Product Code: 52320
The protective relays market was valued at USD 3.73 billion in 2019 and is expected to reach a value of USD 4.98 billion by 2025, at an estimated CAGR of 5.98% over the forecast period 2020- 2025. A protective relay is designed to trip a circuit breaker, whenever there is an electric fault identified. They assist in disconnecting the identified faulty portion from the rest of the circuit.
- With the increasing investments in infrastructure projects across different regions worldwide, there is growth in energy consumption coupled with the rising popularity of smart grid technologies for energy management. Therefore to mitigate the risk of damage due to system failure, relays are often used in parallel systems.
- Further, due to the increasing environmental concerns regarding the extinction of conventional sources of energy the growth of the renewable energy sector is set to draw new infrastructural investments that will spur the demand for protective relays.
- However, the high installation cost and expenditure incurred on their maintenance are creating bottlenecks for the market during the forecast period.
Scope of the Report
Electricity is one of the most widely used forms of energy, which is vital for any economy. About 80% of the people in the world have access to electricity and the rate is increasing due to growth in urbanization. Residential and commercial sectors hold the largest share of the overall electricity consumption. Therefore the supply of electricity is increasing and along with that the growth of the distribution feeder protection system, and hence, the fueling the protective relays market. Installing protective relays can help eliminate the risk of damage.
Key Market Trends
Renewable Energy is expected to Increase the Demand the Use of Protective Relays
- Renewable energy (RE) has been chosen as an alternative power source because it is eco-friendly, eco-green and mainly due to its sustainable nature. One form of renewable energy is solar energy which has a massive potential to contribute to energy security and meet some of the world's electricity demands.
- The growing demand for solar electricity, coupled with the increased establishment and revamping of the smart grid, is the main factor fueling the demand for protective relays in this application segment. Protective Relaying Devices (PRD) are used at different functional levels and different applications within a smart grid which can automatically avoid or mitigate power outages, power quality problems, and service disruptions. They are designed such that failure of one part of the network will result in no loss of supply to end users.
- Additionally, with the growing demand for electrical equipment among the end user, there is a growth in the number of distribution networks and transmission lines. This is set to increase the number of substations in the near future, which in turn will boost the market for protective relays.
Asia-Pacific to Witness the Fastest Growth
- The Asia-Pacific region is being dominated by two highly populated country i.e. India and China. Rising population in countries like China, Japan, and India has stimulated the demand for residential infrastructure and electricity consumption, therefore accelerating the demand for electricity in the nations mentioned above is the crucial attribute backing the demand for the protective relay market.
- Moreover, according to NITI Aayog, India is home to 18% of the world's population but uses only 6% of the world's primary energy. India's energy consumption has almost doubled since 2000 and the potential for further rapid growth is enormous. Urbanization will be a key diver of this trend which in result will create a positive outlook for protective relays market.
- Further, Japan is hosting Summer Olympics 2020 which will ensue in infrastructural development, which is anticipated to propel the growth of protective relay market during the forecasted period
- Therefore, all the above factors combined will fuel the protective relays market in the Asia-Pacific region during the forecasted period.
The protective relay market is highly competitive and fragmented. Some of the prominent players in the protective relay market include ABB Ltd, Siemens AG, Alstom SA, Mitsubishi Electric Corporation amongst others. Product launches, high expense on research and development, partnerships and acquisitions, etc. are the prime growth strategies adopted by these companies to sustain the intense competition
- November 201 - Littelfuse Inc. completed the acquisition of Monolith Semiconductor Inc., a start-up company based in Round Rock, Texas that specializes in the development of silicon carbide (Silicon carbide is a semiconductor material that enables power devices to operate at higher switching frequencies and temperatures versus conventional silicon.) power device technology. This acquisition will help Littelfuse Inc to serve the growing power electronics market
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Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Introduction to Market Drivers and Restraints
- 4.3 Market Drivers
- 4.3.1 Growth in Electricity Consumption
- 4.3.2 Increasing Use of Renewable Energy Sources
- 4.4 Market Restraints
- 4.4.1 Higher Installation Costs
- 4.5 Industry Value Chain Analysis
- 4.6 Industry Attractiveness - Porter's Five Force Analysis
- 4.6.1 Threat of New Entrants
- 4.6.2 Bargaining Power of Buyers/Consumers
- 4.6.3 Bargaining Power of Suppliers
- 4.6.4 Threat of Substitute Products
- 4.6.5 Intensity of Competitive Rivalry
5 TECHNOLOGY SNAPSHOT
6 MARKET SEGMENTATION
- 6.1 By Voltage Range
- 6.1.1 Low-Voltage Protective Relay
- 6.1.2 Medium-Voltage Protective Relay
- 6.1.3 High-Voltage Protective Relay
- 6.2 By Application
- 6.2.1 Feeder Protection
- 6.2.2 Transmission Line Protection
- 6.2.3 Transformer Protection
- 6.2.4 Motor Protection
- 6.2.5 Other Applications
- 6.3 By End-user Industry
- 6.3.1 Utilities
- 6.3.2 Industries
- 6.3.3 Other End-user Industries
- 6.4 Geography
- 6.4.1 North America
- 188.8.131.52 United States
- 184.108.40.206 Canada
- 6.4.2 Europe
- 220.127.116.11 United Kingdom
- 18.104.22.168 Germany
- 22.214.171.124 France
- 126.96.36.199 Rest of Europe
- 6.4.3 Asia-Pacific
- 188.8.131.52 China
- 184.108.40.206 Japan
- 220.127.116.11 India
- 18.104.22.168 Rest of Asia-Pacific
- 6.4.4 Latin America
- 22.214.171.124 Brazil
- 126.96.36.199 Argentina
- 188.8.131.52 Mexico
- 184.108.40.206 Rest of Latin America
- 6.4.5 Middle East & Africa
- 220.127.116.11 UAE
- 18.104.22.168 Saudi Arabia
- 22.214.171.124 South Africa
- 126.96.36.199 Rest of Middle East & Africa
7 COMPETITIVE LANDSCAPE
- 7.1 Company Profiles
- 7.1.1 ABB Group
- 7.1.2 Alstom SA
- 7.1.3 Schneider Electric SE
- 7.1.4 Schweitzer Engineering Laboratories
- 7.1.5 Woodward Inc.
- 7.1.6 Eaton Corporation
- 7.1.7 Toshiba Corporation
- 7.1.8 Bender GmbH & Co. KG
- 7.1.9 Siemens AG
- 7.1.10 Littelfuse Inc.
- 7.1.11 NR Electric Co. Ltd
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS