MV Protection Relay Market Is Projected To Reach Around Of $1115 Million By 2023

According to the new market research report "MV Protection Relay Market by Type (Electromechanical & Static Relay, Digital & Numerical Relay), Connected Load (Feeder Lines, Transformers, and Motors), End-User (Utilities, Industrial, and Commercial & Institutional) & Region - Global Forecast to 2023", published by MarketsandMarkets™, the global MV protection relay market is projected to reach USD 1,115 million by 2023, at a CAGR of 5.33%, from an estimated USD 860 million in 2018.

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The growth of the MV protection relay market is mainly driven by the upgrading of existing substations and feeder line protection and expansion of transmission & distribution (T&D) networks across the globe. Renewables have become the preferred choice for expanding, upgrading, and modernizing power systems around the world. According to Bloomberg, in 2015, the market in China was the leading investor in renewable energy sources, with a total investment of USD 108 billion in clean energy, followed by the US with USD 51 billion. Increasing renewable energy investments have driven the demand for MV protection relays in renewable integration and managing peak load demands

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Asia Pacific is estimated to be the fastest growing market for MV protection relays during the forecast period. The region has been segmented, by country, into China, Japan, India, South Korea, Australia, and rest of Asia Pacific. The MV protection relay market in the region is primarily driven by the increasing T&D network expansions and industrialization projects in emerging countries such as India and China. 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. Therefore, there is a need for a huge investment of approximately USD 300 billion in the next 3–4 years. This will, therefore, create a demand for MV protection relays in the region.

The MV protection relay market, by type, is segmented into digital & numerical relay and electromechanical & static relay. The digital & numerical relay segment is estimated to be the fastest growing market during the forecast period. Digital & numerical relay is a microprocessor-based protective relay that operates on real-time data. It provides various benefits over electromechanical & static relays such as functional flexibility, reliability, self-checking, self-adaptability, and the ability to communicate with other digital equipment (peer-to-peer). Moreover, most of the companies now prefer digital & numerical relays over electromechanical & static relays because of additional benefits. For instance, in April 2018, ABB developed the REX640 protection relay for utility and industrial applications, which has the ability to manage multiple applications simultaneously.

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The report segments the MV protection relay market, by connected load, into feeder line, transformer, motor, and others. The others include generators, busbar, and capacitors. The feeder line segment is expected to grow at the highest CAGR during the forecast period. Growing T&D networks across the world would likely result in a consistent increase in the number of substations. This will create a demand for MV protection relays in the feeder line segment. Moreover, as per IBEF, the government of India planned 88.5 GW capacity addition under the 12th 5-Year Plan (2012–17) and around 100 GW under the 13th 5-Year Plan (2017–22). This would drive the repair and replacement market for MV protection relays in feeder line.

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Switchgear Market Demand to Increase $125.10 billion by 2022

The report “Switchgear Market by Voltage (< 1 KV, 1–36 KV, 36–72.5 KV, > 72.5 KV), End-User (Transmission & Distribution Utilities and Manufacturing & Process Industries), Equipment (Gas Insulated, Air Insulated, and Circuit Breakers) - Global Forecast to 2022”

The switchgear market is expected to grow at a CAGR of 7.12%, from 2017 to 2022, to reach a market size of USD 125.10 billion by 2022. Continuous growth of construction and development activities, increasing access to electricity in developing countries, and growth in renewable power generation projects are the major factors driving the market.

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The switchgear market is dominated by a few major players that are established brand names with a wide regional presence. The leading players in the switchgear market include

Some of the key Players in Switchgear Market:

·         ABB Ltd. (Switzerland),

·         General Electric Company (US),

·         Siemens AG (Germany),

·         EATON CORPORATION plc (Ireland),

·         Alstom SA (France),

·         Hitachi Ltd. (Japan),

·         Schneider Electric SE (France),

·         Mitsubishi Electric Corporation (Japan), etc.

Based on voltage, 36–72.5 kV voltage segment is estimated to be the fastest growing segment of the switchgear market from 2017 to 2022. This segment is expected to witness growth because of the rapid industrialization and urbanization. Aging power infrastructure leading to modernization and upgradation of the existing electrical grid and power plants are also a key factor driving the growth of 36–72.5 kV voltage segment of the switchgear market.

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Target Audience:

The target audience of this report includes:

·         Switchgear manufacturers, dealers, and suppliers

·         Transmission and distribution utilities

·         State and national regulatory authorities

·         Power generation plants

·         Consulting companies in the energy and power sector

·         Government and research organizations

·         Environmental research institutes

·         Process industries and power and energy associations

·         Investment firms

Based on end-user, the transmission and distribution utilities are estimated to grow at the fastest rate during the forecast period. Increasing investments in sub-station automation, modernization of electric grid, and smart utilities are the major factors driving the growth of the transmission and distribution utilities segment of the switchgear market. Switchgear enhance protection by decreasing energy losses, due to poor operational efficiency of traditional equipment.

Based on region, the switchgear market in Asia-Pacific is projected to grow by the fastest rate during the forecast period. Increasing grid investments and plans for electrification in remote areas in countries, such as Vietnam, Indonesia, and the Philippines is likely to drive the growth of the switchgear market in the region during the forecast period. Rise in investments in smart grid technologies is also driving the switchgear market in Asia-Pacific.

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Aging power infrastructure, High Voltage Direct Current (HVDC) transmission networks, and upcoming smart cities are expected to create new opportunities for the switchgear companies. Moreover, governments in most of the countries are investing in renewable energy-based power generation to match up with the growing energy demand. All these factors is likely to drive the switchgear market during the forecast period.

Smart Transformers Market set to Grow at 10.54% CAGR due to increasing emphasis on alternative energy production across the globe

The smart transformers market is expected to grow at a CAGR of 10.54%, from 2017 to 2022, to reach a market size of USD 2.43 billion by 2022. The major drivers of the smart transformers market include aging infrastructure, increasing emphasis on alternative energy production across the globe, improving and evolving technologies, digitalization of power utilities, and huge investments in smart grids and energy systems.

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The smart transformers market is dominated by a few major players that have a wide regional presence and are established brand names. The leading integrated solution providers in the smart transformers market include ABB, GE, Siemens, Schneider Electric, and Eaton.

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The market in Asia Pacific is estimated to be the fastest growing market for smart transformers from 2017 to 2022. Factors, such as, rapid industrialization, infrastructural developments, aging power plants, increase in adoption of electric vehicles, and growing demand for electricity are driving the smart transformers market in the region. Furthermore, government initiatives to increase power generation capacity using renewable energy sources is expected to drive the demand for the smart transformers market.

The market in the US is expected to be the fastest growing market in North America for smart transformers, during the forecast period. Due to the aging infrastructure, climate risks, growing demand for electricity, and increasing adoption of electric vehicles in the country, the US government is taking significant steps to modernize the transformers sector, thereby, driving the smart transformers market.

The report segments the smart transformers market, by application, into traction locomotive, smart grid, electric vehicle charging, and others (others includes applications in shipping and aviation and packaged substations, data centers, and alternative power generation).  The smart grid segment is expected to grow at the highest CAGR during the forecast period.

The smart transformers market, by component, is segmented into converters, switches, transformers, hardware for transformer monitoring, and others (others include high voltage inductors, high voltage capacitors, and high voltage resistors). The converters segment is expected to grow at the highest CAGR during the forecast period. 

The smart transformers market, by type, is segmented into power transformers, distribution transformers, specialty transformers, and instrument transformers. The distribution transformers segment is expected to grow at the highest CAGR during the forecast period. 

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the smart transformers market. These players include ABB, GE, Siemens, and Schneider could benefit from investing in emerging economies as there is an increase in expenditure on industrial activities in these markets. Along with this, the power infrastructure in developing countries are either old or have not been modernized, which is likely to provide opportunities for the smart transformer companies.  

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About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com