Published on : Nov 26, 2019
Protection relay detects faults in electric system and trips circuit breaker to avoid damages. Their potential to protect electric circuits and machineries from damage makes them applicable in numerous industries and applications including energy and utility industry, and electrical and distribution networks.
Power distribution networks employ protection relays for safety. Technological advancements have influenced relays and advanced microprocessor relays are one such example. Great reliability offered at high voltage amps up the demand of these relays which in turn propels the global protection relay market. Safety and utility infrastructure drives the growth of global market. Energy companies use these relays to protect costly utilities and infrastructure.
Global protection relay market is anticipated to grow at ?9% CAGR during the forecast period 2019-2027.
An intelligence report titled, “Protection Relay Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027” is the source of all the stated insights. This report is the latest addition to Market Research Hub’s ever growing repository
Asia Pacific dominates market
Many applications including transformer protection involve medium-voltage relays and high-voltage relays. Manufacturers are bringing in innovations and new technological solutions to suffice the growing need of relays. Growth in renewable energy plants positively influences global protection relay market. Microprocessor relays that can be reliably used in smart grid infrastructure are being developed.
Asia Pacific dominates global protection relay market. Different determinants including the pouring investments in distribution and transmission lines segment and increased rate of protection relays adoption in developing economies, cost efficiency and technological advancements contribute in Asia Pacific’s growth. Rapidly expanding energy and utility industry in Asia Pacific is expected to fuel the growth in demand for microprocessor relays in the forecast period 2019-2027. North America has surfaced as prominent region in the global market owing to increasing investments in smart grid network’s installation that is being carried out to replace old networks.
Major key players profiled in global protection relay market include ABB, GENERAL ELECTRIC, Mitsubishi Electric Corporation, Rockwell Automation and Siemens.
Global protection relay market: Report Synopsis
Quantitative and qualitative assessment exhort intelligence and overarching report on the Global protection relay market. Further, the report thoroughly delineates various aspects of the market that will potentially have considerable influence on the development of the Global protection relay market. As such, those aspects incorporate drivers, trends, restraints, and opportunities. Furthermore, the report elucidates segregation of the market that provides an exhaustive analysis on protection relay.
An insightful and deep-dive assessment of the competitive assessment of the Global protection relay market pins hope on Porters’ Five Force Analysis. Accordingly, the Porters’ Five Force Analysis offers a pressing analysis on the potential strategies of the preeminent players in the Global protection relay market. In addition, the business strategies counts on company overview, product portfolio, SWOT analysis, key differentiation and recent development.
Global protection relay market: Research Methodology
Primary sources and secondary sources propel intelligence report on Global protection relay market that provide deep dive analysis on the market. As such, the report provides reliable and unbiased projections, and assessments which have palpable impact on the market size and historical data. Besides, the report also counts on primary sources which hinges upon in-depth and intelligent analysis from well-grounded and reliable experts, telephonic interview, and a thorough assessment from surveys and seasoned analyst.
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