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Protective Relays Market 2019 Global Analysis by Top Industry Brands – Schneider Electric SA, General Electric, ABB Group, Eaton Corporation, Alston, Mitsubishi Electric Corporation, Siemens AG

03-14-2019 03:08 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Market Prognosis

The global protective relays market was valued at USD 3.228 billion in 2017, and is expected to reach a value of USD 4.565 billion by 2023, at an estimated CAGR of 5.95% over the forecast period. The scope of the report is limited to feeder protection, transmission line protection, transformer protection, and motor protection application. While the regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study also emphasizes on the impact of energy management activities on the market.

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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. 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. Installing protective relays can help eliminate the risk of damage in large industrial facilities. These advanced systems, are thus, preferred over their conventional counterparts. Despite this, the high installation cost and expenditure incurred on their maintenance are bottlenecks for the market.

The key players in this market include:
Schneider Electric SA, General Electric Co., ABB Group, Eaton Corporation, Alston, Toshiba Corporation, Mitsubishi Electric Corporation, Siemens AG, and Schweitzer Engineering Laboratories. Other players include: NR Electric Co. Ltd, Littelfuse Inc., and Woodward Inc.

Key Developments in the Market
• October 2017 - Schneider Electric SA launched Easergy P3, the medium-voltage protection relay with unparalleled efficiency. This protection relay can trip a circuit breaker when a fault is detected and is designed to save operational time. Easergy P3 is focused on efficiency and total cost of implementation, with time saved in procurement, installation, wiring, and configuration. With the latest protection and modern digital communication capabilities, it is a major step forward in medium voltage equipment protection and control devices.
• June 2017 - Toshiba Corporation won an order to supply a substation operation training simulator to Mitsubishi Corporation. It was installed in the newly built Training Center for Substation Operations in the training complex operated by Pakistan’s National Transmission and Despatch Company Ltd, and was scheduled to enter operation in November 2018. This training simulator comprised operation training systems for a substation supervisory control system and protection relays.

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Increasing Use of Renewable Energy is expected to Demand the Use of Protective Relays
Due to the increasing environmental concerns regarding extinction of conventional sources of energy, it is necessary to shift toward renewable energy sources. These environmental concerns call for efficient energy management, which has led to many countries to generate electricity through renewable energy sources. With rising penetrations of renewable energy generators, it is required to have sophisticated control systems, which marks the need for protective relays. Integration of renewable energy sources in electrical network has become more prevalent. Grid connection of distributed generation has effects on load flow directions, voltage profile, and short circuit power, especially protection selectivity. Applying traditional overcurrent protection scheme is inconvenient when system reliability and sustainability are considered.
Growing demand for electricity, coupled with increased establishment and revamping of transmission and distribution networks, is the main factor fueling the demand for protective relays in this application segment. Distribution feeder protection systems are highly responsive to fault conditions, reliable, and selective in isolating minimum amount of system, and interrupt services with minimizing system and apparatus damage. The expensive power distribution system and its infrastructure needs protection from potential hazard, which is provided by the distribution feeder protection system. The constant need for electricity and most prominent challenge of unstable electricity supply situation in most developing countries are expected to aid in the growth of the distribution feeder protection system, and hence, the protective relays market over the forecast period.

Asia-Pacific accounts for the Largest Share
The region leads the global market with the largest market 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. The major driver behind the investments has been the continuous evolution and application of new technologies to unlock enormous volumes that were previously considered non-commercial. With these series of investments, the utility industry of the region is set to boom over the forecast period. India and China accounted for high global shares in transmission and distribution infrastructure, and as a result, these countries are expected to be the major drivers for the protective relays market.

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About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.

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