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With the electricity supply field becoming more complicated with the technological advancements taking place in the field the need to secure safety in operation is the utmost priority of the organizations. Protective Relays are the devices which perform the function of tripping the circuit breaker whenever any fault is identified in the electrical system.
These help in identifying the malfunctioning part in the electrical system and also ensure safety. Certain conditions such as over-current, over-voltage, reverse power flow, and under frequency are determined by the protective relays. As these are deployed in any electrical system to ensure safety, the rising demand for electricity which has seen increase in number of transmission grids will undoubtedly act as the driving factor for the growth of the global protective relay market.
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The growing infrastructure industry also stands as the opportunity for the global protective relay market, for example, the summer Olympics which are going to take place in Japan in 2020 will see new infrastructure being set up to carry out the global event smoothly. The increased adoption of solar energy, wind energy also supports the growth of the market, and the rural electrification being carried out in various countries with green energy targets will also help the global protective relay market to grow. These all factor cumulatively will see global protective relay market grow at a healthy rate.
On the basis of voltage, the global protective relay market can be segmented into low voltage protective relay, medium voltage protective relay, and high voltage protective relay. The rising electricity demand in the residential sector will see the medium voltage hold the pole position in the global protective relay market. On the basis of its application global protective relay market can be segmented into transmission line protection, transformer protection, motor protection, feeder protection, generator protection, and others.
With increasing reach of electricity supply line, the transmission line protection will hold a significant market share in the global protective relay market. Based on end-user the global protective relay market can be segmented into utilities, industrial, renewables, and marine. The utility sector will dominate the market owing to the increasing number of new grids being set up in a number of countries.
The key market driver for the global protective relay market is the increase in demand for electricity from various countries around the world. The increased demand has seen new transmission grids being set up, and rural electrification programs being carried out will also augment the growth of the global protective relay market.
Key market restraint for the global protective relay market is the high capital cost involved in the installation of the protective relay systems. The regular maintenance required by these relays can also hinder the growth of the global protective relay market.
Key players operating in the global protective relay market are Eaton Corporation, Siemens AG, General Electric, ABB Ltd., Toshiba Corporation, Littlefuse Inc., Hitachi Ltd., Mitsubishi Electric Corporation, Schneider Electric Rockwell Automation, Inc.,OMRON Corporation, Omega Engineering, Celduc Realis, and Control & Switchgear Electric Limited.
The global protective relay market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The rising electricity demand in the Asia Pacific region with the increasing population has been the driving factor for the growth of the protective relay market in the region. The growing infrastructure taking place with the rising urbanization has also augmented the growth of the market in the region. China, India, Japan, South Korea have been the dominating players in the region. In North America and Europe, the increasing transmission grids and upgradation of the existing electric infrastructure have been the driving factors for the market. The adoption of solar energy in Europe and Latin America has been on the rise in recent years which will ultimately act as the growth factor for the protective relay market in the regions.
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