The GCC protective relay market is expected to reach USD 377.4 million by 2024,
according to a new report by Grand View Research, Inc. Escalating investments
in the transmission & distribution infrastructure to substitute the aging
equipment is a key factor instigating the protective relay demand in the power
systems. The increasing complexity of electrical circuits has made it
unavoidable to use protective devices for the safe & secure operation. The
increasing electricity generation capacity to fulfill the growing population’s
electricity needs is anticipated to remain as a chief factor driving the market
growth. However, the cost associated with the installation & maintenance of
protective relays is projected to challenge the market over the forecast
period.
The GCC protective relay
market is expected to gain prominence over the forecast period owing to the population
growth coupled with the increasing domestic power consumption in Saudi Arabia.
Furthermore, upcoming events, such as 2022 FIFA World Cup, would further lead
to increased investments in the infrastructure development, thereby spurring
the electricity demand in GCC. This would subsequently elevate the need for
protective relays to safeguard the power systems in this region.
Access Research Report of GCC Protective Relay Market @: www.grandviewresearch.com/industry-analysis/gcc-protective-relay-market
Further key findings from the report suggest:
· The medium voltage segment accounted for
over 35% of the overall revenue in 2015 and is expected to witness a rapid
growth at a CAGR of over 6.3% from 2016 to 2024. This is due to their usage in
the protection of buildings such as houses, hospitals, shopping malls, and
warehouses, which supply medium voltage power.
· The growth in the feeder protection
application segment can be primarily attributed to the surging need to protect
overhead cables and lines utilized for the electricity transmission. The
segment is estimated to witness a growth exceeding the CAGR of 5.5% from 2016
to 2024.
· The power sector is projected to witness a
significant growth over the forecast period owing to the integration of relays
to ensure safety and security of equipment and personnel at the power stations.
The segment captured a sizeable market share in 2015 accounting for over 40% of
the overall revenue share in the same year.
· Saudi Arabia accounted for more than 40% of
the overall share in 2015. However, UAE is estimated to exhibit the high growth
over the next few years owing to the surging industrial, infrastructure, and
power projects in this country.
· The key market participants include
Siemens, ABB, GE-Alstom, and Schneider. Industry participants strive to
undertake product differentiation and technological advancements so as to gain
a competitive edge in the market.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/electronic-devices
Grand View Research has
segmented the GCC protective relay market on the basis of voltage, application,
end-use, and region:
GCC Protective Relay Voltage Outlook (Revenue, USD
Million; 2010 - 2024)
·
Low
·
Medium
·
High
GCC Protective Relay Application Outlook (Revenue, USD
Million; 2010 - 2024)
·
Feeder Protection
·
Generator Protection
·
Bus-Bar Protection
·
Capacitor Bank Protection
·
Breaker Protection
·
Transformer Protection
·
Others
GCC Protective Relay End-Use Outlook (Revenue, USD
Million; 2010 - 2024)
·
Infrastructure
·
Industrial
·
Government
·
Power
·
Others
GCC Protective Relay Regional Outlook (Revenue, USD
Million; 2010 - 2024)
·
Saudi Arabia
·
UAE
·
Bahrain
·
Kuwait
·
Qatar
·
Oman
Access Press Release of
GCC Protective Relay Market@: www.grandviewresearch.com/press-release/global-gcc-protective-relay-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range of
industries, from technology to chemicals, materials and healthcare.
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