Protective Relay Market to Witness Growth Based on Rising Significance of Renewable Energy - Industry Forecasts, 2018-2024 | Million Insights
FELTON, California, July 16, 2019 /PRNewswire/ -- In the year 2015, global Protective Relay Market was valued at $2590.1 million and is expected to grow at CAGR of more than 5% over the forecast period. Increase in number of power and infrastructure projects in the Asia-Pacific region along with increased investments in the T and D network worldwide is considered as the reason for the rise in the demand of protective relays.
"Asia Pacific expected to witness highest adoption over the forecast period"
Asia Pacific region accounted for highest market share and about 30% of the total revenue in the year 2015. Extensive investments in the modernization of infrastructure along with renewable sector are the major factors that are expected to drive the demand of protective relays over the forecast period.
Due to the economic progress of the countries such as India and China the rate of mounting infrastructure is at all-time high. This rise in infrastructure is expected to fuel the growth of protective relay market over the forecast period. Summer Olympics that are scheduled in the Japanese land in the year 2020 is also a key factor in the rise of infrastructure consequently driving the protective relay market.
"Power sector is anticipated to emerge as the fastest growing end-use industry"
Power Sector is forecasted to remain the highest and most rapidly growing end-use segment with CAGR of over 5% from 2016-2024. Improved rate of industrialization along with upgradation in the capacity to produce power globally has resulted in growth for demand of relays. Other major factors such as the increasing population and increasing per capita income due to higher development rates has raised the level of electricity consumption in the Asia-Pacific region.
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"Medium voltage accounted for highest market share in 2015"
In the year 2015 medium voltage sector consumed over 40% of the total market share. Increase in application of protective relays in power substations and systems is the reason for such high consumption. The demand for infrastructure and electricity is increasing in the nations such as UAE, Japan, Saudi Arabia, China and India due to rapid increase in the population relocation. Hence the increase in demand for electricity is expected to drive the market over the next 8 years.
"Criticality of protection of cables & lines expected to drive demand for feeder protection"
Feeder protection segment accounted for over 20% of the total revenue in the year 2015. The increasing need of protective relays used to protect the power transmission lines is estimated to boost the demand of protective relays over the next few years.
Chances of failure in the power transmission lines are more as compared to other factors due to their attributes such as length which is excessive to operate in open environment. This the reason lines and cables assembly needs dedicated protection that is promptly provided by protection relays.
"ABB, Siemens, Schneider and GE held significant market share in 2015"
The protective relay industry is consolidated and highly competitive with few key market players consuming over 60% of the total revenue share. Important players such as Siemens & Schneider along with GE-Alstom dominate the market, making it difficult for new players to enter the market. Innovation, new product development and product diversification are the strategies that are being implemented by the key players to remain competitive in the industry.
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Market Segment:
- 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
- U.S.
- Canada
- Europe
- U.K
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazi
- Mexico
- Middle East & Africa
- Saudi Arabia
- Kuwait
- UAE
- Bahrain
- Oman
- Qatar
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