What Factors Impacting Protective Relay Market Growth?
Protective relay plays a fundamental role in the energy & power industry. The global protective relay market 2021 depends on this factor significantly, and based on this, it could expect an impactful growth of 7.10% CAGR during the forecast period (2019-2024), reveals Market Research Future (MRFR) in an extensively studied report. The study also revealed that during this period, the armlet would be gaining USD 5.20 billion valuations in the same growth period.
Top Impacting Factors
The growth of a protective relay market may be accredited to the factor of an upsurge in power & infrastructure projects in the Asia Pacific coupled with intensifying investments in the T&D networks across the globe. The rising investment in distribution and transmission infrastructure, escalating awareness over safety standards within the power industry, has been the critical factor in enhancing the global protective relays market for many years. Extreme demand for protective relays to shelter power transmission lines can drive the global protection relay market growth during the forecast period to a great extent.
At the same time, the factor of growing power demand, the rising market for intelligent controllers as well as rising demand for electronic devices are notable the opportunities that could be witnessed in the global protection relay market in the forecast period. MRFR also reveals that growing industrialization and escalating the global population are also equally boosting the demand for electricity. Additionally, the trend of the shift towards a reliable renewable energy sector is also likely to uplift the global protective relay market considerably with time owing to their utilization in power generation processes.
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Furthermore, rising investment in transmission and distribution infrastructure is one of the major drivers for the growth of a protective relay market. As per to T&D World, electric utilities would endow USD 3.2 trillion worldwide in the replacement of transmission & distribution infrastructure. India and China would be significant markets with an increase in investment in the next ten years. Likewise, North America is investing widely in building new T&D infrastructure, mostly driven by the call for improving the reliability and capacity of the North American transmission network.
Segmentation of Market: Protective Relay
The global protective relay market has further been studied among various segments, such as voltage, type, and end-user.
Depending on the type segment, the market has included transmission line, feeder, transformer, motor, generator, and more. Among this, the feeder segment is leading the market. It has the largest market share, owing to the growing transmission & distribution network across the globe, which would result in a consistent rise in the number of substations, which would boost the demand for feeder protection relays. The region of Asia-Pacific currently houses the most significant number of transmission & distribution development projects.
The global Protective Relay market is advance segmented by end-user has also included industrial, utility, renewable, and marine. Among these, the utility segment of the global Protective Relay market might register the highest growth rate during the forecast period.
Global Protective Relay market in the future might witness substantial growth during the estimated period owing to renewable energy demand, an increase in the industrialization, and expansion of the T&D network. As per IEA, offshore oil production is estimated to touch a valuation of 27.4 million barrels of oil equivalent per day (mboe) by 2040 from 26.4 million barrels of oil equivalent per day (mboe) in 2016. This would result in the augment in demand for Protective Relay worldwide. Besides, initiatives to reduce carbon footprint would also motivate the need for efficient transmission components in the coming years. It could see that the US is likely to reduce its greenhouse gas emission that would boost the demand for protective relays in the power industry in North America. Also, North America acquires a significant share in the protective relays market as countries like the US and Canada are undergoing retrofitting and revamp of existing grid infrastructure.
In the year 2015, the Asia Pacific region held the maximum share contributing secure to 30% of the gross revenue in the same year. A rise in funding in the renewable sector paired with the modernization of grid infrastructure are the proficient factors probable to fuel protective relay demand over the near future.
Top Market Contenders
ABB (Switzerland), General Electric (US), Schweitzer Engineering Laboratories, Schneider Electric (France), Mitsubishi Electric Corporation (Japan), Fanox Electronics (Spain), Toshiba Corporation (US), Siemens (Germany), Basler Electric (US) and Littlefuse Inc. (US) are the top market contenders of the global protective relay market.
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