In 2012, globally the medium and high voltage protective relay market earned more than $2 billion.
Latin America is a huge market into which, countries from around the world are investing heavily. Seeing the investments, the countries are increasing the size of the grids. Brazils ten year plan for energy expansion states that Brazil will invest $60.46 billion Brazilian Real and $30 billion Brazilian Real in power transmission lines. This huge increase in the power plants will help the Protective Relay market to grow as well.
Latin America is increasing its production of energy from renewable sources like solar, wind, geothermal, ocean and hydro. To connect these renewable power sources to the main grid, countries in Latin America are upgrading their transmission and distribution systems. With the increase in the new transmission and distribution systems, the demand for protective relay will also increase.
Protective relay is a device which 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 number of factors such as actuating parameter or based on applications. The main products which are in use in current market are high-voltage relays and medium-voltage relays. The demand for protective relays is growing across the world with increase in electricity consumption and more focus of governments towards infrastructure investments. The other factor which is driving this market is renewable energy. Investments towards renewable energy projects are also contributing to the growth of this market.
Some of the major vendors mentioned in the report are ABB, Alstom, GE, Schweitzer Engineering Laboratories and Schneider Electric.
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