New York , March 13, 2024 (GLOBE NEWSWIRE) — The global protective relay market size is predicted to grow at a CAGR of over 6% from 2024 to 2036. The market is projected to garner a revenue of USD 5 billion by the end of 2036, up from a revenue of USD 3 billion in the year 2023. The reason behind the growth is due to the growing demand for energy across the globe owing to the precipitous increase in the global population, growing industrial activity, and advances in both developing and developed countries. According to estimates, by 2050, global demand is expected to reach over 650 quadrillion Btu, an increase of around 14% from 2021. The growing advancements in smart grid technology are believed to fuel the market growth.

(GlobeNewsWire)