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

Global protective relay market 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.

22-Aug-2018 | Number of pages: 136 | Report Code: ZMR-3290 | Report Format : | Status : Published

Analysis

The protective relay also known as protection relay is a smart device which accepts inputs, evaluate them with set points, and finally delivers outputs. Inputs may be current, resistance, voltage or temperature. Output can be visual feedback in the form of digital display or indicator lights, communications, alarms, control warnings, and turning power on and off. Protective relays are usually used by utilities and industries to protect costly instruments such as transformers and motors from damage. To make a decision a relay requires information from the system. These inputs can be gathered in several ways. Sometimes, the wires in the area may be connected directly to the relay. In some applications, additional devices are required to convert the calculated factor to a format which the relay can operate on.

The global protective relay market is primarily driven by increasing investment in transmission and distribution infrastructure coupled with rising demand of protective relay for protecting industrial machinery from damages in case of electrical short circuits. In addition, globally increasing renewable energy generation projects and the rapidly growing urbanization and industrialization tend to increase the demand for the protective relay. Furthermore, increasing protective relay penetration in manufacturing sector favors the protective relay market growth. On a contrary, the high cost of installation and increased maintenance is expected to have an adverse impact on the protective relay market growth. Nonetheless, emerging market for intelligent controllers, growing power demands are some of the factors which may disclose new avenues for protective relay market in the near future.

Global Protective Relay Market

Based on voltage range, global protective relay market is bifurcated into the medium voltage protective relay, high voltage protective relay, and low voltage protective relay. The high and medium voltage protective relays are usually preferred by the utility and large industrial consumers and are expected to show significant growth in the coming years. Feeder protection, motor protection, transmission line protection, transformer protection, and generator protection are the application segments for the protective relay market. Feeder protection segment is expected to be the most attractive application segment in the coming years. Utilities, industries, and renewable are key end users of protective relay market. Utility emerged as the leading end-user segment in 2017 and is estimated to hold a significant market share in the forecast period due to the expansion of transmission & distribution network across the globe.

The Asia Pacific emerged as the dominating regional market for the protective relay in 2017. The growth of this region is mainly attributed to extensive electrical infrastructure upgradation coupled with the expansion of transmission & distribution networks. Substitutes for conventional systems are expected to be the major driving factors in the North American & European market. Growing renewable power generation in Africa coupled with power infrastructure expansions scheduled in the Middle East is expected to spur the growth of protective relay market in the years to come.

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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