Global Protection Relay Market
Global Protection Relay Market was valued at US$ 3.90 Bn in 2017 and is expected to reach US$ 6.50 Bn by 2026, at a CAGR of 6.59 % during a forecast period.
A protective relay is a relay, which is considered to trip a circuit breaker when any fault is identified. A protective relay is known as an automatic gadget, which can sense any abnormal condition includes faults of the electric circuit. Protective relay assistances in detaching the identified faulty portion from the rest of the circuit.
The growing investment in distribution and transmission infrastructure, increasing awareness about safety standards within the power industry is the key factor in enhancing the global protective relays market. Extreme demand for protective relays to shelter power transmission lines is expected to drive the global protection relay market growth during the forecast period. Growing power demand, an emergent market for intelligent controllers and Increasing Demand for Electronic Devices are some of the opportunities in the global protection relay market.
Global Protection Relay Market
The objective of the report is to present a comprehensive assessment of the global protection relay market and contains considerate insights, facts, historical data, industry-validated market data and projections with appropriate set of traditions and methodology. The report also helps in understanding dynamics, structure by analysing the market segments by material, type, end-user and region and, project the global market size. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global protection relay market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
Medium voltage Protection Relay is expected to share major contribution in the global protection relay market. The growth can be attributed to the development of transmission & distribution networks, advancement in the existing substations & feeder line protection, growing a renewable industry. Additionally, growing power demand, increasing modification in the Middle Eastern manufacturing industry, rising demand for electronic devices are the factors that are projected to increase demand for medium voltage protection relay.
Feeder Protection is estimated to share significant growth in the global protection relay market. Feeder protection is used for overhead lines and cables, is the most generally used type of protection. The protection has to confirm that the power grid remains to supply energy. In case of a fault, it must be prohibited from spreading to healthy parts of the network. The relays also have to minimalize damage to the cables and other connected equipment and to guarantee safety for everyone. There are several multi-functional protection relays are available for different application ranges. Among the some protection relays are used for general feeder protection means protection against over-current and as back-up protection. Feeder protection necessitates directional or time relays for discriminating tripping and insulating the faults automatically. The growth of automation in the electric power substation sector plays a vital role in the growth of this segment of the global protection relay market.
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Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electroni..