The protective relay market is expected to reach USD 4,025.2 million by 2024, according to a new report by Grand View Research, Inc. Mounting investments in the transmission & distribution networks to replace the old equipment is expected to be a major factor expected to spur the growth over the forecast period. The intensifying intricacy of electrical systems has made it inevitable to incorporate protective devices for power systems safety. The growing electricity generation capacity to meet the growing population’s electricity demand is estimated to act as a key driver augmenting market demand. Nevertheless, the cost concomitant with the set up & maintenance of these relays is estimated to challenge the industry over the near future.
The global protective relay market is anticipated to witness high growth over the forecast period. This may be accredited to continuous population growth along with the mounting regional power consumption in Asia Pacific. The rising importance of smart grid technology coupled with upsurge in renewable energy projects is expected to further catapult protective relay demand over the next eight years. For instance, after the earthquake and tsunami in 2011, in Japan, the government decided to reduce the energy supply gap by augmenting renewable energy generation.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/protective-relay-market
Further key findings from the report suggest:
·
The medium voltage segment captured over 40% of
the total revenue in 2015 and is projected to exhibit a significant growth at a
CAGR of over 5% from 2016 to 2024. This can be attributed to their extensive
usage in the fortification of structures such as houses, shopping center,
hospitals, and warehouses, which require medium voltage power.
·
Feeder protection application segment is
expected to gain prominence over the forecast period exceeding a CAGR of 6.0%
from 2016 to 2024. This is primarily due to the criticality of the transmission
& distribution networks to safeguard the overhead cables required for the
electricity transmission
·
Assimilation of protective relays in huge power
systems and substations to ensure security & operational safety of the
equipment is projected to drive the demand across the power sector over the
next few years. The power segment accounted for a significant market share in
2015 capturing over 30% of the entire revenue share in the same year.
·
Asia Pacific emerged as the largest and the
fastest growing market accounting for more than 30% of the overall share in
2015. Increasing investments in transmission & distribution infrastructure
in China & India is expected to spur the protective relay demand in this
region.
·
The key purveyors in this industry comprise
Siemens, GE-Alstom, ABB, and Schneider. International players hold a strong
foothold in the market making it difficult for the local suppliers to compete.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/electronic-devices
Grand View Research has segmented the global protective relay market on the basis of voltage, application, end-use, and region:
Protective Relay Voltage Outlook (Revenue, USD Million; 2014 - 2024)
·
Low
·
Medium
·
High
Protective Relay Application Outlook (Revenue, USD Million; 2014
- 2024)
·
Feeder Protection
·
Generator Protection
·
Bus-Bar Protection
·
Capacitor Bank Protection
·
Breaker Protection
·
Transformer Protection
·
Others
Protective Relay End-Use Outlook (Revenue, USD Million; 2014
- 2024)
·
Infrastructure
·
Industrial
·
Government
·
Power
·
Others
Protective Relay Regional Outlook (Revenue, USD Million; 2014
- 2024)
·
North America
o
U.S.
o
Canada
·
Europe
o
U.K
o
Germany
·
Asia Pacific
o
China
o
India
o
Japan
·
Latin America
o
Brazil
o
Mexico
·
Middle East & Africa
o
Saudi Arabia
o
Kuwait
o
UAE
o
Bahrain
o
Oman
o
Qatar
For press release of this report - http://www.grandviewresearch.com/press-release/global-protective-relay-market
No comments:
Post a Comment