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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