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IN THE NEWSThe global digital protective relay market is anticipated to occupy a large revenue by growing at a significant CAGR throughout the forecast period, i.e., 2021 – 2029, which can be attributed to the rising demand for electricity globally, and the growing requirement for safe distribution channels and electricity supply through transmission lines across a different network. Since 2010 to 2018, the total energy supply has only witnessed a hike, with the quantity being more than 12.5 million ktoe in the latter and approximately 15 million ktoe in the former year. Along with these, increasing emphasis on substation automation and transmission infrastructure development is also estimated to drive growth to the market in the coming years. Moreover, the compactness and user friendliness of digital relays is expected to offer lucrative opportunities to the market growth over the forecast period.
The market can be segmented by end use into industrial, infrastructure, power, government and others. Out of these, the power segment is expected to witness a significant growth over the forecast period owing to the rise in the use of digital protective relay in various platforms including transformers, bus bars, and high voltage substations, and hike in power production capacity worldwide. Moreover, based on voltage, the medium voltage segment is assessed to account for the largest market share by the end of 2029, on the back of growing usage of medium voltage relays in substations and power systems and increasing demand for enhanced residential infrastructure. Additionally, on the basis of application, the motor protection segment is expected to witness the highest growth in the coming years, which can be credited to the growth of the commercial sector and surge in the manufacturing capacity of the world, especially in Asia Pacific. CLICK TO DOWNLOAD SAMPLE REPORT
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In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the digital protective relay market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific is estimated to hold the largest market share during the forecast period owing to the presence of large manufacturing hubs and densely populated regions which require stable electricity throughout the day. Another factors evaluated to drive growth to the market in this region is rising focus on substation automation under IEC 61850 standard along with developed grid infrastructure activities, and increasing demand for improved energy solutions. Surging infrastructural developments in countries such as India and China are further expected to provide lucrative opportunities to key players in the region in the near future. For instance, China spent the highest percentage of their total GDP share for construction and infrastructural activities in 2018. The amount was almost 10 times more than that spent in the United States that year.
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The global digital protective relay market is further classified on the basis of region as follows:
Our in-depth analysis of the digital protective relay market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increased focus on substation automation and transmission infrastructure development and user-friendliness of digital relays are estimated to drive market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021 – 2029.
Lack of investments for digital protective relay in developing economies is estimated to hamper the market growth.
Asia Pacific will provide more business growth opportunities on the back of heavily populated regions which require stable electricity throughout the day.
The major players in the market are Siemens company, ABB Ltd, Schneider Electric, General Electric, Nissin Electric Co., Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by voltage, application, end use, and by region.
The medium voltage segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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