The global protective relay market is projected to grow at a CAGR of 6.5% from 2016 to 2021, to reach USD 4.54 Billion by 2021. This growth can be attributed to the increase in transmission & distribution activities across the globe. Ongoing smart grid and substation automation projects are also expected to drive the market.
Protective relays are used by utilities and industries to protect expensive instruments such as transformers and motors. The relay senses abnormalities in operating conditions, such as over-current, over-voltage, reverse power flow, and over-and-under frequency, and trips the circuit breaker. Microprocessor and intelligent relays are being used extensively, as they are multi-functional and cost-effective compared to electromechanical relays.
In emerging economies such as China and India, the market is boosted by rapid industrialization and urbanization activities. The report segments the protective relay market on the basis of major end-user applications into industries, utilities, renewables, and marine. Utilities are estimated to constitute the largest market for protective relays, and held the largest market share in 2015.
Asia-Pacific is estimated to hold the largest market share, followed by North America and Europe. In terms of individual countries, the market is dominated by China. This can be attributed to the extensive electrical infrastructure upgradation and new transmission & distribution lines being installed in the country.
China held the largest share of the global protective relay market in 2015. Rapid economic growth in BRICS nations is expected to drive the protective relay market in these nations. Protective relays will likely be used extensively in the new electrical transmission & distribution networks of BRICS countries.
Scope of the Report:
By Voltage
By Protection Mechanism
By End-User
By Region
Companies Profiled:
ABB Ltd
Eaton
Fanox
GE Co.
Littelfuse, Inc.
Mitsubishi Electric Corp.
NR Electric Co. Ltd
Schneider Electric SA
Sel, Inc.
Siemens AG