Dublin, Nov. 02, 2018 (GLOBE NEWSWIRE) -- The "MV Protection Relay Market by Type, Connected Load, End-User & Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The MV protection relay market is projected to reach USD 1,115 million by 2023, from an estimated USD 860 million in 2018, at a CAGR of 5.33%.

This can be attributed to the growth of the renewable industry and expansion of transmission & distribution (T&D) networks. Increasing competition from the unorganized sector and lack of investments by governments in grid stability can hinder the growth of the market.

The digital & numerical relay segment held the largest market share in 2017 and is estimated to be the fastest growing segment during the forecast period. The digital & numerical relay segment provides more advantages over electro-mechanical & static relays. It converts voltage and current to digital forms and processes the resulted measurement using a microprocessor. The primary advantages of digital & numerical relay include functional flexibility, reliability, speed, accuracy, and capital cost and maintenance cost savings.

The industrial segment is expected to grow at the fastest rate between 2018 and 2023. Industrial segment includes oil & gas, chemical & pharmaceutical, metals & mining, and others. MV protection relays are used in industries to prevent damages to expensive instruments caused by overload, over temperature, over current, jams and undercurrent, high resistance winding faults, current and voltage unbalance, phase loss, and phase reverse. Asia Pacific is the largest consumer of industrial protection relays with construction spending increasing in countries such as India, China, and Japan.

Asia Pacific: The fastest growing market for MV Protection Relay

Asia Pacific is expected to be the largest market for MV protection relays in 2023 and is projected to grow at the highest CAGR, during the forecast period. Increasing T&D network expansions and industrialization projects in emerging countries such as India and China are some of the key factors responsible for the growth of the MV protection relay market.

Moreover, as per IEEMA (Indian Electrical and Electronics Manufacturers Association), electricity generation capacity is expected to increase from 200 GW in 2010 to over 800 GW by 2032. India is undertaking a lot of smart grid and substation projects to fulfil the growing demand for energy. This would create a demand for MV protection relays in the region.

The leading players in the MV protection relay market include ABB (Switzerland), General Electric (US), Schneider Electric (France), Siemens (Germany), and SEL (US).

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the MV Protection Relay Market, 2018-2023
4.2 MV Protection Relay Market, By Type
4.3 MV Protection Relay Market, By Connected Load
4.4 MV Protection Relay Market, By End-User
4.5 Asia Pacific MV Protection Relay Market

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.3 Drivers
5.3.1 Growth of the Renewable Industry
5.3.2 Expansion of Transmission & Distribution Networks
5.3.3 Upgrade of Existing Substations and Feeder Line Protection
5.4 Restraints
5.4.1 Increasing Competition From the Unorganized Sector
5.4.2 Lack of Investments From Governments in Grid Stability
5.5 Opportunities
5.5.1 Growing Power Demand
5.5.2 Growing Demand for Electronic Devices
5.5.3 Changing Face of the Middle Eastern Manufacturing Industry
5.6 Challenges
5.6.1 Delays in Grid Expansion Projects
5.6.2 Cyber security Issues for Protection Relays

6 MV Protection Relay Market, By Type
6.1 Introduction
6.2 Electromechanical & Static Relay
6.2.1 Asia Pacific is Projected to Be the Largest Market for Electromechanical & Static Relays
6.3 Digital & Numerical Relay
6.3.1 Asia Pacific is Projected to Be the Fastest and the Largest Market for Digital & Numerical Relay

7 MV Protection Relay Market, By Connected Load
7.1 Introduction
7.2 Feeder Line
7.2.1 Rising Investment in Distribution Network is Expected to Drive the Demand for MV Protection Relay in Feeder Line
7.3 Transformers
7.3.1 North America Projected to Be Second Largest Market for MV Protection Relays in Transformers
7.4 Motors
7.4.1 Increasing Industrialization is the Major Driver for the Growth of MV Protection Relay in Motor
7.5 Others

8 MV Protection Relay Market, By End-User
8.1 Introduction
8.2 Utilities
8.2.1 Power Generation
8.2.1.1 Asia Pacific is Expected to Hold the Largest Market Share
8.2.2 Power Distribution
8.2.2.1 Increasing Demand for Power Globally is Driving the MV Protection Relay Market
8.3 Industrial
8.3.1 Oil & Gas
8.3.1.1 Oil & Gas is Expected to Be the Largest Market in Industrial Segment of MV Protection Relay Market
8.3.2 Metal & Mining
8.3.2.1 North America is Projected to Be the Second Largest Market of Metal & Mining Segment
8.3.3 Chemical & Pharmaceutical
8.3.3.1 Middle East & Africa is Projected to Be the Second Fastest Growing Market
8.3.4 Others
8.4 Commercial & Institutional
8.4.1 North America is the Second Largest Market for Commercial & Institutional Segment

9 MV Protection Relay Market, By Region
9.1 Introduction
9.2 North America
9.2.1 By Type
9.2.2 By Connected Load
9.2.3 By End-User
9.2.4 By Country
9.2.4.1 US
9.2.4.1.1 Increasing Modernization of Electric Infrastructure is Expected to Propel the Growth of MV Protection Relay Market in the Country
9.2.4.2 Canada
9.2.4.2.1 Increasing Focus on Infrastructure Development is One of the Factor for the Growth of MV Protection Relay Market
9.2.4.3 Mexico
9.2.4.3.1 Utilities is Estimated to Contribute the Largest Market Share of Mexican Market
9.3 Asia Pacific
9.3.1 By Type
9.3.2 By Connected Load
9.3.3 By End-User
9.3.4 By Country
9.3.4.1 China
9.3.4.1.1 Industrial Segment is Expected to Be Fastest Growing Market of MV Protection Relay
9.3.4.2 India
9.3.4.2.1 Expansion of T&D Network is Expected to Drive the MV Protection Relay Market in the Country
9.3.4.3 Japan
9.3.4.3.1 Growth of Renewable Industry in the Country is Expected to Drive the MV Protection Relay Market
9.3.4.4 Australia
9.3.4.4.1 Industrial Segment is Projected to Be the Fastest Growing MV Protection Relay Market in Australia
9.3.4.5 South Korea
9.3.4.5.1 Utilities is Estimated to Be the Largest MV Protection Relay Market in South Korea
9.3.4.6 Rest of Asia Pacific
9.4 Europe
9.4.1 By Type
9.4.2 By Connected Load
9.4.3 By End-User
9.4.4 By Country
9.4.4.1 Germany
9.4.4.1.1 Increasing Investment in Renewables is Expected to Fuel the Growth of MV Protection Relay Market
9.4.4.2 France
9.4.4.2.1 Industrial Segment is Estimated to Be the Second Largest MV Protection Relay Market in France
9.4.4.3 UK
9.4.4.3.1 Increasing Initiatives for the Addition of Renewables Across the Country is Expected to Drive the MV Protection Relay Market.
9.4.4.4 Russia
9.4.4.4.1 Industrial Segment is Projected to Have Fastest Growth Rate
9.4.4.5 Italy
9.4.4.5.1 Oil & Gas is Largest Industrial End-User of MV Protection Relay
9.4.4.6 Rest of Europe
9.5 South America
9.5.1 By Type
9.5.2 By Connected Load
9.5.3 By End-User
9.5.4 By Country
9.5.4.1 Brazil
9.5.4.1.1 Utilities is Projected to Be the Largest MV Protection Relay Market in Brazil
9.5.4.2 Argentina
9.5.4.2.1 Industrial is Expected to Grow at A Fastest Rate During the Forecast Period
9.5.4.3 Rest of South America
9.6 Middle East & Africa
9.6.1 By Type
9.6.2 By Connected Load
9.6.3 By End-User
9.6.4 By Country
9.6.4.1 Saudi Arabia
9.6.4.1.1 Growing Construction Activities in the Saudi Arabia Contribute to the Growth of MV Protection Relay Market
9.6.4.2 UAE
9.6.4.2.1 Increasing Industrialization Across the Country is Expected to Boost the MV Protection Relay Market
9.6.4.3 Qatar
9.6.4.3.1 Commercial & Institutional Segment is Projected to Be the Second Fastest Growing Market in Qatar
9.6.4.4 Kuwait
9.6.4.4.1 Investment in Utilities Segment is Expected to Propel the Growth of MV Protection Relay Market
9.6.4.5 Nigeria
9.6.4.5.1 Utilities Segment is Holds the Largest Market Share of Nigerian Market
9.6.4.6 Egypt
9.6.4.6.1 Industrial Segment is Projected to Grow at Fastest Rate
9.6.4.7 South Africa
9.6.4.7.1 South African Market is Dominated By Utilities Segment
9.6.4.8 Rest of Middle East & Africa

10 Competitive Landscape
10.1 Overview
10.2 Ranking of Players and Industry Concentration, 2017
10.3 Competitive Scenario
10.3.1 New Product Launches
10.3.2 Investments & Expansions
10.3.3 Contracts & Agreements
10.3.4 Mergers & Acquisitions
10.3.5 Others

11 Company Benchmarking
11.1 ABB
11.2 Siemens
11.3 Schneider Electric
11.4 Rockwell
11.5 Eaton
11.6 Mitsubishi Electric
11.7 Schweitzer
11.8 Larsen & Toubro
11.9 Toshiba Corporation
11.10 Terasaki
11.11 Powell Industries
11.12 Woodward
11.13 Solcon
11.14 General Electric

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