A device that senses the quantity of current flowing in the supply lines before entering the power system of the equipment or motor can prevent the motor from damage. A relay is one such electromechanical device that is actuated by electrical current. In a relay, the current flowing in one circuit causes the opening and closing of another circuit. Due to the simplicity, long life, and proven reliability, relays find extensive use in many applications, including digital computers, automation systems, and telephone exchanges.
Technavio’s analysts forecast the global protective relay market to grow at a CAGR of 10.45% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global protective relay market for 2016-2020. To calculate the market size, the report takes into account the revenue generated from the sales of the protective relays during the historical period.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Protective Relay Market 2016-2020
Technavio recognizes the following companies as the key players in the global protective relay market: ABB, Alstom, GE, SEL, and Siemens.
Other Prominent Vendors in the market are: Littelfuse, Mitsubishi Electric, NR Electric, Honeywell International, Itron, Rockwell Automation, and S&C Electric.
Commenting on the report, an analyst from Technavio’s team said: “One of the key trends will be the emerging markets for solid-state devices. Solid-state devices are increasingly becoming an alternative to mechanical relays. The mechanical relay has two conducting elements that control the flow of electricity. When these two conducting elements come in contact with each other, they create a path for the flow of electricity. A break in contact between the two elements results in the disruption of the electricity flow.”
According to the report, one of the key drivers for market growth will be modernization of substations. The growing need for energy is necessitating the modernization of technology to ensure that the supply and consumption of power is efficient. A smart grid is one such device that helps achieve this by offering a data communications network that is well integrated into the power grid for smooth operation. It is designed to collect and analyze data regarding the generation, transmission, distribution, and consumption of power, all in real time. The information provided by smart grids is predictive in nature, and it recommends utilities and technologies and information to their suppliers and their customers on the best practices to manage power efficiently.
Further, the report states that minimal product differentiation will be a major challenge for the market. The market has very little product differentiation. The functioning of the different relays that are available in the market is more or less based on the same basic working principle and serves the same purpose. Thus, there is not much scope for differentiation.
ABB, Alstom, GE, SEL, Siemens, Littelfuse, Mitsubishi Electric, NR Electric, Honeywell International, Itron, Rockwell Automation, S&C Electric.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook