Protective Relay Market To Reach $4,025.2 Million By 2024

Some Recent Developments

· In March 2020, ABB celebrated its 500,00th Relion 610 series relay’s dispatch to Formosa Plastics Group, highlighting their important professional bond as well as the trust ABB’s product enjoys in the market. Nowadays 615 series is ABB’s bestselling series with an extensive range of innovative protection and control functionality, representing wide application coverage. Several benefits associated with it have helped it make a name for itself, leading to higher demands and good rate of growth.

· In April 2020, Hongfa Europe has signed an agreement with Anglia Components to establish a distribution network for its electro-mechanical relays including protective relays, in UK and Ireland. The signing extends the distributor’s range of relay products. Anglia excels at building fantastic relationships with customers and the service offered by their design-in team is outstanding, this has made them a good prospect for the job. This collaboration is in for creating a win-win situation for both the companies after the lockdown situations are lifted.

· In November 2019, Siemens launched Reyrolle 5 protection relay series. The first device applications of the new generation of protection relay will be overcurrent and earth fault protection and transformer protection in substations. It includes comprehensive functionality as standard, with enhanced process data such as faults, events and waveform records enabling the power network to be effectively managed. The Reyrolle 5 includes cyber security features such as digitally signed firmware and these will be further enhanced with future product releases along with security patches to address any specific threats. This gives an opportunity to Siemens to develop its offerings for medium-voltage and industrial power networks and cater to that part of the market, leading to additional growth.

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· In January 2020, Siemens announced that they are looking to acquire C&S electric company form India, to carry forward the electrification needs of the country. The acquisition of one of the leading providers of electrical and electronic equipment for infrastructure, power generation, transmission and distribution, will strengthen Siemens’ position as a key supplier of low-voltage power distribution and electrical installation technology in one of the world’s fastest-growing economies. This will create a great scope for the usage of protective relays and its subsidiaries in the process, creating huge demand.

· In May 2019, Siemens announced that it closed the acquisition of Massachusetts-based Russelectric, a leading U.S. manufacturer of power control systems including paralleling switchgear and automatic transfer switches. With greater demand for the electrification needs in the market from sectors like healthcare, data centers and public infrastructure etc, this collaboration will help better address growing power reliability, security and affordability needs across these notable sectors. Also, it will generate need for the protective relays and other products all over the region.

· In September 2019, Schneider Electric, the leader in the digital transformation of energy management and automation, announces the new, connected Easergy P5, part of PowerLogic master range of intelligent devices, to meet the demanding energy needs of electricity companies in the IoT era. The P5 sets a new benchmark for protection relays, offering greater safety, simplicity, and reliability. It unites a number of best-in-class features together in a single device. Network operators get best-in-class protection for demanding applications, with arc-flash protection and full cyber-security, high reliability, and advanced connectivity in an easy-to-use device. This new launch answers to the complex issues of modern technology with modern solution, leading the market with its amazing capabilities.

· An important push for the demand for electrification by several emerging economies like India, to accomplish 100% electrification in upcoming year is the major factor for the boost in demands for the protective relays in the market. India has set itself the target of accomplishing 100% rural electrification till 2022, in addition to set up smart grids and generating renewable energy grids. These targets itself provide major boost to the demand for protective relays in one of the fastest emerging economies in the world.