Pune, India, Feb. 11, 2022 (GLOBE NEWSWIRE) -- The medium voltage protection relay market size was USD 0.99 billion in 2020. The market is projected to grow from USD 1.07 billion 2021 to USD 1.59 billion in 2028 at a CAGR of 5.82% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report titled, “Medium Voltage Protection Relay Market, 2021-2028.” Factors such as rising demand from utility and railways along with rising adoption of protection relay toward renewable energy systems are expected to fuel the market growth. Additionally, increasing digital technologies in relay technologies will increase the footprint of the market.
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Companies Profiled in the Market:
- ABB (Switzerland)
- General Electric (U.S.)
- Siemens (Germany)
- Schneider Electric (France)
- Schweitzer Engineering Laboratories (U.S.)
- EATON (Ireland)
- Mitsubishi Electric Corporation (Japan)
- TOSHIBA (Japan)
- ZIV APLICACIONES Y TECNOLOGIA (Spain)
- Basler Electric (U.S.)
- Fanox Electronic (Spain)
- Orion Italia (Italy)
- Woodward, Inc. (U.S.)
- Ashida Electronics (India)
- Rockwell Automation, Inc. (U.S.)
COVID-19 Impact
Production Delays and Reduced Electricity Demands to Hamper Market
The COVID-19 pandemic has hit various sectors of the globe in the form of economic backlash. Various lockdowns were imposed during the peak pandemic period which led to decrease in electricity demand as manufacturing factories were shut down. Travel restrictions further triggered low manpower and restricted business activities. Additionally, volatility in raw material pricing led to delays in future projects.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 5.82 % |
| 2028 Value Projection | USD 1.59 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 0.99 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 264 |
| Segments covered | By Type ,Technology, By Application, End Users & By Region |
| Growth Drivers | High Maintenance Cost of Protection Relays Likely To Hinder Market Growth |
| Reliability of Medium Voltage Protection Relays is Likely to Drive Market Growth |
Segments
Type, Technology, Application, End-user, and Region are studied for the Market
By type, the market can be divided into self-powered relays, feeder & generator relays, recloser control relay, and others.
On the basis of technology, the market can be branched into electromechanical & static relays and digital & numerical relays.
With respect to application, the market can be segmented into generator, transformer, transmission line, bus bar, feeder, motor, and others.
By end-user, the market can fragmented into utility, industrial, railways, and others.
In terms of geography, the market can be categorized into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
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Report Coverage
The study of medium voltage protection relay consists of a comprehensive analysis of the market by evaluating critical aspects of the market such as valuable insights, facts, industry-related detailed information, and historical data. The forecast period is attained by employing several methodologies that are extracted from various in-house models. The study is broken into segments and various sub-segments, including type, technology, application, end-user, and region.
Drivers & Restraints
Rising Need to Replace Conventional Relays to Augment Growth
Factors such as advancement in new relays and rising focus of manufacturers toward automated relays that befit the digital age will boost the medium voltage protection relay market growth during the forecast period. Increasing usage of renewable sources and rising attributes such as grid stability and economic cost will increase the footprint of the market. Also, various governments setting their targets toward green energy will fuel the growth of the market.
However, high maintenance cost of maintenance is expected to limit the growth of the market during the forecast period. Digital relays often are prone to cyber-attacks, causing data breaches. This factor will cause hindrance to market growth.
Regional Insights
Asia Pacific to Hold Largest Market Share due to Expanding Rail Industry
Asia Pacific is expected to witness the largest medium voltage protection relay market share owing to expanding railway sector due to increasing passenger demand, changing consumer patterns, and increasing investment opportunities. Also, expansive passenger experience and increasing new rail projects will boost the market in the region.
North America will hold a significant market share in terms of global contribution owing to increasing investment in its grid improvement and rising demand for clean and reliable solutions.
Europe will hold a large market share due to rising reliable rail network and favorable government policies.
Competitive Landscape
Mergers & Acquisitions and New Product Launches to Bolster Market Growth
The market landscape of medium voltage protection relay is highly fragmented as it has presence of several global and regional competitors. The dominant players are constantly empowering themselves with strategies such as contracts and agreements, mergers and acquisitions, collaborations, and new product launches for maximizing revenue. For example, in April 2021, Siemens Smart Infrastructure division launched the Siprotec 5 Compact for specifically addressing the demand of industrial applications, infrastructure, and distribution grids. It also allows for virtual testing of devices in the cloud within minutes without hardware and additional effort. Other players are introducing portfolio with environmental effects and easy integration features to capture a larger consumer base.
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Industry Development
- May 2021: ABB added the REX610 to its Relion product family that is aimed at plug-and-play solution for supporting safe, smart, and sustainable electrification. The REX610 will allow communication and interoperability between substation automation devices and various smart services such as those on the ABB Ability platform.
Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions & Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insight on Regulatory Landscape
- Industry SWOT Analysis
- Porter Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Medium Voltage Protection Relay Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Medium Voltage Protection Relay Market (USD Billion) Analysis, Insights, and Forecast, 2017-2028
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Self-Powered Relays
- Feeder & Generator Relays
- Recloser Control Relays
- Others
- Market Analysis, Insights and Forecast – By Technology
- Electromechanical & Static Relays
- Digital & Numerical Relays
- Market Analysis, Insights and Forecast – By Application
- Generator
- Transformer
- Transmission Line
- Bus Bar
- Feeder
- Motor
- Others
- Market Analysis, Insights and Forecast – By End-User
- Utilities
- Industrial
- Railways
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Medium Voltage Protection Relay Market (USD Billion) Analysis, Insights, and Forecast, 2017-2028
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Self-Powered Relays
- Feeder & Generator Relays
- Recloser Control Relays
- Others
- Market Analysis, Insights and Forecast – By Technology
- Electromechanical & Static Relays
- Digital & Numerical Relays
- Market Analysis, Insights and Forecast – By Application
- Generator
- Transformer
- Transmission Line
- Bus Bar
- Feeder
- Motor
- Others
- Market Analysis, Insights and Forecast – By End-User
- Utilities
- Industrial
- Railways
- Others
- Market Analysis, Insights and Forecast – By Country
- US
- Canada
- Europe Medium Voltage Protection Relay Market (USD Billion) Analysis, Insights, and Forecast, 2017-2028
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Self-Powered Relays
- Feeder & Generator Relays
- Recloser Control Relays
- Others
- Market Analysis, Insights and Forecast – By Technology
- Electromechanical & Static Relays
- Digital & Numerical Relays
- Market Analysis, Insights and Forecast – By Application
- Generator
- Transformer
- Transmission Line
- Bus Bar
- Feeder
- Motor
- Others
- Market Analysis, Insights and Forecast – By End-User
- Utilities
- Industrial
- Railways
- Others
- Market Analysis, Insights and Forecast – By Country
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
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