Albany, NY -- (SBWIRE) -- 04/08/2021 -- Protection Relay Market: Establishment of Newer Power Grids to Have Positive Impact
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 Transparency Market Research 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.
Get Sample Copy:
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=3927
The global protection relay market witnessed sales of ~11 Mn units in 2018, a figure that is projected to rise over the forecast period ending in 2027, and hit the 23 Mn units mark.
Contactors More Popular than Protection Relays for High Voltage Applications
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. Contactors, which are essentially electromagnetic switches, are increasingly being adopted in high voltage applications due to their high performance and reliability factors.
However, with technological advances influencing research & development in the protection relay market, the high voltage segment, which lagged behind low and medium voltage applications, is set to grow at a rapid rate of 9.5% over the forecast period. The increasing deployment of high-voltage applications is expected to boost the growth of the protection relay market.
Asia Pacific – A Lucrative Regional Market
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 modernization 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.
Grab an exclusive PDF Brochure of this report:
https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=3927
The global protection relay landscape can be considered as being fairly consolidated, with leading players such as ABB, Eaton, General Electric, Mitsubishi Electric Corporation, and others holding over half of the global share. In order to strengthen their global presence, they are increasingly focusing on research & development into newer products and widening their product range. For instance, in April 2019, Basler Electric, a significant player in the protection relay market, introduced the BE1-11d DC power protection system for DC power applications up to 1,500 Vdc. Key players are also looking at strategic acquisitions to expand their product portfolios. For example, in January 2018, Littelfuse Inc., a major player in the global protection relay market, acquired IXYS Corporation, to widen its consumer base.
Request For Customization:
https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=3927
Protection Relay Market: Overview
According to Transparency Market Research's latest research report on the global protection relay market for the historical period of 2017–2018 and the forecast period of 2019–2027, increase in investments in energy and utility infrastructure as well as growth in awareness regarding the benefits of protection relays are expected to boost the growth of the global protection relay market during the forecast period.
In terms of revenue, the global protection relay market is estimated to reach a value of ~US$ 7.4 Bn by 2027, expanding at a CAGR of ~9% throughout the forecast period.
In terms of volume, the global protection relay market is projected to reach ~23,400 thousand units by 2027, expanding at a CAGR of ~9% during the forecast period.
Significant Expansion of Transmission and Distribution Networks: A Key Driver
Protection relays are used in power transmission and distribution network systems to detect faults and protect the system from issues such as short circuits and overloading. Protection relays help identify the type of fault and the exact location of the fault. Thus, the use of protection relays in transmission systems is essential to reduce damage.
Moreover, with an increase in the demand for electricity across the globe, several organizations are engaging in expansion of transmission and distribution networks. This, in turn, is leading to the growth of the protection relay market.
Furthermore, protection relays have a life expectancy of over 20 years, and they protect electric circuits from expensive disruptions and faults. Due to this, they are largely used in applications such as transformer protection, generator protection, and line protection.
Thus, significant expansion of transmission and distribution networks is driving the global protection relay market.
Development of Rapid Transmission Line Protection Relays - Latest Market Trend
Several organizations are engaged in the manufacture of ultra-high-speed protection relays for use in the detection of faults in power systems, in a short time.
For instance, in March 2017, Schweitzer Engineering Laboratories at Pullman, Washington (the U.S.), released the SEL-T400L time-domain line protection relay. It is a microprocessor-based relay that operates at ultra-high speed.
Time-domain line protection relays are ultra-high-speed relays deployed for the protection of critical transmission lines.
Ultra-high-speed protection relays are based on traveling waves and incremental quantities. The average operational time required for these relays ranges from 2 to 7 milliseconds, depending upon the source-to-line impedance ratio and the fault location.
Thus, with increasing use of ultra-high-speed protection relays, the operational life of the existing transmission infrastructure can be increased, which results in cost savings. Owing to this, the use of time-domain line protection relays is expected to increase prominently during the forecast period, as such, boosting the growth of the global protection relay market.
Inability to be Used for High-voltage Applications a Major Challenge
In several electric applications, protection relays are used to protect the electric circuit or device from failure caused by voltage fluctuations, overcurrent, or frequency fluctuations. Protection relays are usually employed in low- and medium-voltage applications.
However, for high-voltage-range applications, a contactor is used, especially in motor starters, generator sets, agricultural pumps, and street lighting applications. The impact of this factor is expected to be medium in the short term, and low in the long term, on the global protection relay market space.
Global Protection Relay Market: Competition Landscape
Detailed profiles of the providers of protection relays have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies.
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.
Global Protection Relay Market: Key Developments
Key providers of protection relays, such as General Electric, ABB, and Basler Electric, are focusing on product innovation and development to win more customers. Some other key developments in the global protection relay market are as follows:
In April 2018, ABB added a new product called REX640 to its family of protection and control relays for digital switchgears. REX640 has the capability to provide protection for several industrial applications.
In April 2019, Basler Electric introduced the BE1-11d DC power protection system with the help of its vast experience in DC excitation systems and AC utility grade protective relays.
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.
Read Our Latest Press Release:
https://www.prnewswire.com/news-releases/power-management-integrated-circuits-market-predicted-to-be-valued-at-us56-48-bn-by-2026–applications-in-highly-lucrative-automotive-consumer-electronics-sectors-evident-of-monumental-growth–tmr-301262055.html
About Transparency Market Research
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad-hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
Contact
Transparency Market Research State Tower,
90 State Street,
Suite 700,
Albany NY – 12207
United States
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com