Boston, MA -- (SBWIRE) -- 11/20/2014 -- Protective Relay Market by Type (High, Medium, and Low Voltage), by Application (Utilities, Industries), and by Product Category (Feeder Protection, Transmission Line Distance, Motor Protection, Transformer Protection) - Global Trends and Forecasts to 2019

This report estimates the protective relays market in terms of revenue ($millions). This has been broken down into component regions and is further split into countries.

Protective relays are the integral part of the circuit protection system in the power market. Protective relays ensure normal operation of the components of an electric circuit. The basic function of these relays is to prompt the switching device to remove the element from the circuit, when it suffers a short circuit or when the operational parameters vary from the normal. Relays are generally paired with circuit breakers (which also act as switching devices). These are activated by the relays upon sensing the fault. Circuit breakers are positioned in a manner such that the equipment such as generator, transformer, bus, or transmission lines can be completely disconnected from the rest of the system in order to protect them. Along with this primary function, the relays also trace the location of the fault that helps in removing it.

Protective relays are preferred over other protective devices (such as fuse) because of their features that make them more reliable. Relays are selected for a particular application on the basis of following parameters:

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- Size: Relay selection depends on the area of deployment of the device. If there are size constraints, smaller relays are preferred and they may be expensive as compared to their larger counterparts

- Flexibility: It is the property of relays that allows the usage of the device for different purposes with minor modifications in the software

- Reliability: Relays protect equipment worth millions; hence, the selection varies with the value of the equipment to be protected. Expensive equipment requires highly reliable relays that can ensure optimized and consistent protection

- Sensitivity: Relays with high sensitivity provide greater responsiveness to switching. Sensitivity depends on the ability to detect minor faults. This helps in the disconnection of equipment even at low fluctuations in the parameters of the circuit. However, over-sensitivity of relays for a particular circuit can be a problem, because it will trip the circuit breaker frequently resulting in the irregular flow of current in the circuit.

- Speed: Relays with high speed switching capabilities are preferred more in order to ensure the timely disconnection of elements of the circuit to avoid any damage.

- Ease of Resetting: Resetting of relays is also a major selection criterion. The relay that resets easily with lesser time is in more demand.

The methodology has used secondary sources such as encyclopedias, directories, and databases to identify and collect information that was useful for this extensive commercial study of the global protective relays. The primary sources such as experts and suppliers from the industry have all been interviewed to obtain and verify critical information, as well as to assess the future prospects of this market.

The study has profiled leading players of the industry, along with their recent developments and other strategic industry activities. Some of the key companies' profiles include ABB Ltd. (Switzerland), Siemens AG (Germany), Eaton Corporation (Ireland), SEL Inc. (U.S.) Schneider Electric SE (France), Mitsubishi Electric Corporation (Japan), and others.

Asia-Pacific leads the market for the protective relay globally with biggest market share and is expected to grow with the highest CAGR among the other regions. This growth is attributed to the growing industrialization and urbanization in the market. There is also a good replacement market for the relays in the developed regions like North America and Europe.

The report provides a geographical segmentation into various regions such as North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa.

Moreover, there is an in-depth regional country analysis based on the type and the end-user segments in the market. The country analysis provides the market value based on the revenue and the expenditure in the geographies for the various segments undertaken in the study.

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