According to a newly published IndustryARC report, the global protective relay market revenue was estimated as $3,320.57m in 2018, propelled by increase in global electricity consumption and rising trend of renewable energy production. Modern power grid systems concentrate on providing effective electricity supply and distribution for commercial and domestic utilities, which are prone to voltage fluctuation and electric flow disparity. Consequently, triggering high demand for protective relays to minimize electrical hazards due to over-current, over-voltage, and under-frequency, across the globe. The analyst highlights that owing to the aforementioned factors, Europe contributed a regional share of 32.2% in 2018. With a surge in electricity consumption and clean energy application in several industrial firms coupled with huge government investment in energy sector, Europe experienced a boost demand of protective relays.
The report is titled “Protective Relay Market: By Function (Overcurrent Relay, Distance Relay, Others); By Operation Mechanism (Electromechanical, Static, Digital/Numerical); By Application (Feeders, motors, Generators, Others); & By Geography - Forecast (2019-2025).” It explains in detail that the market policies aligning with effective technological advent will boost the market growth along with calculated statistical output for the market vendors.
Global Protective Relay Market: Competitive Landscape
As per the above mentioned report, generators segment is expected to grow with high application CAGR of 4.6%, during the forecast period. Smart grid technology is gaining lead into the mainstream electrical utilities and has disrupted the global protective relay market growth due to rising preference of automated and intelligent equipment, devices, and systems. This will facilitate the need for an effective platform to initiate unhampered electric distribution and transmission operation over a connected network. Additionally, changing lifestyle and increasing dependency on electronic and electrical products will support the protective relay market growth, which will grow at 3.3% CAGR through to 2025.
The report discusses elaborately about the key companies, their achievements, and comparative revenue statistics which include Toshiba, Siemens, Little Fuse, Woodward, Eaton, General Electric, ABB Corp., Schweitzer Engineering Laboratories, and Schneider.
Schweitzer Engineering Laboratories manufacture several electrical components which is helpful in power management and protection, providing safe and reliable power systems, and also minimizes power failure in residential or commercial areas. Company’s product categories related to the protective relay market consist of SEL-352 breaker failure relay, SEL-387 current differential and overcurrent relay, SEL-451 protection, automation, and bay control system, SEL-487E transformer protection relay, and others.
Global Protective Relay Market: Disruptive Trends and Growth Drivers
· Smart grid technology increases the demand of sensors, smart meters, and smart substations owing to ease of deployment, monitoring, controlling, and security services. Hence, wide scope for global protective relay market in these areas.
· According to the International Energy Agency, the global electricity consumption demand increased by 4% in 2018 from 2010. Consequently, construction of power substations to meet growing electricity demand will effectively aid the global protective relay market growth in the foreseeable future.
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