MV Protection Relay Market - Introduction
MV is the medium voltage, the term used by the distribution sector of electrical power. The development of the worldwide mv protection relay market is driven by the development of transmission & distribution networks, progress in current substations & feeder line protection, increasing renewable sector. A protective relay is a relay apparatus intended to travel through a circuit breaker when a failure is identified, allowing secure operation in an electrical circuit. Protective relays ' main role is to travel a circuit breaker when a fault is identified. It can respond to a volume magnitude like current or voltage.
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MV Protection Relay Market – Competitive Landscape
- In May 2018, Schneider Electric launched its medium-voltage protection relay “Easergy P3” in the Indian market. It is a product combining real-time analytics with sophisticated Internet of Things techniques and solutions. Not only does the product focus on achieving optimum effectiveness at decreased execution costs, it also guarantees velocity in procurement, installation, cabling and configuration. The Easergy P3 is also easy for panel builders and system integrators to integrate and function. It makes each project stage significantly faster, from product selection off - the-shelf to installation and configuration
- In November 2017, Toshiba Electronic Devices & Storage Corporation introduced its new medium voltage relay “TLP3145,” in order to increase system reliability and supports space-saving design
Established in 1988, ABB Group, headquartered in Zurich Switzerland, is a company that operates in electrification, industrial automation, motion, and robotics & discrete automation.
Founded in 1836, Schneider Electric SE is headquartered in Rueil-Malmaison, France. The French company has knowledge in building automation production, industrial control system, energy and cooling systems for datacenters, switches and sockets, smart grid, home automation, electrical grid automation and industrial safety systems.
Founded in 1892, General Electric is headquartered in New York, the U.S. General Electric Co. manufactures and supplies LED lighting fixtures, lighting systems and lighting controls for residential, commercial, and professional lighting applications.
Founded in 1921, Mitsubishi Electric is headquartered in Tokyo, Japan. Mitsubishi Electric is a multinational electronics and electrical equipment manufacturing company. The company manufactures electric and architectural equipment, and is a major worldwide producer of photovoltaic panels
Some of the significant players in the MV protection relay market are ABB Group, Siemens AG, Schneider Electric, Larsen & Toubro Limited, Eaton, Powell Industries, Rockwell, Toshiba Corporation, and Woodward among others.
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MV Protection Relay Market - Dynamics
Growing Electricity Generation Capacity and Mounting Investments in the Transmission & Distribution Networks
It is estimated that the increasing ability of electricity generation to satisfy the increasing demand for electricity from the increasing population acts as a main driver of increasing market demand. It is anticipated that mounting transmission & distribution network investments to replace the outdated machinery will be a significant factor expected to stimulate development over the forecast era. The increasing complexity of electrical systems has rendered the incorporation of protective devices for the safety of energy systems inevitable. Expanding framework interests spread across different fields, general energy use growth, and flooding interest measurement in sustainable power sources, coupled with increasing demand for smart grid technologies, the market driving components are the managers, especially in emerging nations. Digital & numerical relay offers numerous advantages as compared to electromechanical and static relays such as functional reliability, self-checking, flexibility and self-adaptability, capacity to interact with other digital machinery, precision in the provision of fault information and recording of disturbances.
Furthermore, growing transformation of substations in the developed countries in order to safeguard uninterrupted power supply with least losses is anticipated to boost the MV protection relay market during the forecast period. Also, rising population coupled with increasing per capita consumption of electricity is expected to propel the growth of MV protective relay market in the fourth coming years. However, the cost associated with the set up and maintenance of MV protection relays is expected to challenge the industry over the near future.
MV Protection Relay Market – Segmentation
The MV protection relay market can be segmented based on:
- Connected Load
- End User
MV Protection Relay Market Segmentation – By Type
Based on the type, the MV protection relay market can be fragmented into:
- Electromechanical & Static Relay
- Digital & Numerical Relay
MV Protection Relay Market Segmentation – By Connected Load
Based on the connected load, the MV protection relay market can be fragmented into:
- Feeder Line
MV Protection Relay Market Segmentation – By End User
Depending on the end user, the MV protection relay market can be bifurcated into:
- Commercial & Institutional
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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