DUBLIN--(BUSINESS WIRE)--The "Protective Relay Market by Voltage (High, Medium, Low), End-User (Utilities, Industrial, Railways, Others), Application (Feeder, Transmission Line, Motor, Transformer, Generator, Breaker, Capacitor Bank, Busbar), Type, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global protective relay market is projected to reach USD 2.7 billion by 2025 from an estimated market size of USD 2.0 billion in 2020, at a CAGR of 5.7% during the forecast period.
The increasing share of renewable energy are expected to drive the demand for the protective relay. Various application types of the protective relay are increasing in utilities, industries, railways, and other (airports, hospitals, commercial complexes), which would further aid the growth of this market. The lack of investment by the government in grid stability is a restraint for the growth of the protective relay market.
The low voltage segment, by voltage, is expected to grow at the highest rate in the forecast period
The low voltage segment is expected to grow at the highest rate in the forecast period. Low voltage relays are used in low voltage applications in utilities and other applications like motors and lifts in industrial and commercial buildings. The increasing focus on industrial and commercial activity will drive the long term growth of this segment all over the world, particularly in the Asia Pacific.
The Utility segment, by end-user, is expected to grow at the highest rate during the forecast period
The three-phase segment is estimated to grow at the highest rate of all segments during the forecast period. New distribution network and grid expansion projects, replacement of old electromechanical protective relays with new and more advanced numeric relays, substation automation for improved power quality, and implementation of smart grids for better grid management are expected to drive the segment.
The Asia Pacific is expected to lead the global protective relay market in terms of market size
The Asia Pacific is currently the largest protective relay market, followed by North America and Europe. The growth of a protective relay market in Asia Pacific can be attributed to the increasing demand for electrical energy due to urbanization and industrialization, distribution network upgrade, and the increasing renewable energy sector. Also, rising investments in smart grid infrastructure projects that include distribution automation would result in an increased demand for protective relay in the Asia-Pacific region.
Market Dynamics
Drivers
- Increase in Renewable Capacity Additions
- Adoption of Iec 61850 Standard for Substation Automation
- Replacement of Old Electromechanical and Static Relays with New Numeric Relays
Restraints
- Increasing Competition from the Unorganized Sector
- Lack of Investment in Grid Stability in Developing Countries
Opportunities
- Increasing Power Demand and Investments in Smart Grid Infrastructure
- Changing Face of the Middle Eastern Manufacturing Industry
Challenges
- Cybersecurity of Numerical Relays
- Covid-19 Outbreak
Companies Profiled
- Schneider Electric
- ABB
- Siemens
- General Electric
- Schweitzer Engineering Laboratories
- Eaton
- Larsen & Toubro
- Nr Electric
- Mitsubishi Electric
- Toshiba
- CG Power and Industrial Solutions
- Ziv Aplicaciones Y Tecnologia
- Basler Electric
- Fanox Electronic
- Orion Italia
- Woodward
- Ashida Electronics
- Littelfuse
- Rockwell
- Solcon
For more information about this report visit https://www.researchandmarkets.com/r/8cqr00
"industry" - Google News
May 07, 2020 at 06:40PM
https://ift.tt/2xGDuXO
Global Protective Relay Industry (2020 to 2025) - COVID-19 Outbreak Presents Challenges to the Market - ResearchAndMarkets.com - Business Wire
"industry" - Google News
https://ift.tt/2RrQtUH
https://ift.tt/2zJ3SAW
Bagikan Berita Ini
0 Response to "Global Protective Relay Industry (2020 to 2025) - COVID-19 Outbreak Presents Challenges to the Market - ResearchAndMarkets.com - Business Wire"
Post a Comment