Earth Leakage Protection Relay Market - Growing Demand For Renewable Energy Sources

Majority of people have experienced electrical shock while using electrical equipment at some point of our lives. Though momentary, it is quite dangerous. Earth leakage occurs due to reasons like normal wear and tear of equipment or moisture around terminals which can result in partial breakdown of insulation between supply and earth. Earth leakage currents are dangerous as it can lead to cable heat generation and insulation failure.

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This can result in a major catastrophe thus leading to significant loss of property and human lives. Protective relays offer protection to the existing electric systems and ensure a sustainable supply of electricity in electric infrastructures. With the increasing consumption of electricity, there has been an alarming rise in the need for advancements and modernization of substations. The modernization involves automation of substations to cut down operational costs and enhance grid security. The increasing automation of substations is expected to bolster the growth of the global earth leakage protection relay market.

The ever-growing demand for electric power across the globe is the foremost factor impelling the demand for protection relays. The upswing in power and infrastructure projects in emerging regions is providing a significant boost to the growth of the market. To keep electric systems running unfailingly, the protection of each component becomes crucial. Therefore, components such as protection relays find strong demand in infrastructure projects in new as well as retrofit applications. Moreover, the rapidly growing demand for renewable energy sources is influencing the growth of the market positively. On the other hand, the lack of product differentiation and innovation is hampering the growth of the global earth leakage protection relay markets.

The earth leakage protection relay market is segmented on the basis of, protection mechanism, voltage, application, industry vertical, and geographical region. On the basis of voltage, the earth leakage protection relay market is segmented into low voltage, medium voltage, and high voltage. On the basis of protection mechanism, the global earth leakage protection relay market is segmented into transformer, transmission line, feeder, capacitor bank, motor, generator, breaker, and busbar. By application earth leakage protection relay can be segmented into L.T control panel, switch board, motors, mobile operating equipment, oil refineries, pulp industries, control engineering and others.

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By industry vertical, earth leakage protection relay market can be segmented into Oil & Gas, Utilities, Industries, Renewables, Marine, Mining, Construction, and Power & Utilities. By geographical region the global earth leakage protection relay market is split up into North America, Europe, Asia Pacific, Middle East & Africa and South America. Rapid development in emerging economies such as China and India as well as growth in the electronic industry and increase in production in industries such as automotive and power utility will support the growth of the earth leakage protection relay market over the forecast period.

Acquisitions and Merger, new product introductions, investments, and corporations & developments are the key strategies adopted by market companies to ensure their growth in the earth leakage protection relay market. The key players are DAQRI (US), Honeywell (US), Siemens AG, Littelfuse Inc., General Electric, Beckwith Electric Co. Inc., Eaton Corporation, ZIV Inc. (Crompton Greaves Group Company), ERL Phase Power Technologies Ltd., Schweitzer Engineering Laboratories, Alstom Group, Schneider Electric, Cooper Industries, NR Electric, and Mitsubishi Electric Corporation are some major players in the earth leakage protection relay market.

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