Protective Relays and Circuit Breakers: Global Markets
NEW YORK, June 29, 2020 /PRNewswire/ --
- Profile description of leading market participants operating within the region, including Basler Electric, Fanox Electronics, Schneider Electric, TE Connectivity, Mitsubishi Electric Corp., and ABB Ltd.
The protective relay and circuit breakers market is expected to show considerable growth as rising industrialization creates demand for electricity and transition toward a stable, renewable energy sector.Protective relays identify faults in a power system and give tripping commands to circuit breakers, which, then disconnect the faulted element.
In this way, damage in the power system is reduced and so are accidents.Protective relays and circuit breakers have wide applications in industries such as power to transmission lines, transmission to distribution lines, distribution to distribution lines, transformers, generators, motors, HVAC systems and others.
These segments are expected to be the most promising and stable markets for protective relays and circuit breakers during the forecast period. Some major companies operating in protective relays and circuit breakers include Basler Electric, Fanox Electronics, Littelfuse, Schneider Electric, TE Connectivity, Mitsubishi Electric Corp., Siemens AG, Fuji Electric, CG Power and ABB Ltd.
The main factors driving market growth include increasing demand for electricity in emerging economies due to rapid industrialization, rapidly growing construction activities, globally, demand from large scale industries in process control, increasing investment and expansion of power transmission and distribution (T&D) networks and increased access to electricity in developing nations.However, high initial installation and maintenance costs for protective relays as well as strong environmental concerns and safety regulations imposed on SF6 circuit breakers are some restraining factors that are expected to hamper market growth during the forecast period.
With the latest technological developments and increasing demand for power, worldwide, the market has spread its operations and applications from North America to Asia and Europe and across the globe. Remarkable growth in the market for protective relays and circuit breakers is expected by the end of 2025.
Geographically, the market is segmented into North America, Europe, Asia Pacific and Latin America.The European region has a large number of companies manufacturing and supplying protective relays and circuit breaker products.
In this region, Germany, Switzerland and Italy are key countries, from which, demand is being generated and where the majority of players are located. However, the North American region held the second largest share of the global market, followed by Asia Pacific, and is expected to offer substantial market potential for protective relays and circuit breakers during the forecast period.
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