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
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