Protective relay: Key market research findings
- Modernization of substations drives market growth
- Feeder protection accounts for a majority of the market’s revenue
- Key vendors – ABB, Alstom, GE, SEL, and Siemens
Technavio’s market research analysts predict the global protective relay market to grow at a CAGR of more than 10% between 2016 and 2020. The modernization of substations fuels the growth of the market. A relay is a protective device that trips the circuit breaker in the case of a fault. It ensures safe and reliable operation of the substation and, hence, is a fundamental component of the system. A rise in the number of modern substations will lead to an increase in the demand for protective relays as well. During 2015, the global protective relay market was dominated by APAC with a market share of almost 43%. Developments in the transmission and distribution networks of countries such as China, India, and the Philippines is expected to augment the demand for protective relays in the region, leading to the growth of the market in APAC.
The new market research report from Technavio presents a breakdown and analysis of the protective relay segments based on the application.
“Solid-state devices are increasingly becoming popular as an alternative to mechanical relays. The use of solid-state triac devices interrupts the electricity flow synchronous manner to the passing sinusoidal AC waveforms. This action of the solid-state triac device ensures that the circuit is broken only when zero current is actually flowing,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
Currently, the feeder protection segment dominates the global market by accounting for a market revenue of around 44%. Relays are essential components for feeder protection. Protection of feeders requires directional or time relays for selective tripping and isolating the faults automatically. The growth of automation in the electric power substation market plays a crucial role in the growth of this segment of the market.
The key vendors in the global protective relay market include ABB, Alstom, GE, SEL, and Siemens. 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 demands while reducing costs. To contain costs, global vendors are venturing into promising markets such as China and India due to increased industrialization and availability of low-cost labor.
A more detailed analysis is available in the Technavio report, Global Protective Relay Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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