New York, NY, Aug. 25, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Protective Relay Market by Voltage Range (High, Medium and Low), by Application (Feeder Protection, Transformer Protection, Generator Protection, Transmission Line Protection and Motor Protection), by End-user (Utilities, Industries, Marine and Renewable End Users): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024”. According to the report, the global protective relay market accounted for USD 3.64 billion in 2017 and is expected to reach USD 5.58 billion by 2024, growing at a CAGR of around 6.3% between 2018 and 2024.
A protective relay is an integral part of the circuit protection system and it enables safe operation in an electrical circuit. The primary function of protective relays is to trip a circuit breaker when a fault is detected. A protective relay may respond to the magnitude of a quantity such as current or voltage. Protection relays use shaded-pole, magnets, operating and restraint coils, arrays of induction disks, telephone-relay contacts, phase-shifting networks, and solenoid-type operators.
Browse through 42 Tables & 28 Figures spread over 136 Pages and in-depth TOC on “Global Protective Relay Market Share 2017 Report: Industry Size, Trends, Segments, Growth Analysis and Forecast, 2024”.
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Ongoing huge investments in electricity transmission & distribution in order to reduce power losses in various developing markets of Asia, Latin America, and Africa are expected to increase the growth of protective relay market in the coming years. Furthermore, urbanization & industrialization tends to increase the power need & simultaneously helps to further fuel the demand for protective relays. Moreover, the rising demand of protective relay from manufacturing industries and processing industries for protecting expensive industrial machinery from damages in case of electrical short circuits or other circumstances will further flourish the market. On a contrary, a high cost of installation and maintenance is expected to restrict the growth of the market in the years to come. Nonetheless, the promising market for the intelligent controller is predicted to open up significant opportunities in the near future.
High voltage protective relays dominated the voltage range segment of the protective relay market in 2017, owing to the rising preference from utility and large industrial consumers. The medium voltage protective relay is expected to become the most attractive segment in the forecast period.
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Feeder protection application segment held the largest market share in 2017, the growth of this segment is mainly attributed to increased use in switchyards by transmission & distribution companies. Transformer protection segment is expected to experience significant growth owing to demand gas monitoring & temperature monitoring. Utilities end-user segment acquired the largest market share for protective relay market in 2017. The growth of the utility segment is primarily driven by growing transmission & distribution network across the globe. However, increasing industrialization is expected to contribute to the growth of industry segment in coming years.
On a revenue basis, Asia Pacific held the majority share of the global protective relays market and is predicted to dominate the world marketplace within the coming years. The major factors driving the growth of the market are extensive electrical infrastructure upgradation coupled with the expansion of transmission & distribution networks. China held the largest market share in the Asia Pacific region. The growth in China is mostly attributed to the rising industrialization & urbanization. Rapid economic growth in the BRIC nations is expected to drive the protective relay market in this region. The emergence of developing countries coupled with the initiatives by the government to develop better electrical distribution network is also expected to support the growth of the market in this region. The growth of protective relays in the Asia Pacific is imminent.
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The North American and European markets are mainly driven by the replacement of the conventional system with the advanced protective relay as a substitute. Schweitzer Engineering Laboratories (SEL), General Electric (GE), ABB, Dazzler, and Siemens are some of the leading manufacturers in the North American market. Rising demand from the utility segment is expected to show considerable growth in Europe. Replacement market is expected to be one of the major segment encouraging the investments in these regions.
The developing economies in Latin America also have a potential for the global protective relay market. Rising power demand coupled with increasing renewable energy generation projects are the key growth factors expected to contribute to the growth of the protective relay market in Latin America. Brazil, Chile, and Peru are expected to be the key contributing countries for the growth of the market owing to the increased transmission and distribution network sector.
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The Middle East and Africa region are estimated to be amongst the fastest growing markets for the protective relay in the years to come. Saudi Arabia is anticipated to be the most attractive market for the protective relay in the Middle East. The increasing number of retrofit projects and increased power consumption in the African region has led to heavy investments in the new infrastructure projects.
Some of the key players in the protective relay market are Schweitzer Engineering Laboratories, Inc., Basler Electric, Siemens AG, NR Electric Co. Ltd., Eaton Corporation, ABB Ltd., General Electric, Mitsubishi Electric Corporation, Schneider Electric SA, Toshiba Corporation, Fanox Electronics, and Littelfuse Inc., amongst others.
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This report segments the global protective relay market as follows:
Global Protective Relay Market: Voltage Type Segment Analysis
- High Voltage Protective Relays
- Medium Voltage Protective Relays
- Low Voltage Protective Relays
Global Protective Relay Market: Application Segment Analysis
- Feeder Protection
- Transmission Line Protection
- Motor Protection
- Transformer Protection
- Generator Protection
Global Protective Relay Market: End-User Segment Analysis
- Utilities
- Industries
- Renewable
- Marine
Global Protective Relay Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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