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.
Browse full research report on GCC
Protective Relay Market: https://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 request sample of this report by
Grand View Research: https://www.grandviewresearch.com/industry-analysis/gcc-protective-relay-market/request/rs1
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
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.
For more info visit @ https://www.grandviewresearch.com
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