February 11, 2022 05:19 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Feb. 11, 2022 (GLOBE NEWSWIRE) -- The medium voltage protection relay market size was USD 0.99 billion in 2020. The market is projected to grow from USD 1.07 billion 2021 to USD 1.59 billion in 2028 at a CAGR of 5.82% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report titled, “Medium Voltage Protection Relay Market, 2021-2028.” Factors such as rising demand from utility and railways along with rising adoption of protection relay toward renewable energy systems are expected to fuel the market growth. Additionally, increasing digital technologies in relay technologies will increase the footprint of the market.
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Companies Profiled in the Market:
Production Delays and Reduced Electricity Demands to Hamper Market
The COVID-19 pandemic has hit various sectors of the globe in the form of economic backlash. Various lockdowns were imposed during the peak pandemic period which led to decrease in electricity demand as manufacturing factories were shut down. Travel restrictions further triggered low manpower and restricted business activities. Additionally, volatility in raw material pricing led to delays in future projects.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Type, Technology, Application, End-user, and Region are studied for the Market
By type, the market can be divided into self-powered relays, feeder & generator relays, recloser control relay, and others.
On the basis of technology, the market can be branched into electromechanical & static relays and digital & numerical relays.
With respect to application, the market can be segmented into generator, transformer, transmission line, bus bar, feeder, motor, and others.
By end-user, the market can fragmented into utility, industrial, railways, and others.
In terms of geography, the market can be categorized into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
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The study of medium voltage protection relay consists of a comprehensive analysis of the market by evaluating critical aspects of the market such as valuable insights, facts, industry-related detailed information, and historical data. The forecast period is attained by employing several methodologies that are extracted from various in-house models. The study is broken into segments and various sub-segments, including type, technology, application, end-user, and region.
Rising Need to Replace Conventional Relays to Augment Growth
Factors such as advancement in new relays and rising focus of manufacturers toward automated relays that befit the digital age will boost the medium voltage protection relay market growth during the forecast period. Increasing usage of renewable sources and rising attributes such as grid stability and economic cost will increase the footprint of the market. Also, various governments setting their targets toward green energy will fuel the growth of the market.
However, high maintenance cost of maintenance is expected to limit the growth of the market during the forecast period. Digital relays often are prone to cyber-attacks, causing data breaches. This factor will cause hindrance to market growth.
Asia Pacific to Hold Largest Market Share due to Expanding Rail Industry
Asia Pacific is expected to witness the largest medium voltage protection relay market share owing to expanding railway sector due to increasing passenger demand, changing consumer patterns, and increasing investment opportunities. Also, expansive passenger experience and increasing new rail projects will boost the market in the region.
North America will hold a significant market share in terms of global contribution owing to increasing investment in its grid improvement and rising demand for clean and reliable solutions.
Europe will hold a large market share due to rising reliable rail network and favorable government policies.
Mergers & Acquisitions and New Product Launches to Bolster Market Growth
The market landscape of medium voltage protection relay is highly fragmented as it has presence of several global and regional competitors. The dominant players are constantly empowering themselves with strategies such as contracts and agreements, mergers and acquisitions, collaborations, and new product launches for maximizing revenue. For example, in April 2021, Siemens Smart Infrastructure division launched the Siprotec 5 Compact for specifically addressing the demand of industrial applications, infrastructure, and distribution grids. It also allows for virtual testing of devices in the cloud within minutes without hardware and additional effort. Other players are introducing portfolio with environmental effects and easy integration features to capture a larger consumer base.
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