In 2022, the global market size for medium voltage protection relays was USD 1,337.0 million. Projections indicate a 7.5% compound annual growth rate from 2022 to 2033, with an anticipated market value of USD 2,971.4 million by 2033. This growth is primarily attributed to increased demand for power supply, ongoing urbanization and industrialization, the evolution of smart grids, and the electrification of railway infrastructure.

The requirement of both advanced and emerging countries on fossil fuels for power requirement has been reliably high throughout. However, the utilization of fossil fuels primes to the release of a huge quantity of GHG into the environment. As per the U.S. Environmental Protection Agency (EPA), there has been over 90% upsurge in carbon release levels as compared to the 1970s.

Furthermore, credited to the abundant and environmental nature of renewable power sources, including wind and sun, knowledge about their use has been on the surge. Furthermore, according to a statement by the International Energy Agency (IEA), renewables are projected to account for nearly 90% of the worldwide electricity capacity growth in the coming few years.

China and European countries handle extensive freight transportation through their electrified rail networks. In Europe, 60% of the rail infrastructure is electrified, with approximately 80% of traffic operating on electric lines. Similarly, in China, over 70% of the railway system has undergone electrification. In India, the government aims for complete electrification of the railway network, aiming to reduce reliance on fuel imports. As of February 2023, approximately 80% of India's rail routes have been electrified.

The push towards electrification is expected to lead to an increased demand for various electrical components, including conductors, transformers, insulators, and, consequently, protection relays. These relays play a crucial role in preventing damage to the transmission and distribution systems.

In the coming few years, the secondary substation category is projected to advance at a higher development rate. This is mainly due to secondary substations being intended for maintaining the interconnectedness between medium- and low-voltage transmission devices, which is why they need a huge count of medium-voltage protection relays.

In 2022, APAC dominated the medium voltage protection relay market with a 41.3%, revenue share, and the region is projected to be dominant throughout the forecast period. This can be credited to the growing need for electricity supply in the region, particularly in emerging nations, like India and China.

The requirement for power supply has continuously been growing over the years. For example, in 2022, electricity needs in the region augmented by around 3.4%.