Dec 28, 2017   SOURCE: BusinessWire

Top 3 Drivers of the Global Motor Protection Relays Market | Technavio

Technavio market research analysts forecast the global motor protection relays market to grow at a CAGR of close to 5% during the forecast period, according to their latest report.

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Technavio has published a new market research report on the global motor protection relays market 20 ...

Technavio has published a new market research report on the global motor protection relays market 2017-2021 under their industrial automation library. (Graphic: Business Wire)

The report further segments the global motor protection relays market by product-type (manual reset motor protection relays and automatic reset motor protection relays), by end-user (power industry, automotive industry, metals and minerals industry, and water and wastewater treatment industry), and by geography (the Americas, APAC, and EMEA).

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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global motor protection relays market:

  • Rising need for modernization of substations
  • Growing investments in transmission and distribution infrastructure
  • Increasing demand for HVAC systems

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Rising need for modernization of substations

A substation is an electric system with high-voltage facility. It is used to change the level of AC voltages or to convert AC current to DC current or vice versa. The increasing need for modernization of substations is acting as a catalyst to boost the demand for motor protection relays. During the operation of a substation, if there is a fault, a motor protective relay trips the circuit breaker, ensuring safe and reliable operation of the substation. This will involve automation of substations, reducing the overall operational costs and improving the grid security. Therefore, the growth of the global automated substations market will lead to the growth of global motor protection relays market.

According to Raghav Bharadwaj Shivaswamy, a lead analyst at Technavio for automation research, “With the growth in transmission and distribution networks across the world, the number of substations will continue to grow. This increasing number of substations will directly lead to a rise in demand for motor protection relays as well as feeder protection relays. At present, APAC has the maximum number of ongoing transmission and distribution expansion projects and is expected to be the largest and the fastest-growing regional market for protective relays.”

Growing investments in transmission and distribution infrastructure

The increased pace of investments in the field of transmission and distribution (T&D) infrastructure, which includes substations and T&D lines, alongside the growing urbanization in developing nations has propelled the growth of the global motor protective relays market. To ensure uninterrupted power supply with minimum loss, substations in developed nations are being modernized. This is being achieved by replacing electromagnetic relays with advanced numeric and digital relays. These digital relays come with an added advantage of retaining data that allows users to track power outages caused by faulty lines.

Presently, APAC is housing the maximum number of T&D projects because of which it is one of the leading markets in this global market. North America and Europe are other regions that are expected to be highly lucrative for players in the global motor protection relays market.

Increasing demand for HVAC systems

The heating, ventilation, and air conditioning (HVAC) technology is based on the principles of thermodynamics and fluid mechanics. It is used to deliver thermal comfort and an improved indoor environment. HVAC involves many different types of systems that are used for residential, commercial, industrial, and transportation purposes. The global HVAC industry should grow at a healthy rate because of the increase in construction activities, frequent climatic changes, the decreasing unemployment rate, and increasing urbanization and disposable income in developing countries.

“Almost all the heating, ventilating, and air conditioning appliances have motors installed in them. Motor protection relays are used in HVAC systems to control fan motors of the condenser, evaporator, cooling tower motor, and compressor motors. Therefore, the growth of the global motor protection relays market is directly correlated to the growth of the global HVAC systems market,” says Raghav.

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