마이크로프로세서 보호 계전기 - 시장 점유율 분석, 산업 동향 및 통계, 성장 예측(2024-2029년)

The Microprocessor Protective Relay Market size is estimated at USD 0.93 billion in 2024, and is expected to reach USD 1.63 billion by 2029, growing at a CAGR of 11.98% during the forecast period (2024-2029).

Key Highlights

• The microprocessor protective relay market is projected to grow significantly due to the increasing power infrastructure, grid modernization efforts, electrical safety awareness, smart grid initiatives, and government support. With the continued expansion of power systems and technological advancements, the demand for microprocessor protective relays is expected to increase further.
• With climate change heightening the frequency of extreme weather events, National Grid emphasizes the urgency of bolstering its infrastructure against potent storms and rising temperatures. Consequently, in March 2024, the company unveiled a USD 4 billion initiative aimed at fortifying the power grid in upstate New York. This substantial investment will fund 70 projects, encompassing the construction of new substations and the extensive reconstruction of over 1,000 miles of transmission lines that link towns in proximity to Buffalo, Rochester, and Syracuse.
• Developing and developed countries worldwide are significantly investing in the construction of smart power grids, which is anticipated to propel the market for relays in the coming years. Smart grids are advanced electric power grid infrastructures for enhanced reliability and efficiency and work with automated control, modern communications infrastructure, high-power converters, modern energy management techniques, and sensing and metering technologies.
• The market faces a notable hurdle in the form of the higher installation costs associated with these relays. In large industrial settings, the protection relays often necessitate supplementary circuitry, elevating the total cost. Moreover, their regular maintenance further adds to operational expenses. Compounding this, the market contends with mounting competition from the unorganized sector.
• Macroeconomic factors, like the overall economic health and geopolitical tensions, are pivotal in shaping the growth trajectory of the protective relay market. These factors have a pronounced effect on key end-user sectors, spanning manufacturing, industrial, and utilities. Recent conflicts, notably the Russia-Ukraine and Israel-Hamas wars, have exacerbated global supply chain challenges, leading to disruptions that reverberated across all end-user segments.

Microprocessor Protective Relay Market Trends

Utilities Segment to Hold Significant Market Share

• Protective relays are poised to see continued demand from utilities, particularly in power generation and distribution. The International Energy Agency (IEA) projected that global electricity demand will increase by 3.3% in 2024. With growing awareness of electrical safety and the need to minimize the impact of power system faults, there is an increasing emphasis on deploying sophisticated protection systems in utilities. Microprocessor protective relays offer enhanced accuracy, selectivity, and intelligence in detecting and responding to faults, ensuring the safety of electrical equipment, personnel, and the overall power system.
• Global nations are ramping up investments to modernize their power infrastructures, adapting them for renewable energy and aligning with evolving industry needs. As more renewable energy projects are developed and connected to the grid, the overall power system becomes more complex and diverse. Microprocessor protective relays play a crucial role in ensuring the safe and reliable integration of these new renewable energy sources into the existing grid infrastructure.
• For instance, Australia has set a goal of generating 82% of its electricity through renewable sources like solar PV and wind by 2030, and solar PV is expected to be a significant contributor to achieving this target.
• Microprocessor protective relays are instrumental in detecting and isolating faults that may occur within the power grid. They provide rapid fault detection, allowing for quick isolation of the affected section, preventing cascading failures, and minimizing downtime. This aids in maintaining the reliability and performance of the renewable energy systems and the overall grid.
• Many regions have specific grid codes and standards that renewable energy projects need to adhere to for seamless integration into the power grid. Microprocessor protective relays enable compliance with these codes by providing the necessary protection functions and communication capabilities required for grid connection and synchronization.

Asia-Pacific to Register a Significant Market Share

• The growth of the microprocessor protective relay market in Asia-Pacific is driven by factors like increasing power infrastructure, grid modernization efforts, electrical safety awareness, smart grid initiatives, and government support. With the continued expansion of power systems and advancements in technologies, the demand for microprocessor protective relays is expected to further increase in the region.
• Asia-Pacific is experiencing rapid industrialization, urbanization, and population growth, leading to an increased demand for electricity. As countries in the region continue to invest in expanding and upgrading their power infrastructure, the need for reliable protection systems, including microprocessor protective relays, is growing. For instance, according to the United Nations, India will become the most populated country in the coming years, with a population of 1.5 billion by 2030 and 1.66 billion by 2050.
• Many countries in Asia-Pacific are focusing on modernizing their power grids to improve efficiency, reliability, and quality of electricity supply. This includes the incorporation of advanced protection and control technologies like microprocessor protective relays. The upgrading of aging power infrastructure and the integration of renewable energy sources also drive the demand for advanced protection solutions.
• In October 2023, the Solar Energy Corporation of India (SECI) launched a tender in the Indian market to develop about 1 GW of interstate transmission grid-connected solar projects. The solar projects to be developed will witness the signing off of a 25-year power purchase agreement between developers and SECI. The onset of such gigawatt-scale solar tenders and the development of projects are expected to create a spur in the solar energy market in the coming years.
• For instance, India's installed renewable power capacity (including hydro) was 191.67 GW as of April 2024. By 2030, the country intends to build 500 GW of renewable energy. Thus, increasing demand for renewable energy in the country is expected to contribute to market growth during the forecast period.
• Asia-Pacific is witnessing the adoption of smart grid technologies, which enable advanced monitoring, control, and automation of power systems. Microprocessor protective relays play a crucial role in smart grid applications by providing real-time monitoring, remote control, and communication capabilities, supporting the reliable and efficient operation of the grid.
• Governments in Asia-Pacific are implementing initiatives and making investments in the power sector to meet the growing energy demand and improve grid reliability. These initiatives often include the deployment of advanced protection and control systems, driving the demand for microprocessor protective relays.

Microprocessor Protective Relay Industry Overview

The microprocessor protective relay market is highly competitive and fragmented, with major players like ABB Ltd, Siemens AG, Toshiba Corporation, Mitsubishi Electric Corporation, and Schneider Electric. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.

• January 2024: Fanox Electronics achieved a milestone by introducing cutting-edge high-protection relay solutions tailored for a wide array of applications. Its flagship offering, the SIR-C Overhead Control and Feeder Protection System, serves a dual role as an overhead control/RTU and a feeder protection relay. This innovative system boasts comprehensive functionalities, including monitoring primary and secondary distribution currents, voltages, and frequencies. Moreover, the SIR-C guarantees a resilient and dependable performance with an auxiliary power supply ranging from 24 to 230 Vdc/ac.
• August 2023: Siemens introduced the SIRIUS 3UG5 line monitoring relays, designed to oversee grid stability, guarantee system efficiency, and prolong the lifespan of crucial components like motors and compressors. These relays are particularly suited for demanding environments, such as hospitals and the process industry, where a reliable power supply is paramount.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 INTRODUCTION

• 1.1 Study Assumption and Market Definition
• 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS

• 4.1 Market Overview
• 4.2 Industry Attractiveness - Porter's Five Forces Analysis
  • 4.2.1 Bargaining Power of Suppliers
  • 4.2.2 Bargaining Power of Consumers
  • 4.2.3 Threat of New Entrants
  • 4.2.4 Threat of Substitutes
  • 4.2.5 Intensity of Competitive Rivalry
• 4.3 Industry Value Chain Analysis
• 4.4 Impact of COVID-19 Aftereffects and Other Macroeconomic Factors on the Market

5 MARKET DYNAMICS

• 5.1 Market Drivers
  • 5.1.1 Growth in Electricity Consumption
  • 5.1.2 Increasing Use of Renewable Energy Sources
• 5.2 Market Challenges
  • 5.2.1 Higher Cost and Increasing Competition from Unorganized Sector

6 MARKET SEGMENTATION

• 6.1 By Voltage Range
  • 6.1.1 Low-voltage
  • 6.1.2 Medium-voltage
  • 6.1.3 High-voltage
• 6.2 By End-user Industry
  • 6.2.1 Utilities
  • 6.2.2 Industrial
  • 6.2.3 Other End-user Industries (Railway, Hospitals, etc.)
• 6.3 By Application
  • 6.3.1 Transmission Line
  • 6.3.2 Bus Bar
  • 6.3.3 Feeder
  • 6.3.4 Transformer
  • 6.3.5 Generator
  • 6.3.6 Motor
  • 6.3.7 Other Applications
• 6.4 By Geography
  • 6.4.1 North America
  • 6.4.2 Europe
  • 6.4.3 Asia-Pacific
  • 6.4.4 Australia and New Zealand
  • 6.4.5 Latin America
  • 6.4.6 Middle East and Africa

7 COMPETITIVE LANDSCAPE

• 7.1 Company Profiles
  • 7.1.1 ABB Ltd
  • 7.1.2 Schneider Electric SE
  • 7.1.3 Mitsubishi Electric Corporation
  • 7.1.4 Siemens AG
  • 7.1.5 Bender GmbH & Co. KG
  • 7.1.6 Eaton Corporation PLC
  • 7.1.7 General Electric Company
  • 7.1.8 Rockwell Automation
  • 7.1.9 Littelfuse Inc
  • 7.1.10 Toshiba Corporation
  • 7.1.11 Schweitzer Engineering Laboratories
  • 7.1.12 L&T Electrical & Automation (Schneider Electric SE)
  • 7.1.13 Fanox Electronics
  • 7.1.14 NR Electric Co. Ltd

8 MARKET OUTLOOK