The report, now available on ASDReports, "Protective Relay Market by Voltage (High, Medium, and Low), by End-User (Utilities, Industries, Renewables, and Marine), and by Protection Mechanism (Feeder, Transmission Line, Motor, Transformer, Generator, Breaker, Capacitor Bank, and Busbar) - Global Trends and Forecasts to 2021" , which defines and segments the global protective relay market with an analysis and forecast of the market size.
The protective relay market is projected to grow from an estimated USD 3.31 Billion in 2016 to USD 4.54 Billion by 2021, registering a CAGR of 6.5% from 2016 to 2021. The growth of the protective relay market is driven by transmission & distribution activities across the globe. Ongoing smart grid and substation automation projects are also expected to propel market growth.
Asia-Pacific: The Largest Market for Protective Relays
In this report, the protective relay market has been analyzed with respect to five regions namely, North America, South America, Europe, Asia-Pacific, and the Middle East & Africa. Asia-Pacific is estimated to be the largest and the fastest-growing market for protective relays. Market growth is largely driven by the number of transmission & distribution line upgradations and developments in Southeast Asia.
Feeder Protection: Largest Market, by Protection Mechanism
The report also segments the protective relay market on the basis of protection mechanism as follows: feeder, transmission line, motor, transformer, generator, breaker, capacitor bank, and busbar. Protective relays are primarily used in feeder protection that is, to protect the feeders in the switchyards by transmission & distribution companies. The growing transmission & distribution network across the globe will likely result in a consistent increase in the number of substations, which would boost the demand for feeder protection relays. Asia-Pacific currently houses the largest number of transmission & distribution expansion projects.
Utilities: Largest Market, by End-User
The report breaks down the protective relay market on the basis of end-users into utilities, industries, marine, and renewables. Utilities are estimated to hold a substantial share in the protective relay market. The use of protective relays in utilities is expected to increase as utilities around the world continue to expand their transmission & distribution network. Utilities held the largest market share in 2015. However, given the extensive industrialization across the globe, the adoption of protective relays in industries is expected to increase rapidly.
MarketsandMarkets broadly segments the protective relay market on the basis of voltage, protection mechanism, end-user, and region. An in-depth market share analysis, in terms of revenue, of the top companies is also included in the report. These numbers are arrived at based on key facts, annual financial information from SEC filings, annual reports, and interviews with industry experts and key opinion leaders such as CEOs, directors, and marketing executives. The report includes profiles of some of the major players in the protective relay market, such as Eaton Corporation (Ireland), General Electric (U.S.), ABB Ltd. (Switzerland), and Schneider Electric (France).
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Source: ASDReports - Market Research
Date: Mar 7, 2016