Protective Relay Market by Voltage (High, Medium, and Low), by End-User (Utilities, Industries, Renewables, and Marine), and by Protection Mechanism (Feeder, Transmission Line, Motor, Transformer, Generator, Breaker, Capacitor Bank, and Busbar) - Global Trends and Forecasts to 2021

The global protective relay market is estimated to reach USD 3.31 Billion in 2016, and is expected to grow at a CAGR of 6.5% from 2016 to 2021. Protective relays play a crucial role in various segments, including power generation, transmission & distribution, and equipment protection. Relays are employed to minimize electric failures caused by the fault currents that flow through the circuit, and to mitigate their effects. These high-intensity fault currents can damage equipment or devices in the circuit. The protective relay market is segmented on the basis of voltage, protection mechanism, end-user, and region. The years considered for the study are as follows:

• Historical Year – 2014
• Base Year – 2015
• Estimated Year – 2016
• Projected Year – 2021
• Forecast Period – 2016 to 2021

The year 2014 has been considered for company profiles. Whenever information was unavailable for the base year, the prior year was considered.

This research study has involved extensive usage of secondary sources, directories, and databases (such as Hoovers, Bloomberg Businessweek, Factiva, and OneSource) to identify and collect information useful for a technical, market-oriented, and commercial study of the protective relay market. The research methodology used to estimate and forecast the protective relay market begins with collecting data on key vendor revenues through secondary research. Vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall market size of the global protective relay market from the revenue of the key players in the market. After arriving at the overall market size, the total market has been split into several segments and subsegments, which have then been verified through primary research by conducting extensive interviews with key figures such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and to arrive at the exact statistics for all segments and subsegments.

The figure below provides the break-up of the profile of industry experts who participated in primary discussions.

Market Ecosystem:

The protective relay market ecosystem begins with the tool manufacturing of equipment such as microprocessors, insulators, sensors, and metal parts. The manufacturing stage is often divided into in-house and outsourced tasks. The in-house activities mainly focus on the critical aspects and components of the product, while the auxiliary parts required are often outsourced. All the parts are then assembled in one unit and configured before the final packaging of the product.

Scope of the Report:

• By Voltage:
  • High
  • Medium
  • Low
• By Protection Mechanism
  • Feeder
  • Transmission Line
  • Motor
  • Transformer
  • Generator
  • Breaker
  • Capacitor Bank
  • Busbar
• By End-User
  • Utilities
  • Industries
    • Infrastructure
    • Manufacturing
    • Processing
  • Renewables
  • Marine
• By Region
  • North America
  • Europe
  • Asia-Pacific
  • RoW

Available Customizations:

With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for the report:

Regional Analysis

• Further breakdown of region/country-specific analysis

Company Information

• Detailed analysis and profiling of additional market players (Up to 5)

Table of Contents

1 Introduction (Page No. - 13)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 16)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions and Limitations
           2.4.1 Assumptions
           2.4.2 Limitations

3 Executive Summary (Page No. - 23)
    3.1 History/Evolution
    3.2 Current Scenario
    3.3 Future Trends
    3.4 Conclusion

4 Premium Insights (Page No. - 27)
    4.1 Attractive Opportunities for Microprocessor-Based Protective Relays
    4.2 Protective Relay Market, By Application
    4.3 Asia-Pacific: the Largest Market for Protective Relays in 2015
    4.4 Asia-Pacific Protective Relay Market, By Application
    4.5 Protective Relay Market, By Voltage Range

5 Market Overview (Page No. - 31)
    5.1 Introduction
    5.2 Market Segmentation
           5.2.1 By Voltage
           5.2.2 By Application
           5.2.3 By End-User
           5.2.4 By Region
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Expansion of Transmission & Distribution Networks
                    5.3.1.2 Growth of the Renewable Industry
                    5.3.1.3 Urbanization & Industrialization Leading to Rise in Protective Relay Demand
           5.3.2 Restraints
                    5.3.2.1 Gray Market for Protective Relays
           5.3.3 Opportunities
                    5.3.3.1 Growing Power Demand
                    5.3.3.2 Emerging Market for Intelligent Controllers
                    5.3.3.3 Growing Demand for Electronic Devices
                    5.3.3.4 Utilization of High-Voltage Direct Current Transmission
           5.3.4 Challenges
                    5.3.4.1 Cyber Security Issues for Protective Relays
                    5.3.4.2 Photovoltaic Installations

6 Industry Trends (Page No. - 38)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Supply Chain Analysis
    6.4 Porter’s Five Forces Analysis
           6.4.1 Threat of Substitutes
           6.4.2 Bargaining Power of Buyers
           6.4.3 Bargaining Power of Suppliers
           6.4.4 Threat of New Entrants
           6.4.5 Intensity of Competitive Rivalry

7 Protective Relay Market, By Voltage Range (Page No. - 44)
    7.1 Introduction
    7.2 High-Voltage Protective Relay
    7.3 Medium-Voltage Protective Relay
    7.4 Low-Voltage Protective Relay

8 Protective Relay Market, By Application (Page No. - 48)
    8.1 Introduction
    8.2 Feeder Protection
    8.3 Transmission Line Protection
    8.4 Motor Protection
    8.5 Transformer Protection
    8.6 Generator Protection

9 Protective Relay Market, By End-User (Page No. - 54)
    9.1 Introduction
    9.2 Utilities
    9.3 Industries
           9.3.1 Manufacturing Industries
           9.3.2 Processing Industries
           9.3.3 Infrastructure Industries
    9.4 Renewable
    9.5 Marine

10 Protective Relay Market, By Region (Page No. - 60)
     10.1 Introduction
     10.2 North America
             10.2.1 U.S.
             10.2.2 Canada
             10.2.3 Mexico
     10.3 Europe
             10.3.1 France
             10.3.2 Germany
             10.3.3 U.K.
             10.3.4 Other Countries in Europe
     10.4 Asia-Pacific
             10.4.1 China
             10.4.2 India
             10.4.3 Japan
             10.4.4 Australia
             10.4.5 Indonesia
             10.4.6 Vietnam
             10.4.7 The Philippines
             10.4.8 Thailand
             10.4.9 Malaysia
             10.4.10 Other Countries in Asia-Pacific
     10.5 South America
             10.5.1 Brazil
             10.5.2 Argentina
             10.5.3 Other Countries in South America
     10.6 Middle East & Africa
             10.6.1 Uae
             10.6.2 Kuwait
             10.6.3 Qatar
             10.6.4 South Africa
             10.6.5 Other Countries in the Middle East & Africa

11 Competitive Landscape (Page No. - 93)
     11.1 Overview
     11.2 Competitive Situation & Trends
     11.3 New Product/Technology Launch
     11.4 Expansion
     11.5 Mergers & Acquisitions
     11.6 Contracts & Agreements

12 Company Profiles (Page No. - 98)
     12.1 Introduction
(Overview, Financials, Products & Services, Strategy, and Developments)*
     12.2 ABB Ltd.
     12.3 General Electric
     12.4 Mitsubishi Electric Corporation
     12.5 Schneider Electric SA
     12.6 Toshiba Corporation
     12.7 Fanox Electronics
     12.8 Basler Electric
     12.9 Eaton Corporation
     12.10 Littelfuse Inc.
     12.11 Siemens AG
     12.12 Schweitzer Engineering Laboratories, Inc.
     12.13 NR Electric Co. Ltd.

*Details on Overview, Financials, Product & Services, Strategy, and Developments Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 136)
     13.1 Insights of Industry Experts
     13.2 Discussion Guide
     13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     13.4 Introducing RT: Real Time Market Intelligence
     13.5 Available Customizations
     13.6 Related Reports

List of Tables (74 Tables)

Table 1 Growth of the Renewable Industry & Expansion of Transmission & Distribution Networks to Propel the Growth of the Protective Relay Market
Table 2 The Gray Market is A Major Restraint for the Protective Relay Market
Table 3 The Growing Power Demand is A Key Opportunity for the Protective Relay Market
Table 4 Cyber Security is A Key Challenge for the Protective Relay Market
Table 5 Protective Relay Market Size, By Voltage Range, 2014–2021 (USD Million)
Table 6 High-Voltage Protective Relay Market Size, By Region,  2014–2021 (USD Million)
Table 7 Medium-Voltage Protective Relay Market Size, By Region,  2014–2021 (USD Million)
Table 8 Low-Voltage Protective Relay Market Size, By Region, 2014–2021 (USD Million)
Table 9 Protective Relay Market Size, By Application,  2014–2021 (USD Million)
Table 10 Feeder Protective Relay Market Size, By Region, 2014–2021 (USD Million)
Table 11 Transmission Line Protective Relay Market Size, By Region,  2014–2021 (USD Million)
Table 12 Motor Protective Relay Market Size, By Region, 2014–2021 (USD Million)
Table 13 Transformer Protective Relay Market Size, By Region,  2014–2021 (USD Million)
Table 14 Generator Protective Relay Market Size, By Region, 2014–2021 (USD Million)
Table 15 Protective Relay Market Size, By End-User, 2014–2021 (USD Million)
Table 16 Utilities: Protective Relay Market Size, By Region, 2014–2021 (USD Million)
Table 17 Industries: Protective Relay Market Size, By Region , 2014–2021 (USD Million)
Table 18 Industrial Protective Relay Market Size, By Application,  2014–2021 (USD Million)
Table 19 Manufacturing Industries: Protective Relay Market Size, By Region,  2014–2021 (USD Million)
Table 20 Processing Industries: Protective Relay Market Size, By Region,  2014–2021 (USD Million)
Table 21 Infrastructure Industries: Protective Relay Market Size, By Region,  2014–2021 (USD Million)
Table 22 Renewable: Protective Relay Market Size, By Region, 2014–2021 (USD Million)
Table 23 Marine: Protective Relay Market Size, By Region, 2014–2021 (USD Million)
Table 24 Protective Relay Market Size, By Region, 2014–2021 (USD Million)
Table 25 North America: Protective Relay Market Size, By Country,  2014–2021 (USD Million)
Table 26 North America: By Market Size, By Voltage Range,  2014–2021 (USD Million)
Table 27 North America: By Market Size, By Application, 2014–2021 (USD Million)
Table 28 North America: By Market Size, By End-User,  2014–2021 (USD Million)
Table 29 U.S.: Protective Relay Market Size, By Voltage Range, 2014–2021 (USD Million)
Table 30 Canada: Protective Relay Market Size, By Voltage Range,  2014–2021 (USD Million)
Table 31 Mexico: Protective Relay Market Size, By Voltage Range,  2014–2021 (USD Million)
Table 32 Europe: Protective Relay Market Size, By Country, 2014–2021 (USD Million)
Table 33 Europe: By Market Size, By Voltage Range,  2014–2021 (USD Million)
Table 34 Europe: By Market Size, By Application,  2014–2021 (USD Million)
Table 35 Europe: By Market Size, By End-User, 2014–2021 (USD Million)
Table 36 France: Protective Relay Market Size, By Voltage Range,  2014–2021 (USD Million)
Table 37 Germany: Protective Relay Market Size, By Voltage Range,  2014–2021 (USD Million)
Table 38 U.K.: Protective Relay Market Size, By Voltage Range, 2014–2021 (USD Million)
Table 39 Other Countries in Europe: Protective Relay Market Size, By Voltage Range, 2014–2021 (USD Million)
Table 40 Asia-Pacific: Protective Relay Market Size, By Country,  2014–2021 (USD Million)
Table 41 Asia-Pacific: By Market Size, By Voltage Range,  2014–2021 (USD Million)
Table 42 Asia-Pacific: By Market Size, By Application,  2014–2021 (USD Million)
Table 43 Asia-Pacific: By Market Size, By End-User,  2014–2021 (USD Million)
Table 44 China: Protective Relay Market Size, By Voltage Range,  2014–2021 (USD Million)
Table 45 India: Protective Relay Market Size, By Voltage Range,  2014–2021 (USD Million)
Table 46 Japan: Protective Relay Market Size, By Voltage Range, 2014–2021 (USD Million)
Table 47 Australia: Protective Relay Market Size, By Voltage Range, 2014–2021 (USD Million)
Table 48 Indonesia: Protective Relay Market Size, By Voltage Range, 2014–2021 (USD Million)
Table 49 Vietnam: Protective Relay Market Size, By Voltage Range, 2014–2021 (USD Million)
Table 50 The Philippines: Protective Relay Market Size, By Voltage Range, 2014–2021 (USD Million)
Table 51 Thailand: Protective Relay Market Size, By Voltage Range, 2014–2021 (USD Million)
Table 52 Malaysia: Protective Relay Market Size, By Voltage Range, 2014–2021 (USD Million)
Table 53 Other Countries in Asia-Pacific: Protective Relay Market Size, By End-User, 2014–2021 (USD Million)
Table 54 South America: Protective Relay Market Size, By Country, 2014–2021 (USD Million)
Table 55 South America: By Market Size, By Voltage Range, 2014–2021 (USD Million)
Table 56 South America: By Market Size, By Application, 2014–2021 (USD Million)
Table 57 South America: By Market Size, By End-User, 2014–2021 (USD Million)
Table 58 Brazil: Protective Relay Market Size, By Voltage Range, 2014–2021 (USD Million)
Table 59 Argentina: Protective Relay Market Size, By Voltage Range, 2014–2021 (USD Million)
Table 60 Other Countries in South America: Protective Relay Market, By Voltage Range, 2014–2021 (USD Million)
Table 61 Middle East & Africa: Protective Relay Market Size, By Country, 2014–2021 (USD Million)
Table 62 Middle East & Africa: By Market Size, By Voltage Range,  2014–2021 (USD Million)
Table 63 Middle East & Africa: By Market Size, By Application, 2014–2021 (USD Million)
Table 64 Middle East & Africa: By Market Size, By End-User, 2014–2021 (USD Million)
Table 65 Uae: Protective Relay Market Size, By Voltage Range, 2014–2021 (USD Million)
Table 66 Kuwait: Protective Relay Market Size, By Voltage Range, 2014–2021 (USD Million)
Table 67 Qatar: Protective Relay Market Size, By Voltage Range, 2014–2021 (USD Million)
Table 68 South Africa: Protective Relay Market Size, By Voltage Range, 2014–2021 (USD Million)
Table 69 Other Countries in Middle East & Africa: Protective Relay Market Size,  By Voltage Range, 2014–2021 (USD Million)
Table 70 New Product/Technology Launches, 2015 - 2016
Table 71 Expansions, 2012–2015
Table 72 Mergers & Acquisitions, 2014–2015
Table 73 Contracts & Agreements, 2012–2015
Table 74 Toshiba Corporation: Products & Services

List of Figures (44 Figures)

Figure 1 Markets Covered: Protective Relay Market
Figure 2 Protective Relay Market: Research Design
Figure 3 Breakdown of Primary Interviews: By Company Type, Designation, & Region
Figure 4 Market Size Estimation Methodology: Bottom-Up Approach
Figure 5 Market Size Estimation Methodology: Top-Down Approach
Figure 6 Data Triangulation
Figure 7 The Different Eras of the Protective Relay, 1920–2015
Figure 8 Asia-Pacific Dominated the Protective Relay Market in 2015
Figure 9 Feeder Protection Relays to Lead the Market During the Forecast Period
Figure 10 Asia-Pacific: A Potential Market for Protective Relays
Figure 11 Utilities are the Key End-User Application for Protective Relays,  2016 vs 2021
Figure 12 Microprocessor-Based Relays Offer Lucrative Opportunities
Figure 13 Transmission Line Protection Segment to Grow at the Highest CAGR During the Forecast Period
Figure 14 Asia-Pacific Held the Largest Share in the Global Protective Relay Market in 2015
Figure 15 Feeder Protection Relays Accounted for the Largest Share (Value) in 2015
Figure 16 High Voltage Segment to Hold the Largest Share of the Global Protective Relay Market From 2016 to 2021
Figure 17 Protective Relay Market: Market Segmentation
Figure 18 Protective Relay Market: Market Dynamics
Figure 19 Value Chain Analysis: Major Value is Added During the Manufacturing & Assembly Process
Figure 20 Protective Relay Market: Supply Chain Analysis
Figure 21 Protective Relay Market: Porter’s Five Forces Analysis
Figure 22 High Voltage Segment Occupied the Largest Share of the Global Protective Relay Market in 2015
Figure 23 Protective Relay Market Size, By End-User, 2016 vs 2021
Figure 24 Industrial Protective Relay Market Share (Value), 2015
Figure 25 Regional Snapshot (2014) – the U.S., Brazil, India, & Saudi Arabia are Emerging as New Hotspots
Figure 26 North America: Regional Snapshot
Figure 27 Companies Adopted Various Growth Strategies From 2011 to 2015*
Figure 28 Battle for Market Share: New Product/Technology Launch Was the Key Strategy Adopted By Market Players, 2011–2015*
Figure 29 Market Evolution Framework: New Product/Technology Launch Propelled Market Growth From 2011 to 2015*
Figure 30 Region-Wise Revenue Mix of Five Major Market Players
Figure 31 ABB Ltd.: Company Snapshot
Figure 32 ABB Ltd.: SWOT Analysis
Figure 33 General Electric: Company Snapshot
Figure 34 SWOT Analysis: General Electric
Figure 35 Mitsubishi Electric Corporation: Company Snapshot
Figure 36 Mitsubishi Electric Corporation: SWOT Analysis
Figure 37 Schneider Electric SA: Company Snapshot
Figure 38 Toshiba Corporation: Company Snapshot
Figure 39 Toshiba Corporation: SWOT Analysis
Figure 40 Eaton Corporation: Company Snapshot
Figure 41 Eaton Corporation: SWOT Analysis
Figure 42 Littelfuse Inc.: Company Snapshot
Figure 43 Siemens AG: Company Snapshot
Figure 44 Siemens AG: SWOT Analysis

The global protective relay market is projected to grow at a CAGR of 6.5% from 2016 to 2021, to reach USD 4.54 Billion by 2021. This growth can be attributed to the increase in transmission & distribution activities across the globe. Ongoing smart grid and substation automation projects are also expected to drive the market.

Protective relays are used by utilities and industries to protect expensive instruments such as transformers and motors. The relay senses abnormalities in operating conditions, such as over-current, over-voltage, reverse power flow, and over-and-under frequency, and trips the circuit breaker. Microprocessor and intelligent relays are being used extensively, as they are multi-functional and cost-effective compared to electromechanical relays.

In emerging economies such as China and India, the market is boosted by rapid industrialization and urbanization activities. The report segments the protective relay market on the basis of major end-user applications into industries, utilities, renewables, and marine. Utilities are estimated to constitute the largest market for protective relays, and held the largest market share in 2015.

The report segments the market on the basis of protection mechanisms into feeder, transmission line, motor, transformer, generator, breaker, capacitor bank, and busbar. Feeder protection relays are the most attractive market in the current scenario. The growing power demand, the establishment of new utilities, and the modernization of old infrastructure are the key drivers of this market.

Asia-Pacific is estimated to hold the largest market share, followed by North America and Europe. In terms of individual countries, the market is dominated by China. This can be attributed to the extensive electrical infrastructure upgradation and new transmission & distribution lines being installed in the country. China held the largest share of the global protective relay market in 2015. Rapid economic growth in BRICS nations is expected to drive the protective relay market in these nations. Protective relays will likely be used extensively in the new electrical transmission & distribution networks of BRICS countries.

Protective relays have a grey market, which involves local players developing products at a low cost. These products are similar to the high-end products offered by major players. The grey market also has an extensive local distribution network, and thereby prevents expensive and standardized products from flourishing in the market.

Major players in the protective relay market include Eaton Corporation (Ireland), General Electric (U.S.), SEL Inc. (U.S.), ABB Ltd. (Switzerland), and Schneider Electric (France). New product launch was the strategy most commonly adopted by top players in the market during the period 2011–2015. It was followed by expansion, contracts & agreements, and mergers & acquisitions.