Protection relay is a device designed to aid breakage in circuit when a fault is detected. It works on both AC and DC power supply. It reduces the risk of damage in industrial facilities. It also improves reliability, speed, and sensitivity of the transmission network. It protects electric devices from failure caused by voltage fluctuations, overcurrent, or frequency fluctuations as it can cause huge losses to big manufacturing units. It helps to eliminate the risk of life due to electric hazards at any work locations. Therefore, these factors lead to the increase in demand for reliable power systems. Rapidly growing industries and growing use of renewable sources increase the demand for protective relays.
- The COVID-19 pandemic has declined economic growth in major economies such as the U.S., India, Germany, China, and Japan. However, China has reported a recovery of the economy post the COVID-19 outbreak.
- China is the largest manufacturer of raw material. However, due to the pandemic and lockdown in China and across the globe, there are restrictions on the movement of goods that has led to shortage of materials.
- Price fluctuations, disruption in supply chain, and scarcity of raw material have posed a challenge for the protective relay industry.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
The need of electricity has increased with the growing population, leading to increase in investments in new power transmission and distribution grids. Therefore, the demand for protective relay is expected to increase. Attributed to increase in advanced technologies, such as smart grid technology for electricity generation and energy management, protective relay has become essential to be installed at those locations to mitigate the risk of failures, thereby increasing the demand for protective relay.
Countries are moving toward renewable energy as technology has become relatively cheap compared to the last decade. Solar energy and wind energy have massive potential as alternative energy sources. As new solar grids are installed, they need to be integrated with the main power grid, thereby boosting the use of protection relays.
However, high installation and maintenance costs restraint the market growth. The Asia-Pacific region has the largest protective relay market due to increase in investments in renewable sources of energy and grid infrastructural activities.
Key benefits of the report:
- This study presents the analytical depiction of the protective relay market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the protective relay market share.
- The current market is quantitatively analyzed to highlight the protective relay market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
Protection Relay Market Report Highlights
By Industry Vertical
Key Market Players
ABB, Littelfuse Inc., Schneider Electric, Rockwell Automation Inc., Mitsubishi Electric Corporation, TE Connectivity, Toshiba Corporation, Eaton, Fanox Electronics, Basler Electric, Orion Italia S.r.l., NR Electric Co. ltd., General Electric, Siemens AG, Schweitzer Engineering Laboratories