On-going economic expansion and urbanisation across Brazil, Russia, India and China (BRIC) are expected to be the major drivers for growth in the global medium and high voltage (MVHV) protective relay market, states a new report by power industry analysts Global Data.
The latest research talks in-depth about the important part played by developing countries in the global protective relay industry, which is expected to more than double in value before the end of the decade, from a 2011 valuation of $2.2 billion to $5.2 billion by 2020.
The massive industrialisation of countries such as China and India has led to the increased demand for electricity. Correspondingly, power grid improvements involving the wide-spread employment of protective relay instalments have been necessary, sustaining the global market.
China Accounts for 27 Percent of Protective Relay Industry
China alone accounted for 27 percent of the worldwide MVHV protective relay industry in 2011 and Global Data predicts this share to grow substantially. According to the industry experts, the Chinese portion of the market will swell from a $705m 2012 valuation, to a huge $2.1 billion by 2020, representing a Compound Annual Growth Rate (CAGR) climb of 14.9 per cent.
Power Consumption Increases at 7.9% CAGR
Cumulatively, power consumption in the BRIC nations increased at a CAGR of 7.9% during the period 2006-2011, and is forecast to continue at a CAGR of 6 per cent from 2012 to 2020 – outstripping the predicted global growth rate of 4 per cent.