Market Synopsis:
According to Market Research
Future (MRFR)’s analysis, the global protective relay market has been projected
to expand at a healthy CAGR of 6% during the forecast. The report also revealed
that the market is anticipated to scale a decent valuation towards the end of
2027. The rising complexities in the architecture of switchgear have
intensified the need for protective relays for the detection of faults and
operational efficiency. Protective relays facilitate the detection and
rectification of defects such as high voltage, low voltage, etc. Thus, the growing
demand for protection against major accidents is likely to dictate the growth
trajectory of the protective relay market in the forthcoming years.
An upsurge in energy
consumption has been witnessed in recent years. The global population explosion
is expected to further fuel demand for energy which is poised to aid the
expansion of the protective relay market. In addition, the shift towards the
adoption of renewable energy is also projected to augment the market over the
next couple of years.
The influx of investors is
prognosticated and is likely to have a positive influence on the growth of the
protective relay market in the foreseeable future. Product development and
innovation as a response to the increasing demand for reduced carbon intensity
and higher operational efficiency are presumed to drive the expansion of the
market in the forthcoming years.
Market Segmentation:
By voltage, the global
protective relay market has been segmented into high, medium and low.
By protection mechanism, the
protective relay market has been segmented into feeder, transmission line,
motor, transformer, generator, and busbar.
By end-user, the global
protective relay market has been segmented into marine, renewable, and
utilities.
Regional Analysis:
By region, the global
protective relay market has been segmented into North America, South America,
Europe, Asia-Pacific, Middle East, and Africa. Asia Pacific houses the world’s
most populous nations with accelerating economic growth rate. The growing
number of energy distribution projects being undertaken in these country-level
markets are expected to dictate the growth trajectory of the protective relay
market in the region. Furthermore, the region is shifting towards renewable
sources of energy. It is further expected to augment the regional market. North
America and Europe are two important growth pockets. These regional markets are
anticipated to remain highly lucrative through the forecast period.
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Complete Research Report at: https://www.marketresearchfuture.com/reports/protective-relay-market-918
Competitive Dashboard:
Some of the major players of
the protective relay market profiled in this report are Littelfuse Inc. (U.S.),
Eaton Corporation Plc (U.S.), General Electric (U.S.), Beckwith Electric Co.
Inc. (Ireland), Schweitzer Engineering Laboratories (U.S.), ZIV Inc. (U.S.), Schneider
Electric (France), Cooper Industries (Ireland), Alstom Group (France), ERL
Phase Power Technologies Ltd. (Canada), NR Electric (China), and Mitsubishi
Electric Corporation (Japan).
Industry News:
In August 2018, Carlo Gavazzi,
an international group focused in designing, manufacturing, and marketing of electronic
equipment, has announced the launch of DEA71 and DEB71, two of its latest Earth
Leakage Monitoring Relays. The equipment is designed to be used with an
appropriate circuit breaker and CTG Series Core Balance Current Transformer.
In November 2018, a subsidiary
of FirstEnergy Corp, West Penn Power, has conducted inspections and equipment
across its service area as a measure to prepare for the winter season.
Substantial control buildings with protective relays had their heating systems
checked.
In November 2018, the leader
in the digital transformation of automation and energy management, Schneider
Electric, has announced the launch of upgradations for the architecture of its EcoStruxureTM
Power digital energy management system. The latest upgradations include the
introduction of Easergy P3 system and arc flash protection relay for the
protection of end-users and the equipment.
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