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MV Protection Relay Market by Type, Connected Load, End-User & Region - Global Forecast to 2023

MV Protection Relay Market: Global Forecast until 2023

  • October 2018
  • 136 pages
  • ID: 5608420
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According to Bloomberg New Energy Finance, wind and solar energy accounted for ##% of the 2015 investments in renewable power as the cost of wind turbines reduced by nearly a third since 2009, and that of solar photovoltaic modules fell by ##%.
According to the Chilean Ministry of Energy, the electricity demand is expected to grow from ## TWh in 2010 to ## TWh by 2020.

Summary

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The MV protection relay market is estimated to rise at a compound annual growth rate of ~5.3 percent, from 2018 to 2023.

The MV protection relay market is estimated to grow $1115.0M by 2023, from an estimated $860.0M in 2018, at a compound annual growth rate (CAGR) of ~5.3 percent. This can be connected to the increase of the renewable sector and expansion of transmission & distribution networks. Growing competition from the unorganized market and lack of investments by governments in grid stability can hinder the increase of the market.

The digital & numerical relay segment is forecasted to dominate the MV protection relay market from 2018 to 2023.

The digital & numerical relay segment held the biggest market share in 2017 and is forecasted to be the fastest-growing segment during the outlook period.The digital & numerical relay segment offers more advantages over electro-mechanical & static relays.

It converts voltage and current to digital forms and processes the resulted measurement using a microprocessor. The primary advantages of digital & numerical relay contain functional flexibility, reliability, speed, accuracy, and capital cost and maintenance cost savings.

Industrial segment is anticipated to be the fastest-growing segment in MV protection relay market during the estimate period.

The industrial segment is anticipated to grow at the quickest rate between 2018 and 2023.Industrial segment includes oil & gas, chemical & pharmaceutical, metals & mining, and others.

MV protection relays are used in sectors to prevent damages to expensive instruments caused by overload, over temperature, overcurrent, jams and undercurrent, high resistance winding faults, current and voltage unbalance, phase loss, and phase reverse.Asia-Pac (APAC) is the most important consumer of industrial protection relays with construction spending rising in countries such as india (IN), China (CN), and Japan (JP).

For example, the Indian government is focusing extensively on developing infrastructure projects to boost its economic increase.Few of these infrastructure projects contain Charanka Solar Park, Bharatmala Project, Gujarat-Gorakhpur gas pipeline, and the more significant bridge in the globe on the river Chenab.

This is likely to create a demand for MV protection relays in APAC.

Asia-Pac: The quickest increasing sector for MV Protection Relay.

Asia Pacific (APAC) is anticipated to be the biggest market for MV protection relays in 2023 and is expected to grow at the highest compound annual growth rate (CAGR), during the outlook period.Growing T&D network expansions and industrialization projects in emerging countries including India and China (CN) are some of the top factors responsible for the increase ot the MV protection relay market.

Furthermore, as per IEEMA (Indian Electrical and Electronics Manufacturers Association), electricity generation capacity is anticipated to growth from 200 GW in 2010 to over 800 GW by 2032.India (IN) is undertaking a lot of smart grid and substation projects to fulfil the increasing demand for energy.

This would create a demand for MV protection relays in the territory.

Key players' distribution profiles:

Comprehensive interviews have been managed with several key industry participants, subject-matter experts, C-suite executives of key industry players, and industry consultants, among other experts, to verify and obtain critical qualitative and quantitative info, as well as to evaluate future industry prospects. The classification of primaries interviews is like:

• By Company category: Tier 1 60.0 percent, Tier 2 27.0 percent, and Tier 3 13.0 percent

• By Description: C-Level- 35.0 percent, Director Level- 25.0 percent, and Others- 40.0 percent

By area: North america (NA)- 40%, Asia Pacific- 21.0 percent, Europe- 15.0 percent, Middle East & Africa- 13.0 percent, and South America- 11.0 percent

Note: Others includes product engineers, product specialists, and engineering leads.

Note: The tiers of the firms are defined on the basis of their total revenues as of 2017. Tier n1: >USD 1 billion, Tier 2: From $500.0M to $1.0B, and Tier 3:

The key players in the MV protection relay market contain ABB, General Electric (NYSE:GE), Schneider Electric (SU), Siemens, and SEL.

Segment Research

The industry report defines, depicts, and forecasts the overall MV protection relay market by category, connected load, end-user, and area.It also provides a in-depth qualitative and quantitative analysis of the market.

The study offers a comprehensive review of the main market drivers, industry restraints, possibilities, and opportunities.It also includes different important aspects of the market.

These include an review of the competitive landscape, market forces, industry estimates in terms of value importance, and next trends in the MV protection relay market.

Main highlights

The analysis will provide the market top players/new sector entrants in this market information on the best approximations of the revenue data for the global MV protection relay market and the sub-segments.This industry report will facilitate partners distinguish the competitive landscape and obtain additional insights to better option their businesses and plan suitable go-to-market strategies.

The market research also benefits partners comprehend the pulse of the sector and offers them with info on main market drivers, market restraints, opportunities, and alternatives.

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