Global Protection Relays Market: Overview
Protective relays offer protection to the existing electric systems and ensure a sustainable supply of electricity in electric infrastructures. With the increasing consumption of electricity, there has been an alarming rise in the need for advancements and modernization of substations. The modernization involves automation of substations to cut down operational costs and enhance grid security. The increasing automation of substations is expected to bolster the growth of the global protective relays market.
The report on the global protection relays market has been compiled using information from various paid and unpaid sources including press releases, journals, white papers, and presentations. It serves as an essential source of in-depth analysis and information regarding the market dynamics, technology, regional segmentation, and competitive landscape. For a clear understanding, it offers insights into the market’s growth across various segments in terms of volume as well as revenue. It profiles key players along with their business strategies, latest development, market shares, and contact information.
Global Protection Relays Market: Divers and Restraints
The ever-growing demand for electric power across the globe is the foremost factor impelling the demand for protection relays. The upswing in power and infrastructure projects in emerging regions is providing a significant boost to the growth of the market. To keep electric systems running unfailingly, the protection of each component becomes crucial. Therefore, components such as protection relays find strong demand in infrastructure projects in new as well as retrofit applications. Moreover, the rapidly growing demand for renewable energy sources is influencing the growth of the market positively.
On the other hand, the lack of product differentiation and innovation is hampering the growth of the global protective relay markets. Furthermore, stringent regulatory standards associated with testing of relays is limiting the market from realizing its utmost potential. However, the increasing demand for electronic devices and rising implementation of high-voltage direct current (HVDC) lines are opening new avenues for players in the market.
Global Protection Relays Market: Geographical Segmentation
The key regions studied in the report are Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific will be a lucrative market for protection relays owing to the favorable upgradations and developments of transmission and distribution networks in countries such as India, China, and the Philippines. Moreover, the modernization of grid infrastructure along with the rapid industrialization is providing a fillip to the growth of the region. The increasing emphasis on power generation from renewable energy resources offers tremendous growth opportunities to players operating in the market to introduce new protective relays.
The growth of North America and Europe can be primarily attributed to the rapid technological advancements. These regions are, however, expected to rise at a slower pace during the forecast period due to the presence of mature market in these regions.
Global Protection Relays Market: Competitive Landscape
The global protection relays market is a highly competitive arena and is dominated by international players. Some of the prominent players in the market are Siemens AG, Littelfuse Inc., General Electric, Beckwith Electric Co. Inc., Eaton Corporation, ZIV Inc. (Crompton Greaves Group Company), ERL Phase Power Technologies Ltd., Schweitzer Engineering Laboratories, Alstom Group, Schneider Electric, Cooper Industries, NR Electric, and Mitsubishi Electric Corporation.
These players are investing heavily in research and development activities to ensure product diversification and innovation. They are striving to design and develop protective relays that have advanced capabilities such as real-time source switching and decision making. Mergers and acquisitions are among the go-to strategies adopted by the majority of the key players so as to remain competitive in the market.
Note : All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of Transparency Market Research.