Global Motor Protection Relays Market 2017-2021
About Motor Protection Relays
A relay is a type of switch that can be operated both electrically and manually. It is used to control one electrical circuit by opening and closing the contacts of another circuit. A relay is made up of an electromagnet and a set of contacts. The mechanism of switching contacts takes place with the help of an electromagnet. A protection relay is an electronic device that receives inputs in the form of current, voltage, temperature, or resistance and compares them to set points and provides outputs. Outputs can include visual feedback in the form of indicator lights and/or an alphanumeric display, alarms, communications, control warnings, and turning the power off and on.
Technavio’s analysts forecast the global motor protection relays market to grow at a CAGR of 4.54% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global motor protection relays market for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price of the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Motor Protection Relays Market 2017-2021
Technavio recognizes the following companies as the key players in the global motor protection relays market: ABB, General Electric, Siemens, Rockwell Automation, and Schneider Electric.
Other Prominent Vendors in the market are: Alstom, Itron, Littelfuse, Mitsubishi Electric, NR Electric, S&C Electric, and SEL.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Emerging markets for solid-state devices. Solid-state relays are one of the semiconductor devices that use light instead of magnetism for the activation of switches. The source of light used is LED. As and when the control power is applied to an equipment’s output, the light is turned on. A sensing device, which is placed inside the relay senses the light and then actuates a solid-state switch, which opens or closes the circuit.”
According to the report, one of the major drivers for this market is Rising need for modernization of substations. A substation is an electric system with high-voltage facility. It is used to change the level of AC voltages or to convert AC current to DC current or vice versa. The growing need for modernization of substations is acting as a catalyst to boost the demand for motor protection relays. During the operation of a substation, if there is an advent of a fault, a motor protective relay trips the circuit breaker, ensuring safe and reliable operation of the substation. This will involve automation of substations, reducing the overall operational costs and improving the grid security. Therefore, the growth of the global automated substations market will lead to the growth of global motor protection relays market.
Further, the report states that one of the major factors hindering the growth of this market is Rising competition from local vendors. There are many international and local players in the global motor protection relays market. Fierce competition has been going on among international vendors in terms of technological innovations and modifications in existing products to gain a standout position in the market. As the market is intensive, it is essential for vendors to showcase product differentiation.
ABB, General Electric, Siemens, Rockwell Automation, Schneider Electric, Alstom, Itron, Littelfuse, Mitsubishi Electric, NR Electric, S&C Electric, and SEL.
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