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Protective Relay Market Segmentation By Construction Type (Electromechanical, Induction Disc Overcurrent Relay, Static, And Others); By Function (Overcurrent Relay, Distance Relay, Current Differential Protection Scheme And Synchronism Check); By Power Source (Self-Powered, Auxiliary Powered And Dual Powered); By Voltage (Low, Medium And High); By Application (Feeder Protection, Generator, Capacitor Bank Protection And Others)– Global Demand Analysis & Opportunity Outlook 2028

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Extensive insights into the Growth of Protective Relay Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

On May 5, 2020, ABB – a Swiss-Swedish MNC entered into an agreement with ASKO – Norway’s largest grocery wholesaler to supply charging infrastructure for its fleet of electric trucks.

Introduction to Protective Relays

Protective relays are the devices designed that act as an emergency fail safe if and when a fault is detected in the circuit and the breaker is needed to trip. Electromagnetic devices were the first protective relays which relied on electromagnetic coils to trip the circuit breaker in case of a disturbance in the electromagnetic field. Later the microprocessor digital protection relays were developed, which worked on the principles of electro mechanics such as magnetic attraction or magnetic induction, equipped with potential fault detection and location signaling. The protection relays are used to protect the electrical grids from varying voltage and current densities. The functionalities of protective relays vary from fault detection to synchronous checks when grids are interconnected. However the main functionality of a protective relay is in power system protection. These devices need to quickly respond within a few thousandths of a second to identify the disturbance and trip the circuit breaker. The life span of protective relay devices is very long and they are termed as “silent sentinels” protecting the transmission lines and grids at very effective operable costs.

Market Size and Forecast

Rise in electricity consumption levels, developing sustainable renewable energy grids, technological revamp of older relay devices along with advanced microprocessors are some of the significant factors anticipated to boost the market growth. Additionally, automation in the grids and distribution units along with favorable government policies towards complete electrification are factors projected to drive the global protective relay market with a notable CAGR during the forecast period, i.e., 2020-2028. Based on construction type, the market is segmented into electromechanical, induction disc overcurrent relay, static and others, out of which, the highest market share is estimated to be held by the segment for electromechanical protective relays. This can be attributed to its sensitivity to grid fluctuations, quick response times and life span. The market is further segmented by power source into self, auxiliary and dual powered. Among these segments, the self-powered segment is predicted to hold the largest market share in the next few years owing to its capability to function autonomously and its independence from the grid power. Additionally, the option to remotely operate these protective relays further is estimated to contribute to the growth of the segment. CLICK TO DOWNLOAD SAMPLE REPORT

Protective-Relay-Market

Growth Drivers

Rise in Electricity generation and consumption

According to the World Bank, the urban population accounted for 55.27% of the total population globally in the year 2018. This resulted in higher electricity consumption for domestic and industrial use. This rate of consumption globally and the government’s policies of achieving total electrification in developing countries is driving the need to generate more electricity. This results in a demand surge for distribution feeder protection relay systems. Moreover, avoiding transmission losses amidst Covid-19 are some of the considerable factors that are estimated to promote the growth of protective relay market. Additionally, this growth is backed by rising number of initiatives taken by governments of different regions to automate the electrical grids and avoid failures caused as a result of uneven voltage drops and natural calamities.

Renewable energy grids

On the back of growing technological advancements and concerns towards developing ecofriendly solutions in order to minimize carbon emissions, the global protective relay market is estimated to witness noteworthy opportunities throughout the forecast period. This, in turn, is driving manufacturers to come up with consumer and nature-friendly solutions.

Restraints

High costs

The potential factor that might affect the growth of the market is the high cost associated with installation and maintenance of protective relay devices.

Market Segmentation

Our in-depth analysis of the protective relay market includes the following segments:

By Construction

  • Electromechanical
  • Induction disc overcurrent relay
  • Static
  • Others

By Function

  • Overcurrent relay
  • Distance relay
  • Current Differential Protection scheme
  • Directional relay
  • Synchronism check

By Power source

  • Self-powered
  • Auxiliary powered
  • Dual powered

By Voltage

  • Low
  • Medium
  • High

By Application

  • Feeder Protection
  • Generator
  • Capacitor Bank Protection
  • Transformer Protection
  • Others

By End user

  • Industrial
  • Utilities
  • Railways
  • Others

By Region

On the basis of regional analysis, the protective relay market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market the relay devices. Moreover, the retrofitting and revamping the existing grid infrastructure and the need for efficient generation and transmission components for electricity from renewables in this region further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of growing automation in the grid infrastructure and initiatives to increase renewable energy capacity addition in the region, especially in countries such as China, India and Japan. This is further anticipated to result in the increased demand for protective relay devices.

The protective relay market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Top Featured Companies Dominating the Market

  • ABB
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis

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