Market outlook of the protective relay market
Technavio’s research analyst predicts the global protective relay market to grow at a CAGR of close to 10% during the forecast period. A protective relay ensures safe and reliable operation of a substation by tripping the circuit breaker in the advent of a fault. Rising need for modernization of substations fuels the demand for protective relays. This involves automation of substations to reduce operational costs and improve grid security. Therefore, growth in the global automated substations market will, in turn, boost the global market for protective relays.
Solid state devices are gaining in popularity. These devices act as a substitute for mechanical relays, which are one of the product segments of the protective relay market. Unlike mechanical relays, solid state devices are used to interrupt currents in a manner that is synchronous with alternating current waveforms. These devices avoid high voltage generation while interrupting the high alternating current flow.
Segmentation by application and analysis of the protective relay market
- Feeder protection
- Transmission line
- Motor protection
- Transformer protection
The feeder protection segment dominated the market in 2015, with a market share of approximately 43%. Growing demand for electricity coupled with increased establishment and revamping of transmission and distribution networks is the main factor fueling the demand for protective relays in this application segment.
Geographical segmentation and analysis of the protective relay market
APAC dominated the market in 2015, and it is expected to continue with the trend over the forecast period. Favorable developments in transmission and distribution network in countries such as China, India, and the Philippines propel the demand for protective relays in this region. Also, a growing market for power generation from renewable energy sources offers immense opportunities to market players to diversify their product portfolio with new protective relays.
Competitive landscape and key vendors
The global protective relay market is extremely competitive, and it is dominated by international players. These manufacturers are striving to focus on R&D to cater to changing end-user demand while reducing costs. To contain costs, global vendors are therefore venturing into promising markets such as China and India because these countries are gaining popularity as manufacturing hubs due to increased industrialization and availability of low-cost labor.
The leading vendors in the market are -
- ABB
- Alstom
- GE
- SEL
- Siemens
Other prominent vendors in the market include Littelfuse, Mitsubishi Electric, NR Electric, SEL, Siemens, Honeywell International, Itron, Rockwell Automation, and S&C Electric.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global protective relay market?
- What are the key market trends impacting the growth of the protective relay market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the vendors in the global protective relay market?
- What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
- What are the key outcomes of the five forces analysis of the protective relay market?
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Table of Contents
PART 01: Executive summary
PART 02: Scope of the report
- Market overview
- Top-vendor offerings
PART 03: Market research methodology
- Research methodology
- Economic indicators
PART 04: Introduction
PART 05: Market landscape
- Market overview
- Market size and forecast
- Five forces analysis
PART 06: Market segmentation by application
- Market segmentation by application
- Global protective relay market for feeder protection
- Global protective relay market for transmission lines
- Global protective relay for motor protection
- Global protective relay for transformer protection
PART 07: Geographical segmentation
- Market segmentation by geography
- Protective relay market in APAC
- Protective relay market in Americas
- Protective relay market in EMEA
PART 08: Market drivers
- Modernization of substations
- Rise in automation
- Growth in urbanization
PART 09: Impact of drivers
PART 10: Market challenges
- Competition from local vendors
- Minimal product differentiation
- Stringent regulatory standards regarding testing of relays
PART 11: Impact of drivers and challenges
PART 12: Market trends
- Emerging market for solid-state devices
- Rise in the implementation of HVDC lines
- Demand from BRICS countries
PART 13: Vendor landscape
- Competitive scenario
- Other prominent vendors
PART 14: Key vendor analysis
- ABB
- Alstom
- GE
- SEL
- Siemens
PART 15: Appendix
PART 16: Explore Technavio