The Asia-Pacific protective relays market was estimated at USD XX billion in 2017 and is projected to reach USD XX billion by 2022, growing at a CAGR of XX%. In 2012, China and India dominated the global protective relay market and accounted for more than 30% of the global MVHV protective relay market.
China’s market reached more than USD 700 million in the year 2012. This region is growing at a rapid pace and the demand for power is increasing at a rapid pace. The governments in this region are expanding their electricity grid and for the protection of the grids, protective relays are required. The demand for protective relays is increasing in this region.
This region is also increasing its production of electricity from renewable sources of energy. To connect these renewable powers to the main grid, countries in Asia-Pacific are upgrading their transmission and distribution systems. With the increase in the new transmission and distribution systems, the demand for protective relays will also increase.
A protective relay is a device that is designed to trip a circuit breaker when an electric fault is detected. It triggers an alarm if any abnormality is found within the electrical circuit. These protective relays can be differentiated on a number of factors such as actuating parameter or based on applications. The major products that are in use in the current market are high-voltage relays and medium-voltage relays. The demand for protective relays is growing across the world with the increase in electricity consumption and more focus of governments towards infrastructure investments. The other factor that is driving this market is renewable energy. Investments in renewable energy projects are also contributing to the growth of this market.
Some of the key players mentioned in the report are:
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