MV Protection Relay Market Sees Increasing Demand

  • The digital & numerical relay segment is expected to hold the largest share of the MV protection relay market, by type, during the forecast period.
  • The feeder line segment of the MV protection relay market, by connected load, is expected to grow at the highest CAGR during the forecast period.
  • Asia Pacific led the global MV protection relay market in 2017.

The MV protection relay market is expected to grow from an estimated $860 million in 2018 to $1.1 billion by 2023, at a CAGR of 5.33%. Expansion of transmission & distribution (T&D) networks and growth of the renewable sector are likely to drive the MV protection relay market.

Digital & numerical relay provides various benefits over electromechanical and static relay such as functional flexibility, reliability, self-checking and self-adaptability, ability to communicate with other digital equipment (peer-to-peer), accuracy in providing fault data and disturbance record. Moreover, increasing modernization of substations in the developed nations to ensure uninterrupted power supply with minimum losses would drive the digital & numerical relay market during the forecast period.

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Increasing distribution lines across the globe is expected to boost the feeder line market during the forecast period. This will create a demand for MV protection relays.  As per International Energy Agency (IEA), Asia Pacific is likely to add 2,911 GW of power capacity from 2014 to 2035 with 14,400 thousand km of new distribution line from 2014 to 2035. Thus, it would boost the growth of MV protection relay market during the forecast period.

Asia Pacific led the global MV protection relay market in 2017. China and India are the largest markets for MV protection relay in the region. Increasing T&D network expansion and industrialization projects are some of the key factors responsible for the growth of the medium voltage protection relay . According to the Asian Development Bank, an investment of $8.22 trillion is required for infrastructure development in the region during the 10-year period of 2010–2020. Thus, create a demand for MV protection relay market during the forecast period.

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The key players include ABB (Switzerland), GE (US), Schneider Electric (France), Siemens (Germany), and SEL (US). The leading players are adopting various strategies to increase their shares in the MV protection relay market.

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Prathmesh Patil

Data Analyst | Versatile | Result Driven Analyst

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