The information contained in this press release concerning the report, Smart Grid Protective Relays, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.