Protective Relay Market worth USD 7.11 billion by 2027, registering a CAGR of 7.54% - Report by Market Research Future (MRFR)
New York, July 28, 2021 (GLOBE NEWSWIRE) -- Protective Relay Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Protective Relay Market Research Report, Voltage, Application, Operating Mechanism, End -Use and Region - Forecast till 2027” the market is projected to be worth USD 7.11 billion by 2027, registering a CAGR of 7.54% during the forecast period (2021 - 2027), The market was valued at USD 2.79 billion in 2020.
Several Factors Contributing to Market Growth
Nations around the world, including India, the United States, Germany, and Saudi Arabia, have set targets to enhance the capacity of renewable energy generation sources in order to boost renewable energy in the power generation mix. As per the International Renewable Energy Agency (IRENA), under current regulations and investment scenarios, the contribution of renewable energy in the country's total energy generation capacity is predicted to reach 10% by 2030 in the United States. In 2019, the Saudi government established a target of 60GW of renewable energy generation by 2030. Furthermore, the German government has set a target of 40–45% renewable energy in the country's overall electricity consumption by 2025, according to the Federal Ministry for Economic Affairs and Energy.
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Key Players
The Prominent Players active in the Global Protective Relay Market are-
- Hitachi ABB Power Grids Ltd (Switzerland)
- Eaton (Ireland)
- Schneider Electric (France)
- Siemens AG (Germany)
- Mitsubishi Electric Corporation (Japan)
- Toshiba Corporation (Japan)
- Schweitzer Engineering Laboratories Inc. (US)
- SEG Electronics GmbH (Germany)
- Fuji Electric Co. Ltd (Japan)
- Basler Electric (US)
- Littelfuse Inc. (US)
- WEG (Brazil)
- TE Connectivity Ltd. (Switzerland)
- Rockwell Automation Inc. (US)
- Woodward Inc. (US)
- PBSI Group (UK)
- CIRCUTOR SA (Spain)
- Orion Italia s.r.l (Italy)
- General Electric (US).
Industry News
In March 2020, ABB improved the REX640 protection relay, which improves communication security and flexibility in advanced power generation and distribution applications. REX640 is compatible with a number of communication protocols, including IEC 60870-5-104 for power system automation. IEC 60870-5-104 enables simple and direct connectivity to a higher-level system, such as SCADA (Supervisory Control and Data Acquisition), without the use of a gateway.
Browse In-depth Market Research Report (155 pages) on Protective Relay
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COVID-19 Pandemic to Impact the Market Growth
The outbreak of COVID-19, which has affected 209 countries worldwide, has resulted in a total shutdown in certain countries. As a result, the planned smart grid developments have been halted, affecting the market under consideration. Furthermore, it is projected that a total shutdown across multiple countries would result in a substantial economic slowdown, reducing investments in electrical infrastructure and, as a result, significantly hurting the market. The pandemic is expected to have a considerable influence on the market in the next quarters, particularly in the European region, due to the virus's wide spread in the most economically stable countries.
Market Segmentation
The global protective relay market has been classified based on voltage, application, operating mechanism, and end-use.
By voltage, the worldwide protective relay market has been segmented into low, medium, and high.
Based on application, the worldwide protective relay market has been segmented into the feeder, transmission line, motor, transformer, generator, and others.
By operating mechanism, the global protective relay al market has been segmented into electromechanical relays, static relays, and digital/numerical relays.
By end-use, the global protective relay market has been segmented into industrial, utilities, railways, and others.
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Regional Analysis
APAC to Dominate the Global Market
In the global protective relay market, Asia Pacific has the greatest market share. According to the US State Department, there are around 387 million people in Asia Pacific who do not have access to electricity. This necessitates a continuing need to install and upgrade current transmission and distribution (T&D) infrastructure to meet the region's expanding demand for electricity. To protect the electrical system from these developments, a significant number of protective relays are required. Protective relay manufacturers are partnering and making agreements with other companies to supply the region's electrical components and rebuild the region's electrical infrastructure. For example, in September 2020, Schneider Electric (France) acquired Larsen and Toubro Ltd's (India) electrical and automation business. This agreement enabled Schneider Electric to expand its low voltage and industrial automation product portfolio in Asia Pacific, including low voltage and industrial automation solutions. Such important changes in the region drive the protective relay market by increasing demand for protective relays in Asia Pacific to address the need for increased access to electricity. However, the COVID-19 pandemic significantly hindered economic activity in the region, as many nations derive a large portion of their GDP from exports. This has significantly decreased the region's expenditure on electrical equipment. However, most economies are likely to stabilize by the second half of 2020, and demand for protective relays in the Asia Pacific is expected to rise during the projection period.
Segmentation of Market covered in the research:
Information By Voltage (Low, Medium and High), Application (Feeder, Transmission Line, Motor, Transformer, Generator and Others), Operating Mechanism (Electromechanical Relays, Static Relays and Digital/Numerical Relays), End-Use (Industrial, Utilities, Railways and Others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America)
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