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.
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. 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.
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.
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.
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,
Browse Full Protective Relay Market Research Report
at: https://www.marketresearchfuture.com/reports/protective-relay-market-918
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