SAN FRANCISCO, October 19, 2016 /PRNewswire/ --
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.
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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.
Browse full research report with TOC on "GCC
Protective Relay Market Analysis By Voltage (Low, Medium, High), By
Application (Feeder Protection, Generator Protection, Bus-Bar
Protection, Capacitor Bank Protection, Breaker Protection,
Transformer Protection), By End-Use (Infrastructure, Industrial,
Government, Power) And Segment Forecasts To 2024"
at:
http://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.
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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)
- 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 research insight -
http://www.grandviewresearch.com/research-insights/gcc-protective-relay-market-increased-electricity-demand-to-drive-growth
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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