logo
logo
Sign in

Protective Relay Market To Witness Imminent Growth At CAGR of Over 5% from 2024

avatar
annesa saha
Protective Relay Market To Witness Imminent Growth At CAGR of Over 5% from 2024

Jan 21, 2021: "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.

"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.

Download sample Copy of This Report at: https://www.millioninsights.com/industry-reports/protective-relay-market/request-sample

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.

View Full Report with TOC @ https://www.millioninsights.com/industry-reports/protective-relay-market

"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.

Get in touch

At Million Insights, we work with the aim to reach the highest levels of customer satisfaction. Our representatives strive to understand diverse client requirements and cater to the same with the most innovative and functional solutions.

 

Contact Person:

Ryan Manuel

Research Support Specialist, USA

Email: [email protected]

 

Global Headquarters

Million Insights

Felton Office Plaza 6265 Highway 9 Felton, California 95018, United States

Phone: 1-408-610-2300

Email: [email protected]

 

Asia Pacific

Million Insights

Office No. 302, 3rd Floor, Manikchand Galleria, Model Colony, Shivaji Nagar, Pune, MH, 411016 India

Phone: 91-20-65300184

collect
0
avatar
annesa saha
guide
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more