With increasing complexity of electrical circuit design in the power market, circuit protection also remains a major concern for the project developers. Protective relays form an integral part of the circuit protection system enabling safe operation of an electrical circuit. These systems are designed to register over-voltage, over-current, over- and under-frequency and reverse power flow to avoid any major accidents. The protective relay systems are paired with circuit breakers which are activated by the relays when any fault is detected in the electrical circuit. These systems are also utilized to trace the location of the disturbance and prompt the switching device to remove the faulty element from the circuit. The market for protective relays is anticipated to grow at a substantial rate owing to the increasing demand for protection devices in the power market. Developing economies are projected to be the major consumers of protective relay systems.
Increasing investment in transmission and distribution infrastructure and the changing safety standards of power industry are the major drivers bolstering investment in the protective relays market. Several nations are increasingly investing in upgrading the installed power generation capacity. The market for protective relays is also expanding along with the expanding projects as these systems form an integral part of the electrical circuit. Increasing investment in infrastructure development such as transmission lines and substations will result in increased market demand for protective relays. Protective relays can eliminate damage in large industrial facilities thus these advanced systems are usually preferred over conventional systems. The high cost of installation and increased maintenance are some of the major restraints impacting the growth of the market.
The market for protective relays can be segmented into two basic categories on the basis of type and product category. On the basis of type the market can be categorized as low voltage, medium voltage and high voltage devices. The medium and high voltage segments are usually preferred by utility and large industrial consumers. The market can also be segmented on the basis of product category as feeder protection, motor protection, transmission line protection and transformer protection systems. The protective relay market can also be categorized on the basis of end-user segments as industries and power utilities.
Asia Pacific is the leading market for the protective relay market. Increasing infrastructure development in the power industry and changing industry standards in this region are the primary factors attracting power utilities and industrial users to invest in this market. China accounts for the dominating market share in the global protective relay market and is expected to drive the market over the forecast period. Other developing nations such as India also account for a significant market share of the protective relay market. Many older units are planned to be replaced with new protection systems in North America and Europe thus the replacement market is the major segment encouraging investment in these regions. The developing economies of Latin America and Africa are also potential markets for the further growth of the protective relay market. The power infrastructure expansions scheduled in the Middle East will also provide growth opportunities in this market.
Some of the major companies manufacturing protective relay devices are Schneider Electric SA, Siemens AG, Mitsubishi Electric Corp, Schneider Electric SE, ABB Ltd., Alstom SA, Eaton Corporation Plc, and SEL Inc.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
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