Global Protective Relay Market is expected to reach $3.32 billion by 2027 growing at a CAGR of 7.5% during 2018 to 2027.
Some of the key players in protective relay market include General Electric, Schweitzer Engineering Laboratories, Eaton, Toshiba, CG Power and Industrial Solutions, Ziv Aplicaciones Y Tecnologia, Basler Electric, Fanox Electronic, Orion Italia, Schneider Electric, ABB, Siemens, Woodward, Ashida Electronics, Littelfuse, Larsen & Toubro, Nr Electric, Mitsubishi Electric, Rockwell, and Solcon.
Some of the key factors propelling the market growth include adoption of IEC 61850 standard for substation automation, growing renewable industry, rising industrialization, growth in electricity consumption, and increasing demand from data centers & communication base station. However, lack of investment in grid stability in developing countries is restraining the market growth.
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Protective relay is a sensing device to trip a circuit breaker when a fault is detected. It helps to protect motors and circuit breakers and provide system information to help manage the power system. Features of protective relay include reliability, speed, sensitivity, and others. The working principle of protective relay depends on the electromagnetic attraction and the relay works on both the AC and DC power supply. Installing protective relay would help to eliminate the risk of damage in large industrial facilities.
By technology, the digital & numerical segment is expected to grow at the significant rate during the forecast period, due to an increased focus on substation automation, smart grid implementation, and distribution and transmission infrastructure development. Digital & numeric protective relays are advanced relays that feature multiple protection functions in one unit, along with metering, communication, self-test functions, and others. These relays use software-based protection algorithms for the detection of faults and are also known as micro-processor type protective relays. These types of advanced features of digital relay make them more attractive in the market than the other electromechanical relay.
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On the basis of geography, the Asia Pacific region is expected to have considerable market growth during the forecast period, due to the increasing renewable energy capacity addition in countries such as China, India, South Korea, and Australia. Additionally, the market is driven by the expansion of distribution and transmission infrastructure, the modernization of existing infrastructure through substation automation, and the replacement of electromechanical relays with numeric ones in Asia Pacific.
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• Digital & Numerical Relay
• Electromechanical Relays
• Static Relays
• Solid-state Relays
• Microprocessor Relays
• Electromagnetic Relays
• Medium Voltage
• High Voltage
• Low Voltage
• Transmission line
• Bus-bar Protection
• Other Applications
End Users Covered:
• Energy & Utility
• Other End Users
• Differential Relays
• Reverse Power
• Overcurrent Relay
• Over/Under Voltage Relays
• Distance Relays
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
– Market share assessments for the regional and country level segments
– Market share analysis of the top industry players
– Strategic recommendations for the new entrants
– Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets
– Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
– Strategic recommendations in key business segments based on the market estimations
– Competitive landscaping mapping the key common trends
– Company profiling with detailed strategies, financials, and recent developments
– Supply chain trends mapping the latest technological advancements
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