Market World Protective Relay Market Outlook | Page 2

"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.
"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.
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"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.
Chances of failure in the power transmission lines are more as compared to other factors due to their attributes
such as length which is excessive to operate in open environment. This the reason lines and cables assembly
needs dedicated protection that is promptly provided by protection relays.
"ABB, Siemens, Schneider and GE held significant market share in 2015"
The protective relay industry is consolidated and highly competitive with few key market players consuming
over 60% of the total revenue share. Important players such as Siemens & Schneider along with GE-Alstom
dominate the market, making it difficult for new players to enter the market. Innovation, new product
development and product diversification are the strategies that are being implemented by the key players to
remain competitive in the industry.