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 (2018 2023)

Report Code : ESR 0076 Format Type: PDF+ Excel Database

Protective Relay Market Overview

A Protective relay is a special variant of relay devices. It mainly deals with the monitoring of current, voltage, frequency, power measurement, and more from a generating source in order to trigger the circuit breaker to open in an unusual situation. The Protective Relay market is estimated to grow at a CAGR of 3.3% during the forecast period 2018–2023. APAC is projected to be the fastest growing market with a CAGR of 4.3%, which can be attributed to the large number of infrastructural upgrade activities in the power sector.

Protective Relay Market Outlook

Based on the type of function, protective relays are classified into over current relays; over and under voltage relays; distance relays; differential relays; reverse power relays; and others. The ability of the protective relays to localize the faults in power transmission makes their applications inevitable in the power distribution and transmission systems. According to IndustryARC findings, the differential relays segment is estimated to hold the major share of the Protective Relay market during the forecast period 2018–2023.

Protective Relay Market Growth Drivers

The significant growth of the renewable energy sector around the world is considered to be a major growth driver for the Protective relay market. Growth of the renewable energy sector is set to draw new infrastructural investments that will spur the demand for protective relays. Additionally, with the growing demand for electricity from the industrial and utilities front, there is a growth in number of distribution networks and transmission lines. This is set to increase the number of substations in the near future, which in turn will boost the market for protective relays.

Protective Relay Market Challenges 

Despite strong growth factors, the market for Protective Relay is challenges in the form of  fluctuating raw material prices. Additionally, technical challenges in each of the protective relay types is constraining the growth of the protective relay market. The high maintenance costs of electro mechanical protective relays and the thermal sensitivity of the static relays act as challenges for widespread adoption. The emerging types of protective relays, and digital and numerical relays also face challenges in the form of potential threat of hacking.
               
 Protective Relay Market

Protective Relay Market Research Scope

The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Protective Relay market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. 

Protective Relay Market Report: Industry Coverage

By Function — Overcurrent Relay, Over/Under Voltage Relays, Distance Relays, Differential Relays, Reverse Power, Others

By Operation Mechanism — Electromechanical Relays, Static Relays, Digital/Numerical Relays

By Application— Feeders, Motors, Generators, Transmission Lines, Bus bars, Transformer, Others

The Protective Relay market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:

  • North America: The U.S., Canada, Mexico
  • South America: Brazil, Argentina, Others
  • Europe: The U.K., Germany, France, Others
  • APAC: Japan, China, South Korea, Others
  • Rest of the World: The Middle East and Africa

Protective Relay Market Key Players 

Some of the key players mentioned in this report are ABB Ltd., Woodward, Inc. (U.S.), Eaton Corporation (Ireland), Littelfuse Inc. (U.S.), Schneider Electric SA (France), and others.

Protective Relay Market Trends

  • ABB Ltd.’s acquisition of General Electrical Industrial Solutions is one of the major acquisitions that the protective relay market has witnessed in the recent past. The product portfolios of both the companies are highly complementary, which help ABB Ltd expand its reach in more regions; boost its distribution and sales networks, and strengthen ABB Ltd.’s global second position in electrification and first position in the global Protective Relay Market.
  • In November 2018, Littelfuse Inc. completed the acquisition of Monolith Semiconductor Inc., a start-up company based in Round Rock, Texas that specializes in the development of silicon carbide power device technology.
  • The Western European region has been a significant adopter of new technologies. Accordingly, countries in the Western European region are investing in smart grid infrastructure. The region is expected to witness investments over $133.7 billion in smart grid infrastructure by 2027.

Key Questions Addressed in the Protective Relay Market Report

1. Is the market for Protective Relays growing? How long will it continue to grow and at what rate? 
2. Is there a possibility for change in the market structure over time? 
3. Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands? 
4. Do the key vendors look for partnerships to expand their businesses with respect to geography or product? 
5. What is the current status of the Protective Relay Market in different countries? 
6. Which are the major relevant product segments within Protective Relays? 
7. What are the short-term, long-term, and medium-term growth drivers for the market? 
8. What are the short-term, medium-term, and long-term challenges for the market? 
9. What are the short-term, medium-term, and long-term opportunities for the market? 
10. Who are the top players/companies of the market? 
11. What are the recent innovations in the market? 
12. How many patents have been filed by the leading players? 
13. What are the types of patents filed by the leading players? 
14. What is the futuristic scenario for the adoption of Protective Relays? 
15. What is our Vision 2030 for the Protective Relay Market?

A few focus points of this Research are given below:

Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
Provide an overview of the product portfolio, including product planning, development, and positioning
Discuss the role of technology companies in partnerships
Explore the regional sales activities
Analyze the market size and give the forecast for current and future of Protective Relays  during the forecast period 2018–2023
Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures

IndustryARC Research Best Practices

The Protective Relay market size is evaluated based on the number of products per organization type along with the varying price points pertaining to specific applications. These were identified as key informational conjectures for market estimation in 2017/2018.

The Protective Relay Market share is thoroughly checked against all data points that have been incorporated and rechecked against various data sources. Various C-level executives and key opinion leaders are contacted for verification of the data.

The Protective Relay Market forecast and growth rate are achieved by applying the time series forecasting methodology on the various factors. The market forecast and growth rate are further backed with historical trends of the market along with a regressive mathematical model that assesses the value based on factors such as capital expenditure, equipment lifespan, R&D investments, and so on.

The Protective Relay Market demand has been researched taking into account the prominent economies across the different geographic regions to understand their corresponding impact on the market.

The Protective Relay Market drivers are evaluated for short-term, medium-term, and long-term based on the different market dynamics impacting the market.

The Protective Relay Market challenges are evaluated for short-term, medium-term, and long-term based on the different market dynamics impacting the market.

The Protective Relay Market trends have been analyzed taking into consideration the micro and macro trends prevalent in various geographies.

The Protective Relay Market outlook provides a brief overview of the market performance and anticipated change in market dynamics. 

The Protective Relay Market analysis also involves the identification of new companies that have entered the market scenario and their impact on the market dynamics in the future. 

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