Extensive investments in the modernization of infrastructure along with renewable sector are the
major factors that are expected to drive the demand of protective relays over the forecast period.
Due to the economic progress of the countries such as India and China the rate of mounting
infrastructure is at all-time high. This rise in infrastructure is expected to fuel the growth of protective
relay market over the forecast period. Summer Olympics that are scheduled in the Japanese land in
the year 2020 is also a key factor in the rise of infrastructure consequently driving the protective relay
market.
"Power sector is anticipated to emerge as the fastest growing end-use industry"
Power Sector is forecasted to remain the highest and most rapidly growing end-use segment with
CAGR of over 5% from 2016-2024. Improved rate of industrialization along with upgradation in the
capacity to produce power globally has resulted in growth for demand of relays. Other major factors
such as the increasing population and increasing per capita income due to higher development rates
has raised the level of electricity consumption in the Asia-Pacific region.
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"Medium voltage accounted for highest market share in 2015"
In the year 2015 medium voltage sector consumed over 40% of the total market share. Increase in
application of protective relays in power substations and systems is the reason for such high
consumption. The demand for infrastructure and electricity is increasing in the nations such as UAE,
Japan, Saudi Arabia, China and India due to rapid increase in the population relocation. Hence the
increase in demand for electricity is expected to drive the market over the next 8 years.
"Criticality of protection of cables & lines expected to drive demand for feeder protection"
Feeder protection segment accounted for over 20% of the total revenue in the year 2015. The
increasing need of protective relays used to protect the power transmission lines is estimated to boost
the demand of protective relays over the next few years.