Protective Relays Market to grow from a market value of USD 3.228 billion in 2017 to USD 4.565 billion by 2023| Dominant Vendors - Schneider Electric SA, General Electric Co., ABB Group, Eaton Corporation, Alston, Toshiba Corporation, Mitsubishi Electric

Market Analysis:

Asia-Pacific accounts for the Largest Share
This growth is attributed to the rising need for solar projects, increasing smart grid demands, and growing industrialization and urbanization in the region. There have been a series of mergers & acquisitions in the region to take advantage of this growth.

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Increasing investments in infrastructure projects across different regions, worldwide growth in energy consumption, and surging amount of investments in renewable energy sources, coupled with the rising popularity of smart grid technologies for energy management, especially in developed countries, are the factors driving the market. Installing protective relays can help eliminate the risk of damage in large industrial facilities. Moreover, rising need for upgrading substations is also expected to fuel the demand for protective relays. Therefore, growth in the global automated substation market is expected to boost the market for protective relays, globally. With rising penetrations of renewable energy generators, it is required to have sophisticated control systems, which marks the need for protective relays.

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Market Segments:
Protective Relays Market is segmented by:
1. Voltage Range: Low, Medium, High
2. Application: Feeder Protection, Transmission Line Protection, Transformer Protection, Motor Protection, Others
3. End-user Industry: Utilities, Industries, Others
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• October 2017 - Schneider Electric SA launched Easergy P3, the medium-voltage protection relay with unparalleled efficiency.
• June 2017 - Toshiba Corporation won an order to supply a substation operation training simulator to Mitsubishi Corporation.

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