Nations build up global protective relay market

GlobalData
 
Ongoing economic expansion and urbanization across Brazil, Russia, India and China (BRIC) are expected to drive growth in the global medium- and high-voltage (MVHV) protective relay market, according to a new report by power industry analysts GlobalData.
 
The company’s latest research talks in-depth about the important part played by developing countries in the global protective relay industry, which is expected to more than double in value before the end of the decade, from $2.2 billion in 2011 to $5.2 billion by 2020.
 
The massive industrialization of countries such as China and India has led to the increased demand for electricity. Correspondingly, power grid improvements involving the widespread employment of protective relay installments have been necessary, sustaining the global market.
 
China accounted for 27 percent of the worldwide MVHV protective relay industry in 2011. GlobalData predicts this share to grow substantially. Industry experts predict the Chinese portion of the market will swell from a $705 million 2012 valuation to $2.1 billion by 2020, a compound annual growth rate (CAGR) climb of 14.9 percent.
 
In comparison, the U.S. protective relay industry is expected to display relatively modest growth, from $566 million in 2012 to $777 million by 2020 at a CAGR of 4 percent.
 
Cumulatively, power consumption in the BRIC nations increased at a CAGR of 7.9 percent during 2006-2011 and is forecast to continue at a CAGR of 6 percent from 2012 to 2020, outstripping the predicted global growth rate of 4 percent.
 
The report explains that although market growth in the developing nations will be served by new protective relay installations, mature markets such as the U.S., Germany and the U.K. will be driven by the retrofit and replacement sectors. These countries have a higher share of aged equipment that requires upgrades to meet stricter emission regulations and support renewable power generation.
 
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Nations build up global protective relay market

GlobalData
 
Ongoing economic expansion and urbanization across Brazil, Russia, India and China (BRIC) are expected to drive growth in the global medium- and high-voltage (MVHV) protective relay market, according to a new report by power industry analysts GlobalData.
 
The company’s latest research talks in-depth about the important part played by developing countries in the global protective relay industry, which is expected to more than double in value before the end of the decade, from $2.2 billion in 2011 to $5.2 billion by 2020.
 
The massive industrialization of countries such as China and India has led to the increased demand for electricity. Correspondingly, power grid improvements involving the widespread employment of protective relay installments have been necessary, sustaining the global market.
 
China accounted for 27 percent of the worldwide MVHV protective relay industry in 2011. GlobalData predicts this share to grow substantially. Industry experts predict the Chinese portion of the market will swell from a $705 million 2012 valuation to $2.1 billion by 2020, a compound annual growth rate (CAGR) climb of 14.9 percent.
 
In comparison, the U.S. protective relay industry is expected to display relatively modest growth, from $566 million in 2012 to $777 million by 2020 at a CAGR of 4 percent.
 
Cumulatively, power consumption in the BRIC nations increased at a CAGR of 7.9 percent during 2006-2011 and is forecast to continue at a CAGR of 6 percent from 2012 to 2020, outstripping the predicted global growth rate of 4 percent.
 
The report explains that although market growth in the developing nations will be served by new protective relay installations, mature markets such as the U.S., Germany and the U.K. will be driven by the retrofit and replacement sectors. These countries have a higher share of aged equipment that requires upgrades to meet stricter emission regulations and support renewable power generation.