A protective relay is a relay device, which is designed to trip a circuit breaker, whenever any fault is identified. A protective relay is an automatic gadget that can sense any abnormal condition such as faults of the electric circuit. Protective relay assists in disconnecting the identified faulty portion from rest of the circuit.
The emergence of the protective relay has increased significantly in past few years, owing to protect the operation of the electrical circuit. The relays device is registered to under-frequency, over-current, and over-voltage to reverse power flow, thus assist in eliminating the chances of major accidents.
Apart from this, the device is also used to detect the epicenter of disturbance and alert the switching devices to discard the fault in the electric circuit.
Protective Relay Market: Drivers and Restraints
Escalating industrial development coupled with the increase in power production capacity worldwide is the major reason for the growth of protective relay market.
Also, growing population paired with mounting per capita electricity consumption is anticipated to fuel the demand for protective relay market in the fourth coming years.
Raising population in UAE, China, Saudi Arabia, Japan, and India has aroused the demand for residential infrastructure and electricity consumption, therefore accelerating the demand for electricity in the nations mentioned above is the crucial attribute backing the demand for the protective relay market.
Also, the excessive demand for protective relays to shelter power transmission lines is anticipated to drive the market growth during the forecast period.
Global Protective Relay Market: Market Segmentation
Global Protective Relay Market can be divided into four segments, based on Voltage Supply, Protective Mechanism, End-user, and Region.
Segmentation on the basis of Voltage Supply for Protective Relay Market:
The major segments of Protective Relay Market on the basis of the Voltage Supply include:
- High Voltage
- Medium Voltage
- Low Voltage
Segmentation on the basis of Protective Mechanism for Protective Relay Market:
The major segments of Protective Relay Market on the basis of the Protective Mechanism include:
- Capacitor Bank
- Transmission Line
Segmentation on the basis of End-user for Protective Relay Market:
The major segments of Protective Relay Market on the basis of End-user include:
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Global Protective Relay Market: Regional Trend
Asia Pacific region is expected to be the largest and the fastest-growing market for protective relays. The increase in investment in renewable sector coupled with the modernization of grid infrastructure is the major factor driving the growth of Protective relay market in Asia-Pacific region.
Owing to increase in economic progress are spurring infrastructural development in Asia Pacific countries such as India & China, which is the other reason for the growth the protective relay market in the respective region. Further, various events such as Japan Summer Olympics 2020 may ensue in infrastructural development, which is anticipated to propel the growth of protective relay market.
Global Protective Relay Market: Competitive Landscape
Some of the prominent players in the Protective Relay Market include ABB Ltd, Siemens AG, Alstom SA, and General Electric. Other vendors in the associated with protective relay market include S&C Electric, Littelfuse, Rockwell Automation, Schneider Electric SA, Eaton Corporation Plc, Mitsubishi Electric Corporation, Honeywell International, Itron, SEL Inc., and NR Electric.
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