Global
Protective Relay Market
The
Protective Relay Market, according to the analysis by Market Research Future
(MRFR), is estimated to reach a substantial market valuation of USD 5.20
billion by 2024, at a moderate CAGR of 7.10% from 2019 to 2024.
Drivers
and Restraints
Global
Protective Relay Market is expected to witness considerable
growth during the forecast period owing to the expansion of the T&D
network, renewable energy demand, and an increase in global industrialization. Growing
investment in transmission and distribution infrastructure is one of the major
drivers for the growth of the protective relay market. The global Protective Relay market is touted to grow
at a high rate during the review period, mainly owing to the growing renewable
industry and increasing industrialization, which would lead to a surge in the
protective relay demand. Furthermore, initiatives to reduce the carbon
footprint would drive the need for efficient transmission components in the
coming years.
Global
Protective Relay Market Segmental Analysis:
The
global market for Protective Relay has been segmented based on the type, voltage,
end-user, and region.
Based
on type, the protective
relay market is segmented into the transmission line, feeder, motor,
generator, transformer, and others. The Feeder segment is expected to lead the
market and has the largest market share, majorly due to the rising transmission
& distribution network across the globe, which would result in a steady
increase in the number of substations, which would fuel the demand for feeder
protection relays. Asia-Pacific currently houses the most significant amount of
transmission & distribution expansion projects.
The
global Protective Relay market is segmented based on end-user, into industrial,
utility, renewables, and marine. The Utility segment of the global Protective
Relay market is estimated to register the highest growth rate during the
forecast period.
Regional
Analysis
The regional analysis of
the global protective relay market is conducted into Asia Pacific, North
America, Europe, and the rest of the world.
The North American
market for protective relay systems is one of the major regional markets across
the globe and accounts for a significant share in the protective relays market
over the review period. This is attributed to the presence of developed
countries such as the US and Canada are undergoing retrofitting and revamping
of current grid infrastructure. the US government is taking measures to
curb the carbon footprint and impact on the environment. thus it is slated to
reduce its greenhouse gas emission, which would increase the demand for
protective relays in the power industry in North America. Europe is also
assessed as one of the major regions of the global protective relay market and
is slated to witness substantial growth over the assessment period.
The Asia-Pacific is estimated to be the largest and the fastest-growing market for protective relays over the assessment period. Market growth in Asia Pacific region is majorly driven by the number of transmission & distribution line upgradations and developments in Southeast Asia. The government authorities are investing heavily in reducing the carbon footprint and emission rate in the region, created by the increasing urbanization and industrialization in developing countries such as India, China, Japan, South Korea, among others.
The Asia-Pacific is estimated to be the largest and the fastest-growing market for protective relays over the assessment period. Market growth in Asia Pacific region is majorly driven by the number of transmission & distribution line upgradations and developments in Southeast Asia. The government authorities are investing heavily in reducing the carbon footprint and emission rate in the region, created by the increasing urbanization and industrialization in developing countries such as India, China, Japan, South Korea, among others.
Competitive
Analysis
The
major market players operating in the global protective relay market
identified by MRFR are General Electric (US), ABB (Switzerland), Schneider
Electric (France), Mitsubishi Electric Corporation (Japan), Toshiba Corporation
(US), Basler Electric (US), Fanox Electronics (Spain), Littlefuse Inc. (US), Siemens
(Germany), and Schweitzer Engineering Laboratories,
The
major market players are expected to contribute substantially towards the
market growth over the review period by shifting their focus towards mergers,
acquisitions, strategic business partnerships, owing to the highly competitive
dynamics of the market. This is anticipated to create a lucrative market
scenario over the review period.
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