Protective Relay Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3494
Protective Relay Market size will witness growth on account of ongoing electrification to cater the rising energy demand coupled with increasing investment from government and private participants to favor industrial & commercial establishments. Moreover, growing demand from data centers & communication base station along with ongoing digitalization will drive the industry landscape. Rising integration of reliable, advanced, energy efficient and secure relays have further complemented the business scenario.
Solid state protective relay market (SSR) is anticipated to witness upsurge owing to minimal electrical disturbance followed by quick response time when compared to conventional electromechanical relays (EMR). Lower power dissipation, order of magnitude coupled with heat control will augment the EMR product demand. However, low power consumption for switching loads and cost-effective structure are major factors which will positively influence the product penetration.
Feeder protection relay offers fault protection, safe & secure power transmission along with minimal cable damage which will positively influence the product penetration. Ongoing technological innovation coupled with rapid investment in account of switching capabilities and positional sensitivity will augment the industry outlook. Furthermore, self-checking facility, fast fiber optical communication with substation LAN coupled with adaptive time stamping will complement the protective relay market.
Protective relay market is anticipated to witness growth on account of rising inclination towards renewable integration and increasing energy demand from developing regions. As per European commission, government investment in renewable sources between 2020 and 2050 will enhance the installation of protective relays across the region. Furthermore, increase in global power production along with escalating manufacturing growth capacity will augment the product demand.
Rise in residential infrastructure demand owing to increasing population will stimulate power transmission networks. The apparent upsurge in peak load, compelled utilities to upgrade and upscale domestic electric supply to ensure reliability & minimize damage to the grids will positively influence the protective relay market.
Stringent government regulations followed by high installation cost will restrain the product penetration. However, producers & suppliers have continuously been restructuring their research and innovation investments to augment product portfolio. In addition, foreign direct investments from leading players to install a reliable technological platform will positively influence the protective relay market.
Eminent players across the protective relay market are ABB, General Electric, Mitsubishi Electric, Schneider Electrics, Toshiba, Fanox Electronics, Siemens, Littlefuse, Basler Electric, Schweitzer Engineering and others.
Technological collaboration, mergers & acquisition, government and private partner investments, foreign direct investments, application focused research & innovation and product assortment will be the prime strategies by major industry players which in turn will escalate protective relay market growth.
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