Global Protective
Relay Market report offers the latest
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"Increasing
significance of renewable energy to drive the industry growth”
In the year 2015, global
protective relay market was valued at $2590.1 million and is expected to grow
at CAGR of more than 5% over the forecast period. Increase in number of power
and infrastructure projects in the Asia-Pacific region along with increased
investments in the T and D network worldwide is considered as the reason for
the rise in the demand of protective relays.
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"Asia Pacific expected
to witness highest adoption over the forecast period"
Asia Pacific region
accounted for highest market share and about 30% of the total revenue in the
year 2015. Extensive investments in the modernization of infrastructure along
with renewable sector are the major factors that are expected to drive the
demand of protective relays over the forecast period.
Due to the economic
progress of the countries such as India and China the rate of mounting
infrastructure is at all-time high. This rise in infrastructure is expected to
fuel the growth of protective relay market over the forecast period. Summer
Olympics that are scheduled in the Japanese land in the year 2020 is also a key
factor in the rise of infrastructure consequently driving the protective relay
market.
"Power sector is
anticipated to emerge as the fastest growing end-use industry"
Power Sector is forecasted
to remain the highest and most rapidly growing end-use segment with CAGR of
over 5% from 2016-2024. Improved rate of industrialization along with
upgradation in the capacity to produce power globally has resulted in growth
for demand of relays. Other major factors such as the increasing population and
increasing per capita income due to higher development rates has raised the
level of electricity consumption in the Asia-Pacific region.
"Medium voltage
accounted for highest market share in 2015"
In the year 2015 medium
voltage sector consumed over 40% of the total market share. Increase in
application of protective relays in power substations and systems is the reason
for such high consumption. The demand for infrastructure and electricity is
increasing in the nations such as UAE, Japan, Saudi Arabia, China and India due
to rapid increase in the population relocation. Hence the increase in demand
for electricity is expected to drive the market over the next 8 years.
"Criticality of
protection of cables & lines expected to drive demand for feeder
protection"
Feeder protection segment
accounted for over 20% of the total revenue in the year 2015. The increasing
need of protective relays used to protect the power transmission lines is
estimated to boost the demand of protective relays over the next few years.
Chances of failure in the
power transmission lines are more as compared to other factors due to their
attributes such as length which is excessive to operate in open environment.
This the reason lines and cables assembly needs dedicated protection that is
promptly provided by protection relays.
"ABB, Siemens,
Schneider and GE held significant market share in 2015"
The protective relay
industry is consolidated and highly competitive with few key market players
consuming over 60% of the total revenue share. Important players such as
Siemens & Schneider along with GE-Alstom dominate the market, making it
difficult for new players to enter the market. Innovation, new product
development and product diversification are the strategies that are being
implemented by the key players to remain competitive in the industry.
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