Product ID: UCMIG20E2020
Medium Voltage Protection Relay Market Size, Share, Growth Analysis, By Type(Self-Powered Relays, Feeder & Generator Relays), By Technology(Electromechanical & Static Relays, Digital & Numerical Relays), By Application(Generator, Transformer), By End-user(Utility, Industrial), By Region(North America, Europe) - Industry Forecast 2024-2031
Report ID:
UCMIG20E2020 |
Region:
Global |
Published Date: Upcoming |
Pages:
165
| Tables: 55 | Figures: 60
Medium Voltage Protection Relay Market Insights
Market Overview:
The global market for medium voltage protection relays was valued at USD 0.99 billion in 2020. It is expected to grow from USD 1.07 billion in 2021 to USD 1.59 billion in 2028, with a CAGR of 5.82% during the period of 2021-2028. The COVID-19 pandemic has had an unparalleled impact, resulting in negative demand for medium voltage protection relays globally. Our analysis shows that the global market experienced a significant decline of -8.6% in 2020 compared to the average growth rate during 2017-2019. However, the sudden increase in CAGR is due to the market's increasing demand and growth, which is expected to return to pre-pandemic levels once the pandemic subsides.
Medium Voltage Protection Relay Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.
Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.
The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Heavy Electrical Equipment by segment aggregation, the contribution of the Heavy Electrical Equipment in Capital Goods and vendor share.
To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
Medium Voltage Protection Relay Market Report Snapshots
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