Electricity is one of the most widely used forms of energy, which is vital for any economy. About 80% of the people in the world have access to electricity and the rate is increasing due to growth in urbanisation. Residential and commercial sectors hold the largest share of the overall electricity consumption. Therefore the supply of electricity is increasing and along with that the growth of the distribution feeder protection system, and hence, the furling the protective relays market. Installing protective relays can help eliminate the risk of damage.
Seattle, WA -- (SBWIRE) -- 12/03/2019 -- In recent years, the requirement for strong power grids has led to increased research & development for product innovation that improves the safety of digital substations. This has led to players in the market focusing on technologically-advanced protection relays to be used across applications on power grids. For instance, Siemens AG, a major player in the protection relay market, has developed several protection relays in the Spirotec range, which can also be used for high- and medium-voltage networks.
The increased demand for electricity, globally, and the growing need for transmission lines, have led to governments looking to establish newer and more efficient power grids to keep up with the pace of development. With smart power grids gradually gaining traction, the use of protection relays, a crucial application of power grid infrastructure, is also likely to sire. According to this report by Worldwide Market Reports on the protection relay market, this transition towards modern power grids is expected to offer opportunities for protection relays for the operational efficiency and reliability of grids.
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The use of protection relays is prevalent across applications and verticals, due to their versatility and efficiency. And while they are primarily used for small- and medium-voltage applications, off grid solar applications and power transmissions, and current high-voltage applications, they remain less preferred. Contractors, which are essentially electromagnetic switches, are increasingly being adopted in high voltage applications due to their high performance and reliability factors.
The global protection relay market is likely to grow at a steady pace over the forecast period, due to their increased adoption in transformer and line protection applications. The market in Asia Pacific held the highest share of over one-third of the market by way of revenue in 2018, and this is likely to hold, as APAC remains the fastest-growing regional market in the global protection relay landscape. This can be attributed to the growing population and subsequent increase in investments for the expansion and modernisation of power grids, which is propelling the growth of the market. The developed markets of North America and Europe are also expected to hold significant shares during the same period, due to the establishment of smart power grids and increased penetration in these markets.
Key players operating in the global protection relay market are: ABB, Basler Electric, Eaton, GENERAL ELECTRIC, Littelfuse, Inc., Mitsubishi Electric Corporation, NR Electric Co., Ltd., Orion Italia s.r.l., Rockwell Automation, Inc., Schneider Electric, Siemens, TE Connectivity
In the report on the global protection relay market, we have discussed individual strategies, followed by the company profiles of the providers of protection relays. The 'Competition Landscape' section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global protection relay market.
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