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
Don’t miss out on business opportunities in MV Protection Relay Market. Download PDF Brochure and gain crucial industry insights that will help your business grow:
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.
Browse and in-depth TOC on “MV Protection Relay Market”
69 – Tables
43 – Figures
132 – Pages
View more detailed TOC @
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.
Request for Free Sample Report @ https://www.marketsandmarkets.com/requestsample.asp?id=203382188
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.
Browse Adjacent Markets @ Energy and Power Market Research Reports & Consulting
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 cu0072ve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” 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.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441
Visit Our Website: https://www.marketsandmarkets.com