Distribution Feeder Protection System Market Overview:
The global Distribution Feeder Protection System Market is expected to rise at a CAGR of 6.19%, over the forecast for 2022-2030. Growing power demand is expected to drive global market.
MRFR analysts expect the COVID-19 outbreak to act as a barrier in the market growth, and the impact of the pandemic to differ throughout the energy and power industry. SARS-CoV-2 has resulted in a declining expansion rate of the distribution feeder protection system market along with a surge in the costs of the products, fueled by the collapsing supply chain.
The spread of novel coronavirus and the consequent lockdown has led to more competition between leading market vendors and the new players. The demand for distribution feeder protection systems is on a significant rise resulting from the rapidly booming worldwide population and the growing need to cater to their daily needs. Since the distribution feeder protection system market is known for its high standards of packaging, manufacturing, frequent innovations and product quality, the SARS-CoV-2 outbreak has made it even more necessary for players to adopt marketing tactics such as agreements, collaborations, product launches and more.
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In April 2020, ABB launched its latest and more advanced TVOC-2 Arc Guard System TM featuring a new current monitor unit called CSU-2. CSU-2 is a simple device that offers better protection prior to the downtime for the main as well as the sub-distribution switchgear. It also has a screen display with an intuitive touch along with connectivity that facilitates precision and is perfect for complex distribution systems.
Key Boosters and Main Barriers
Distribution feeder protection systems have an extensive application range in industrial plants, conventional electric utility companies and power plants. The soaring need for electricity and the fluctuating electricity supply scenario in a number of emerging countries can result in expansion of the distribution feeder protection system market in the following years.
The escalating deployment of non-conventional and renewable energy sources combined with the worldwide need for upgrading upgrade distribution grids (grounded as well as undergrounded) can give rise to a host of lucrative opportunities within the distribution feeder protection system market over the appraisal period.
On a dim note, the steep price of distribution feeder protection systems can be quite challenging for the players, given the drop in the product demand among end-users. With that said, the consistent growth in the demand for electricity generated using solar energy, and the increased revamping of distribution feeder protection systems can help the market emerge stronger in the years to come.
The distribution feeder protective system industry has been considered for voltage rating as well as end user.
- The segments that are based on voltage rating include low voltage along with medium voltage. The medium voltage distribution feeder protection system market noted better growth in 2018, thanks to the rising use of this voltage-range system in the industrial sector.
- The end user section consists of manufacturing processing industries, commercial residential and transmission distribution utility. The fastest growth rate can be attained by the transmission distribution utility segment in the distribution feeder protective system market, during the conjectured period.
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Distribution Feeder Protective System Market can be geographically distributed into APAC/Asia Pacific, Europe, MEA/the Middle East Africa, South America and North America.
At present, the market leader is APAC, on account of the increasing spending on facilitating advancements in the transmission distribution industry, especially in India and China. China has the potential to emerge as the most profitable market in the region, while India can be the fastest expanding market, given the rising investments in renewable energy sources for electricity generation.
The North American benefits from the rising demand for distribution feeder protection systems in line with the surge in electricity consumption. The government in the region is mostly focused on infrastructure investments along with the use of renewable energy, which can be an important growth enhancer in the regional market.
Leading contenders in the Distribution Feeder Protective System industry are Basler Electric Company. (US), Larsen Toubro (India), Toshiba Corporation (Japan), Western Power Distribution (UK), NOJA Power (Australia), Crompton Greaves Ltd. (India), Schweitzer Engineering Laboratories, Inc. (US), Mitsubishi Electric Corporation (Japan), Schneider Electric SA (France), ABB (Switzerland), Fanox Electronic S.L. (Spain), Siemens AG (Germany), General Electric (US), Eaton Co. Plc. (Ireland), Littelfuse Inc. (US), to mention a few.