“The MV protection relay market is projected to grow at a CAGR of 5.33%, from 2018 to 2023.”
The MV protection relay market is projected to reach USD 1,115 million by 2023, from an estimated USD 860 million in 2018, at a CAGR of 5.33%. This can be attributed to the growth of the renewable industry and expansion of transmission & distribution (T&D) networks. Increasing competition from the unorganized sector and lack of investments by governments in grid stability can hinder the growth of the market.
“The digital & numerical relay segment is expected to dominate the MV protection relay market from 2018 to 2023.”
The digital & numerical relay segment held the largest market share in 2017 and is estimated to be the fastest growing segment during the forecast period. The digital & numerical relay segment provides 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 include functional flexibility, reliability, speed, accuracy, and capital cost and maintenance cost savings.
“Industrial segment is expected to be the fastest growing segment in MV protection relay market during the forecast period.”
The industrial segment is expected to grow at the fastest rate between 2018 and 2023. Industrial segment includes oil & gas, chemical & pharmaceutical, metals & mining, and others. MV protection relays are used in industries 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 Pacific is the largest consumer of industrial protection relays with construction spending increasing in countries such as India, China, and Japan. For instance, the Indian government is focusing extensively on developing infrastructure projects to boost its economic growth. Few of these infrastructure projects include Charanka Solar Park, Bharatmala Project, Gujarat-Gorakhpur gas pipeline, and the highest bridge in the world on the river Chenab. This is likely to create a demand for MV protection relays in Asia Pacific.
“Asia Pacific: The fastest growing market for MV Protection Relay.”
Asia Pacific is expected to be the largest market for MV protection relays in 2023 and is projected to grow at the highest CAGR, during the forecast period. Increasing T&D network expansions and industrialization projects in emerging countries such as India and China are some of the key factors responsible for the growth of the MV protection relay market. Moreover, as per IEEMA (Indian Electrical and Electronics Manufacturers Association), electricity generation capacity is expected to increase from 200 GW in 2010 to over 800 GW by 2032. India is undertaking a lot of smart grid and substation projects to fulfil the growing demand for energy. This would create a demand for MV protection relays in the region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 60%, Tier 2- 27%, and Tier 3- 13%
- By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
- By Region: North America- 40%, Asia Pacific- 21%, Europe- 15%, Middle East & Africa- 13%, and South America- 11%
Note: Others includes product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2017. Tier 1: >USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3:
The report defines, describes, and forecasts the global MV protection relay market by type, connected load, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the MV protection relay market.
Key Benefits of Buying the Report
The report will provide the market leaders/new entrants in this market information on the closest approximations of the revenue numbers for the overall MV protection relay market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.