Market Research Report
Medium Voltage (MV) Protection Relay Market Forecasts to 2028 - Global Analysis By Connected Load (Feeder Line, Motors), Type (Electromechanical & Static Relay, Digital & Numerical Relay), End User (Renewable, Marine) and By Geography
|Medium Voltage (MV) Protection Relay Market Forecasts to 2028 - Global Analysis By Connected Load (Feeder Line, Motors), Type (Electromechanical & Static Relay, Digital & Numerical Relay), End User (Renewable, Marine) and By Geography|
Published: December 1, 2021
Stratistics Market Research Consulting
Delivery time: 2-3 business days
According to Stratistics MRC, the Global Medium Voltage (MV) Protection Relay Market is accounted for $954.97 million in 2020 and is expected to reach $1,677.98 million by 2028 growing at a CAGR of 7.3% during the forecast period. Expansion of transmission & distribution networks and upgrade of existing substations and feeder line protection are the major factors propelling the market growth. However, the lack of investments from governments in grid stability is hampering market growth.
A protective relay is a relay device designed to trip a circuit breaker when a fault is detected and it enables safe operation in an electrical circuit. The primary function of protective relays is to trip a circuit breaker when a fault is detected. It may react to the magnitude of a quantity such as current or voltage. Protection relays may use shaded-pole, magnets, operating and restraint coils, arrays of induction disks, telephone-relay contacts, phase-shifting networks, and solenoid-type operators.
Based on the end user, the industrial segment is estimated to have a lucrative growth due to rising demand for protection relays in industries to avoid damages to costly instruments caused by overload, over temperature.
By geography, the Asia Pacific is going to have a lucrative growth during the forecast period due to the growing need for solar projects, rising smart grid demands, and increasing industrialization and urbanization. India and China accounted for high global shares in transmission and distribution infrastructure, and as a result, these countries are expected to be the major drivers for the market.
Some of the key players profiled in the Medium Voltage (MV) Protection Relay Market include ABB, Eaton, Fanox, General Electric, Larsen and Toubro, Mitsubishi Electric, Powell Industries, Rockwell, Schneider Electric, Schweitzer Engineering Laboratories, Siemens, Solcon Industries, Terasaki, Toshiba, and Woodward.
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