The protective relay market is projected to grow from an estimated USD 3.31 Billion in 2016 to USD 4.54 Billion by 2021, registering a CAGR of 6.5% from 2016 to 2021. Protective relays play a crucial role in several segments, including power generation, transmission & distribution, and equipment protection. Relays are installed in the circuit to minimize electrical failures caused by the transients and fault currents that flow through the circuit, and to mitigate their effects. These high-intensity fault currents can damage equipment or devices in the circuit. The protective relay market is segmented on the basis of voltage, protection mechanism, end-user, and region.
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The growth of the protective relay market is driven by transmission & distribution activities across the globe. Ongoing smart grid and substation automation projects are also expected to propel market growth. The protective relay market segmented on the basis of end-users into utilities, industries, marine, and renewables. Utilities are estimated to hold a substantial share in the protective relay market. The use of protective relays in utilities is expected to increase as utilities around the world continue to expand their transmission & distribution network. Utilities held the largest market share in 2015. However, given the extensive industrialization across the globe, the adoption of protective relays in industries is expected to increase rapidly.
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The protective relay market on the basis of protection mechanism as follows: feeder, transmission line, motor, transformer, generator, breaker, capacitor bank, and busbar. Protective relays are primarily used in feeder protection that is, to protect the feeders in the switchyards by transmission & distribution companies. The growing transmission & distribution network across the globe will likely result in a consistent increase in the number of substations, which would boost the demand for feeder protection relays. Asia-Pacific currently houses the largest number of transmission & distribution expansion projects.
Asia-Pacific is estimated to hold the largest market share, followed by North America and Europe. In terms of individual countries, the market is dominated by China. This can be attributed to the extensive electrical infrastructure upgradation and new transmission & distribution lines being installed in the country. China held the largest share of the global protective relay market in 2015. Rapid economic growth in BRICS nations is expected to drive the protective relay market in these nations. Protective relays will likely be used extensively in the new electrical transmission & distribution networks of BRICS countries.
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Major players in the protective relay market include Eaton Corporation (Ireland), General Electric (U.S.), SEL Inc. (U.S.), ABB Ltd. (Switzerland), and Schneider Electric (France).
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