The global MV protection relay market is projected to reach USD 1,115 million by 2023, at a CAGR of 5.33%, from an estimated USD 860 million in 2018. In 2018. The market in Asia Pacific is estimated to be the largest, followed by North America. Factors such as growth of the renewable industry and upgradation of existing substation and feeder line protection are driving the MV protection relay market.
The MV protection relay market is dominated by a few major players that have a wide global presence. The leading players in the MV protection relay market include ABB (Switzerland), GE (US), Schneider Electric (France), Siemens (Germany), and SEL (US).
The major strategies adopted by the players include new product developments, contracts & agreements, investments & expansions, and mergers & acquisitions. New product development was the most commonly adopted strategy from January 2015 to September 2018. Industry players also adopted investments & expansions, which was the second most widely followed strategy during the same period.
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ABB provides power and automation technologies for various industries such as oil & gas, power generation, and transport & infrastructure, globally. The company operates through 4 divisions, namely, power grids, electrification products, robotics and motion, and industrial automation. It provides MV protection relays under electrification products’ business segment. The company offers MV protection relays for various industries such as buildings, data centers, rail, wind and solar, food & beverage, marine, and oil & gas. The company has presence in over 100 countries with production and R&D centers worldwide. Moreover, in September 2017, ABB acquired GE’s industrial solution to strengthen its position in the electrification segment globally and expand its presence in the North American market.
GE is one of the leading multinational conglomerates and positions itself as a digital industrial company that offers software-defined machines and solutions for various end-user sectors. The company operates its business through 8 divisions, namely, power, aviation, healthcare, energy connection and lighting, oil & gas, capital, renewable energy, and transportation. It offers MV protection relays under the power segment. The company has its presence in 170 countries with R&D facilities in the US, Brazil, India, Germany, and China. In November 2015, GE acquired Alstom’s power and grid businesses. This would help the company expand its product offering and cater to customers in 20 countries including the US, China, India, Japan, and Brazil along with the EU countries.
MV Protection Relay Market by Type (Electromechanical & Static Relay, Digital & Numerical Relay), Connected Load (Feeder Lines, Transformers, and Motors), End-User (Utilities, Industrial, and Commercial & Institutional) & Region - Global Forecast to 2023
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