World Protective Relay Market Share 2018-2027: Key Findings, Regional Analysis, Key Players Update and Future Prospects

Market Overview:

A protective relay is a relay device, which is specially designed to trip a circuit breaker, whenever any fault is identified. A protective relay is an automatic device which can sense any abnormal conduction such as faults of the electrical circuit. Protective relay also assist in disconnecting the identified faulty portion from the main circuit connection. As per the study conducted by Market Research Future, the global market for Protective Relay is likely to grow at the CAGR of around 6%.

The emergence of the protective relay has currently increased significantly in past few decades, because of its characteristics to protect the operation of the electrical circuit. The relays gadgets is registered to under-frequency, over-voltage and over-current to reverse the power flows, thus helping in eliminating the chances of major incidents. Despite of this, the device is also used to detect the epicentre of the disturbance and avert the switching devices to discard the fault in the electric circuit.

Upsurge in the industrial development coupled with the increase in power generation capacity worldwide is the major driver for the growth of the relay market. Also, increasing population coupled with mounting per capita electricity consumption. Is expected to fuel the demand for the protective relay market over the forecast period. Due to increasing complexity of the electrical circuit design, circuit protection has become a vital concern for project developers around the world. The important significance of the protective relays has thus increased in enabling the safe operations of an exterior circuit. These system register over-current, under-frequency, and over-voltage in order to reverse power flow, thereby diminishing the probable chances of major incidents. Along with this, protective relay are utilized to trace the epicentre of the disturbance and prompt switching devices to eliminate the faulty elements from the circuit. 

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Geographically, the global Protective Relay market has been divided into North America, Europe, Asia Pacific and Rest of the World. Among these regions, Asia-Pacific is the leading regions for the protective relay market mainly due to the attractive investment prospects in the transmission & distribution segment in this region. Favourable government policies for the protective relay market is another factor contributing to the growth of the protective relay market. Asia-Pacific is presently housing the maximum number of transmission and distribution projects as a result of which it is one of the foremost markets in this segment. Europe and North America are other regions which are anticipated to be highly lucrative for the new and existing players in the protective relay market.

Competitive Analysis:

The global market for protective relay is highly competitive. To preserve the market position and to boost the market growth, various dynamic and diversified multinational manufacturers, domestic product developers and as well as new entrants in the market form a competitive landscape. Market key players are continuously innovating and progressively seeking market development through several strategic mergers and acquisitions, product development via innovative approach, increasing investments in research & development and profitable product portfolio.

General Electric (U.S.), Littelfuse Inc.(U.S.), Eaton Corporation Plc (U.S.), Beckwith Electric Co. Inc.(Ireland), ZIV Inc. (U.S.), Schweitzer Engineering Laboratories (U.S.), Schneider Electric (France), Alstom Group (France), NR Electric (China), Cooper Industries (Ireland), ERL Phase Power Technologies Ltd. (Canada) and Mitsubishi Electric Corporation (Japan) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Protective Relay Market.

Industry News:

In April, 2018 – Power management company Eaton announced it is integrating next-generation optical sensing technology, provided by Micatu GridView Optical Solutions into its portfolio of grid monitoring solutions for utility customers. Eaton’s agreement with Micatu helps global utility customers enhance voltage and current sensing precision to improve grid monitoring. Eaton’s solutions for utility customers, including the new highly accurate sensing platform, support precise, real-time data acquisition for utility transmission and distribution system monitoring to increase efficiency and reduce greenhouse gas emissions.

In March, 2018 – ESCO Technologies Inc. (NYSE: ESE) announced that it has acquired the assets of Manta Test System Inc., a North American utility solutions provider located in Mississauga, Ontario, Canada.

In November, 2017 – ZIV has commissioned a protection, control and substation automation system for Sierra Leone´s Ministry of Energy. It has been a satisfactory overseas collaboration with British EPC, BES Group.

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Market Segmentation:

The scope of global protective relay market is segmented into three major segments which are explained below:

By Voltage Range

• High
• Medium
• Low

By Type

• Feeder
• Transmission Line
• Motor
• Transformer
• Generator
• Others

By End-Users

• Industrial
• Utility
• Others