The Covid-19 pandemic has negative impact on the global protective relay market. The medium segment will garner a considerable amount of the global market share. The feeder protection relay is expected to witness high growth rate in the forecast period. The Asia-Pacific region will generate huge investment opportunities in the forecast period. The key players of the market are concentrating on various strategies to sustain in these trying times.The world is facing an unexpected change and many of the industries are experiencing thought provoking situation due to the COVID-19 pandemic. Previous to the COVID-19 pandemic, there was high growth rate in protective relay market owing to the increase in usage in various industries includes power, industrial, and others. But, since the occurrence of COVID- 19 outbreak, it has been witnessed that above mentioned industries have faced negative impact due to shortage in supply of raw materials that slow down the production and hampers the demand of protective relay devices. More than 41% electricity are consumed by industrial for operating machineries, followed by 25% for domestic and 18% for agricultural purposes. Though the business across the world is completely in the lock-down, majority of the industrial and commercial activities in the country, have seen a considerable decline in demand for electricity. Which eventually reduced the need of protective relay devices. In the course of this chaos, we are offering complete support to our clients in understanding the influence of COVID-19 on the global protective relay industry.
• Technological Impact
• Social Impact
• Investment Opportunity Analysis
• Pre- & Post-COVID Market Scenario
• Infrastructure Analysis
• Supply Side & Demand Side Impact
According to a recent report published by Research Dive, the global protective relay market is anticipated to garner $2.92 billion by 2027, growing at a health CAGR from 2019 to 2027.
The report segments the global market on the basis of voltage, application, end use and regions. This report is a comprehensive analysis of recent drivers, key segments, opportunities, restraints, and major players of the market.
• Factors Affecting the Market Growth
As per the report, growing population and usage of machinery are expected to greatly fuel the growth of the protective relay industry, during the forecast period. On the other hand, high installation and maintenance cost is likely to hamper the development of the global protective relay market.
• The medium segment will be the most lucrative till 2026
Based on voltage, the global protective relay market is divided into low, medium, and high. Among these, the medium segment will have a dominating share in the global market and they are expected to register a significant revenue during the forecast timeframe. Medium voltage protective relay systems are increasingly being used in substations and power systems. Further, they are majorly used in residential settlements, shops, and showrooms.
• Feeder Protection segment expected to register maximum growth
Based on application, the global protective relay market is divided into feeder protection, generator protection, bus-bar protection, capacitor bank protection, breaker protection, transformer protection, and others. Among these, the feeder protection relay segment is anticipated to register significant growth during the forecast period owing to have the capability to protect the overhead lines and power cables. These overhead power transmission lines are usually lengthy and are operated in harsh open environments which majorly increase the chances of faults and abnormality.
• The power segment will grow exponentially over the forecast period
Based on end use, the global protective relay market is divided into industrial, government, power and others. Among these, the power segment as an end-use industry will grow exponentially during the forecast period. The significant rise in population and increased electricity consumption in households are the major factors driving the growth of the power segment.
• Regional Breakdown of the Market
Regionally, the report evaluates the global market across North America, Europe, Asia Pacific, and LAMEA. Among these, Asia Pacific region is expected to hold the largest market share in the protective relay market during the forecast period. Growing infrastructural development in the power industry and a significant rise in investments related to the renewable energy sector are the major factors driving the growth of protection relay systems in the region.
• Top Companies Leading the Market
The major players of the global protective relay industry are Siemens, Doble Engineering Company, GENERAL ELECTRIC, Fanox, NR Electric Co., Ltd., ABB, Eaton, Schneider Electric, TOSHIBA CORPORATION, and Mitsubishi Electric Corporation. These players are implementing various business strategies like mergers and acquisitions, collaborations & partnerships in order to gain a major market share in the global industry.