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SE2006263 |
Pages: NA |
Jan 2023 |
The protective relay is an electrical sensing device which trips the circuit breaker during voltage fluctuations and power loss. They are widely used in households and industries to avoid major accidents such as short circuits and overheating related incidents which could be of fatal nature. The protective relay is capable of sensing abnormality and faults in voltage. After protective relay senses faults, it either rings the alarm or triggers the circuit breaker, which helps in cutting the electricity flow to avoid any damages and minimize fire-related incidents.
Power fluctuation related incidents have significantly risen in the past decade owing to the increase in complexity of electrical circuits and usage of heavy electrical devices that consume a high amount of electricity. All these factors have made counter protective measures necessary to mitigate risks and thus protective relay devices have become an important electrical safety solution. This may flourish the growth of the protective relay in the global marketplace. In addition, electricity consumption from households equipped with electrical appliances such as television, refrigerator, washing machine, and air conditioners has significantly increased due to the excessive rise in population. With the development of more new settlements, the demand for electricity has also increased. These factors may also lead to boost the demand for the protective relay market, over the forecast period. Furthermore, both new and old constructions are highly opting to install protective relay systems to protect the electrical equipment and avoid any incidents such as short circuilt and over heating. Moreover, Industries consume a major part of produced electricity as an energy source to run their heavy machinery. Also, major automation in industries and excessive usage of heavy machinery has caused a rise in electricity consumption. Such factors are anticipated to drive the growth of the global market.
Protection relay systems are high-priced electric safety devices and require heavy investments to acquire, which many households can’t afford. Also, the availability of cheaper safety solutions in the market, as well as high maintenance costs of protective relay, are expected to restrain the growth of the global protective relay industry in the forecast timeframe.
Due to increased consumer demands in multiple sectors, manufacturers are forced to open multiple manufacturing and production units to meet the daily demand for a particular commodity. These production houses are mostly automated and installed with heavy machinery which consumes the extensive amount of electricity, creating a load on circuits eventually either over-heating them or leading to short circuits. To avoid such situations and accidents firms are majorly investing in protection relay devices to mitigate losses and control the damage. Manufacturing industries' electricity consumption has significantly increased and is expected to increase in the near future as well, leading to a rise in demand for protection relay devices.
The medium segment will have a dominating share in the global market and they are expected to register a significant revenue during the forecast timeframe. Medium voltage protective relay systems are increasingly being used in substations and power systems. Further, they are majorly used in residential settlements, shops, and showrooms. With the growing population and vast development of residential buildings installation of medium voltage protective relay systems has majorly increased and is anticipated to grow even more during the forecast period.
The feeder protection relay segment is anticipated to register significant growth during the forecast period. The feeder protection relay systems have the capability to protect the overhead lines and power cables. These overhead power transmission lines are usually lengthy and are operated in harsh open environments which majorly increase the chances of faults and abnormality. Any faults in these power lines can lead to voltage fluctuations and power failures which could cause massive damage in the surrounding. In addition, it has become extremely necessary to protect these feeder systems to avoid incidents. The massive need to protect these power lines will positively impact the market growth.
The power segment industry as an end-use industry will grow exponentially during the forecast period. The significant rise in population and increased electricity consumption in households are the major factors driving the growth of the power segment. Further, increased power production capacity worldwide has also facilitated the growth of the power segment. Major industrial developments across the globe will also increase electricity usage on a daily basis, positively impacting the market.
Asia Pacific region is expected to hold the largest market share in the protective relay market during the forecast period. Growing infrastructural development in the power industry and a significant rise in investments related to the renewable energy sector are the major factors driving the growth of protection relay systems in the region. Furthermore, modernization of grid infrastructures and increased focus on substation automation in the Asia Pacific region will facilitate the protective relay market growth.
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Key Participants in the Global Protective Relay Market:
Merger & acquisition and advanced product development are the frequent strategies followed by the market players
Some of the significant protective relay market players include Siemens, Doble Engineering Company, GENERAL ELECTRIC, Fanox, NR Electric Co., Ltd., ABB, Eaton, Schneider Electric, TOSHIBA CORPORATION, and Mitsubishi Electric Corporation.
Protective relay market players are implementing strategies such as strategic alliances technological and product advancements. These strategies are mainly followed by startups established companies. To emphasize more on the competitor analysis of market players, the porter’s five force model is explained in the report.
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Aspect |
Particulars |
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Historical Market Estimations |
2018-2019 |
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Base Year for Market Estimation |
2018 |
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Forecast timeline for Market Projection |
2019-2026 |
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Geographical Scope |
North America, Europe, Asia-Pacific, LAMEA |
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Segmentation by Voltage |
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Segmentation by Application |
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Segmentation by End-Use Industry |
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Key Countries Covered |
U.S., Canada, Germany, France, Spain, Russia, Japan, China, India, South Korea, Australia, Brazil, and Saudi Arabia |
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Key Companies Profiled |
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Source: Research Dive Analysis
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