Protective Relay Market - Forecast (2020 - 2025)

According to the National Fire Protection Association, around 47% of electricity accidental deaths occurred in construction and extraction work and 22% of the deaths during installation, maintenance, and repair jobs were reported within the period of 2020-2025. This implicates the necessity of protective power circuit system such as protective relay in industrial sectors, offices, and for domestic applications which reduces the chance of electric exposure caused due to over-current, over-voltage, under-frequency, and other electricity failures. The global protective relay market generated opportunities worth $3320.57m in 2020, due to wide applications of protective relay in feeders, motors, generators, transformers, bus bars, and many more. Protective relay aids circuit breakers and alarm systems to work coherently for minimizing system damage which significantly eliminates the risk of electric hazards at any work location. Consequently, they form a reliable power system protection source, thereby gaining huge end-user demand. Europe is projected as the major shareholder in the global protective relay market with 32.2% of global market share in 2020. The urge in demand for the protective relay is influenced by colossal investment in smart grid technology and huge electricity supply in Europe. According to the Eurelectric, 200 million smart meters will be equipped in Europe, which accounts for 80% of the total residents by 2020. Also, Europe is opting for clean energy transition on a large scale which is likely to facilitate the overall demand for effective protective relay market.

Infrastructural advancement and rising global electricity demand induces requirement for efficient distribution channels and transmission lines of electric supply across a network. This elevates the protective relay demand, hence market is evaluated to grow at a CAGR of 3.3% through to 2025. Among other application segments, generators are projected to acquiring huge demand for protective relay which will increase at a CAGR of 4.6% during the forecast period 2020-2025.

Protective Relay Market Growth Drivers:

• Growing industrialization and increasing global population are boosting the demand of electricity. Additionally, shifting trend towards reliable renewable energy sector is also expected to uplift the global protective relay market considerably over the due course of time owing to their utilization in power generation processes.

• Increasing power substation construction to supply electricity for domestic and commercial usage require protective relays to trigger alarm switches and circuit breakers during voltage fluctuation and uneven electricity flow. Eventually, this avoids critical situations owing to which protective relay market is experiencing high demand from office and household electrical setup.

Protective Relay Market Companies:

Companies such as ABB Corp., Schneider, Woodward, General Electric, Eaton, Siemens, Little Fuse, Schweitzer Engineering Laboratories, Toshiba, and others are expanding geographically with innovation and investment aid the construction of brand image in the global market.

Schneider is a multinational electrical equipment and solution provider which offers services such as home automation, protection, monitoring and controlling facility, switches and sockets, energy storage and grid system, and others. Protective relay products such as Sepam serie 20, Easergy P3, MiCOM P63x, Vamp 200 Series, and so on are provided by company for overcurrent, motor, transformer, capacitors, generators, and others.

Protective Relay Market Trends:

- Surge in Renewable Energy Demand

According to the data from International Energy Agency, around 178 GW was added to the global renewable electricity capacity in 2020, which accounted for two-third of the total electricity capacity in the world. This marks as an extensive demand for electricity which is supplied through power substations in every state, relying heavily on relays for smooth, uniform, and risk-free electric supply across every distribution channel. Due to huge inclination towards clean energy usage, renewable energy production trends will uplift the demand of protective relay.

Massive investment in building renewable energy power plants across the world is leveraging huge economic income globally. Forthcoming and ongoing construction such as 11.6 MW solar power plant by Unisun Energy Group in Hungary (China), Innergex’s 315 MW solar plant in Texas (U.S.), Google’s solar power project in Taiwan, 5 GW solar park in Gujarat, and 3 GW solar PV plant in Rajasthan will be a breakthrough scope for promoting the protective relay market opportunities.

Protective Relay Market Research Scope:

The base year of the study is 2020, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Protective Relay market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Protective Relay in Protective Relay market, and their specific applications in different areas.

Protective Relay Market: Industry Coverage

The global protective relay market is segmented into function, operation mechanism, and application. On the basis of function categorization includes overcurrent relay, distance relay, and others. By operation mechanism, this market is divided into electromechanical, static, digital/numerical, and others. Application classification includes feeders, motors, generators, others.