Increasing investments in infrastructure projects across different regions, worldwide growth in energy consumption, and surging amount of investments in renewable energy sources, coupled with the rising popularity of smart grid technologies for energy management, especially in developed countries, are the factors driving the market. Moreover, rising need for upgrading substations is also expected to fuel the demand for protective relays. Therefore, growth in the global automated substation market is expected to boost the market for protective relays, globally. Installing protective relays can help eliminate the risk of damage in large industrial facilities. These advanced systems, are thus, preferred over their conventional counterparts. Despite this, the high installation cost and expenditure incurred on their maintenance are bottlenecks for the market.
Increasing Use of Renewable Energy is expected to Demand the Use of Protective Relays
Due to the increasing environmental concerns regarding extinction of conventional sources of energy, it is necessary to shift toward renewable energy sources. These environmental concerns call for efficient energy management, which has led to many countries to generate electricity through renewable energy sources. With rising penetrations of renewable energy generators, it is required to have sophisticated control systems, which marks the need for protective relays. Integration of renewable energy sources in electrical network has become more prevalent. Grid connection of distributed generation has effects on load flow directions, voltage profile, and short circuit power, especially protection selectivity. Applying traditional overcurrent protection scheme is inconvenient when system reliability and sustainability are considered.
Growing demand for electricity, coupled with increased establishment and revamping of transmission and distribution networks, is the main factor fueling the demand for protective relays in this application segment. Distribution feeder protection systems are highly responsive to fault conditions, reliable, and selective in isolating minimum amount of system, and interrupt services with minimizing system and apparatus damage. The expensive power distribution system and its infrastructure needs protection from potential hazard, which is provided by the distribution feeder protection system. The constant need for electricity and most prominent challenge of unstable electricity supply situation in most developing countries are expected to aid in the growth of the distribution feeder protection system, and hence, the protective relays market over the forecast period.
Asia-Pacific accounts for the Largest Share
The region leads the global market with the largest market share. This growth is attributed to the rising need for solar projects, increasing smart grid demands, and growing industrialization and urbanization in the region. There have been a series of mergers & acquisitions in the region to take advantage of this growth. The major driver behind the investments has been the continuous evolution and application of new technologies to unlock enormous volumes that were previously considered non-commercial. With these series of investments, the utility industry of the region is set to boom over the forecast period. India and China accounted for high global shares in transmission and distribution infrastructure, and as a result, these countries are expected to be the major drivers for the protective relays market.
The key players in this market include: Schneider Electric SA, General Electric Co., ABB Group, Eaton Corporation, Alston, Toshiba Corporation, Mitsubishi Electric Corporation, Siemens AG, and Schweitzer Engineering Laboratories. Other players include: NR Electric Co. Ltd, Littelfuse Inc., and Woodward Inc.
Key Developments in the Market
- October 2017 - Schneider Electric SA launched Easergy P3, the medium-voltage protection relay with unparalleled efficiency. This protection relay can trip a circuit breaker when a fault is detected and is designed to save operational time. Easergy P3 is focused on efficiency and total cost of implementation, with time saved in procurement, installation, wiring, and configuration. With the latest protection and modern digital communication capabilities, it is a major step forward in medium voltage equipment protection and control devices.
- June 2017 - Toshiba Corporation won an order to supply a substation operation training simulator to Mitsubishi Corporation. It was installed in the newly built Training Center for Substation Operations in the training complex operated by Pakistan’s National Transmission and Despatch Company Ltd, and was scheduled to enter operation in November 2018. This training simulator comprised operation training systems for a substation supervisory control system and protection relays.
- To know about the impact of opportunities offered by use across various applications, such as feeder protection and transmission line protection.
- To analyze various perspectives of the market with the help of Porter’s five forces analysis.
- Regional analysis of the market.
- To identify the latest developments, market shares, and strategies employed by major market players.
- Three months analyst support, along with the Market Estimate Sheet (in excel).
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1.1 Scope of the Study
1.2 Executive Summary
2. Research Approach and Methodology
2.1 Key Deliverables of the Study
2.2 Study Assumptions
2.3 Analysis Methodology
2.4 Research Phases
3. Market Insights
3.1 Market Overview
3.2 Market Drivers
3.2.1 Increasing Investments in Infrastructure Projects across Different Regions
3.2.2 Growth in Electricity Consumption
3.2.3 Increasing Use of Renewable Energy Sources
3.3 Market Restraints
3.3.1 Difficulty in Product Differentiation
3.4 Industry Attractiveness- Porter's Five Forces Analysis
3.4.1 Bargaining Power of Suppliers
3.4.2 Bargaining Power of Consumers
3.4.3 Threat of New Entrants
3.4.4 Threat of Substitute Products or Services
3.4.5 Competitive Rivalry among Existing Competitors
3.5 Industry Value Chain Analysis
4. Technology Snapshot
5. Global Protective Relays Market Segmentation
5.1 By Voltage Range
5.2 By Application
5.2.1 Feeder Protection
5.2.2 Transmission Line Protection
5.2.3 Transformer Protection
5.2.4 Motor Protection
5.3 By End-user Industry
5.4 By Region
5.4.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 South Korea
5.4.4 Latin America
5.4.5 Middle East and Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
6. Competitive Intelligence- Company Profiles
6.1 ABB Group
6.2 Alstom SA
6.3 General Electric Co.
6.4 Schneider Electric SE
6.5 Schweitzer Engineering Laboratories
6.6 Woodward Inc.
6.7 Eaton Corporation
6.8 Toshiba Corporation
6.9 Mitsubishi Electric Corporation
6.10 Bender GmbH & Co. KG
6.11 Siemens AG
6.12 Littelfuse Inc.
6.13 NR Electric Co. Ltd
7. Investment Analysis
8. Future of the Global Protective Relays Market
- ABB Group
- Alstom SA
- General Electric Co.
- Schneider Electric SE
- Schweitzer Engineering Laboratories
- Woodward Inc.
- Eaton Corporation
- ToshIBA Corporation
- MitsubishiElectric Corporation
- Bender GmbH & Co. KG
- Siemens AG
- Littelfuse Inc
- NR Electric Co. Ltd