1. market size

根据尚普咨询集团的数据，2023年全年中国继电保护及自动化设备市场规模预计达到约600 亿元，同比增长约 15%。其中，继电保护设备市场规模约为 300 亿元，同比增长约 10%；自动化设备市场规模约为 300 亿元，同比增长约 20%。

市场规模的增长主要得益于以下几个方面的因素：

国家对于电力基础设施建设和改造的持续投入，特别是在新能源、智能电网、特高压等领域的大力推进，带动了对继电保护及自动化设备的需求增长。

The state attaches great importance to the safe and stable operation of the power system, strengthens the technical standards and quality supervision of relay protection and automation equipment, and promotes the upgrading and innovative development of industry products.

The country's positive response to energy conservation, emission reduction and carbon neutrality goals has promoted the transformation of the power system to a low-carbon, efficient and intelligent direction, and increased the functional requirements and technical difficulties of relay protection and automation equipment.

2. market structure

According to the data of Shangpu Consulting Group, China's relay protection and automation equipment market in 2023 is divided according to product types. Digital relay protection equipment accounts for about 70%, analog relay protection equipment accounts for about 20%, and hybrid relay protection equipment accounts for about 10%. According to the division of application fields, the proportion of power transmission and transformation fields is about 60%, the proportion of power generation fields is about 20%, and the proportion of industrial fields is about 10%, other areas account for about 10%.

The characteristics of the market structure are mainly reflected in the following aspects:

Digital relay protection equipment with its high speed, high precision, high reliability, high flexibility and other advantages, gradually replaced the traditional analog and hybrid relay protection equipment, become the mainstream products in the market. Digital relay protection equipment also has the ability to seamlessly interface with automation equipment, enabling information sharing and functional collaboration.

The field of power transmission and transformation is the main application field of relay protection and automation equipment, and its demand and technical level are high. With the development of new power transmission and transformation technologies such as UHV and UHV, the performance requirements and technical difficulties of relay protection and automation equipment in the field of power transmission and transformation have also been continuously improved, which has promoted the innovation and upgrading of industry products.

The power generation field is an important application field of relay protection and automation equipment, and its demand and technical level are also high. With the rapid development of new energy power generation, the functional requirements and technical difficulties of relay protection and automation equipment in the field of power generation are also increasing, which promotes the diversification and intelligence of industry products.

3. market competition

According to data from Shangpu Consulting Group, the competitive landscape of China's relay protection and automation equipment market in 2023 presents the following characteristics:

The market concentration is relatively high. The market share of the top five manufacturers is about 60%. Among them, Guodian Nanrui, Siemens, Sifang, Xu Ji Electric and Siyuan Electric account for 20%, 15%, 10%, 8% and 7% respectively. These manufacturers have strong technical strength, brand influence, channel advantages and customer resources, and occupy a dominant position in the market.

The market competition is fierce, and the total market share of small and medium-sized manufacturers is about 40%. Among them, some manufacturers focus on subdivision or regional market, such as Huali instrument, Huafeng measurement and control, Tianjin Taier, etc., have formed a certain competitive advantage and market space through product differentiation and service optimization.

There are various ways of market competition. In addition to price competition, manufacturers also improve their market competitiveness and customer satisfaction through technological innovation, product upgrading, service upgrading, cooperation and expansion. At the same time, manufacturers are also facing challenges from foreign brands, such as Schneider and ABB, which have strong influence and competitiveness in the high-end market.

四、市场趋势

According to the data and analysis of Shangpu Consulting Group, China's relay protection and automation equipment market in 2023 showed the following trends:

The market demand continues to grow. With the country's continuous investment in the construction and transformation of power infrastructure, as well as the active response to energy conservation, emission reduction and carbon neutrality goals, the demand for the transformation of the power system to a low-carbon, efficient, and intelligent direction will continue to increase. This will drive the growth of demand for relay protection and automation equipment.

With the optimization and adjustment of the market structure, with the technological maturity and application promotion of digital relay protection equipment, as well as the improvement of the function and intelligence level of automation equipment, the market will gradually phase out backward analog and hybrid relay protection equipment to achieve digital, intelligent and networked transformation and upgrading.

Market competition intensifies diversification. With the strengthening of industry technical standards and quality supervision, as well as the improvement of customer demand and expectations, the market will put forward higher requirements and challenges for manufacturers. Manufacturers will improve their core competitiveness through continuous technological innovation, product upgrades, and service upgrades. At the same time, manufacturers will also expand market space and increase market share through cross-border cooperation and industrial chain integration.

5. market prospects

According to the data and analysis of Shangpu Consulting Group, China's relay protection and automation equipment market has a broad prospect in 2023. It is expected that by 2025, the market size will reach about 90 billion yuan, with an average annual compound growth rate of about 15%. The main drivers of the market outlook are:

国家对于电力基础设施建设和改造的长期规划和持续投入，特别是在新能源、智能电网、特高压等领域的重点发展，将为继电保护及自动化设备提供稳定的市场需求。

国家对于电力系统安全稳定运行的战略重视和政策支持，将促进继电保护及自动化设备的技术进步和质量提升，提高行业产品的市场竞争力和客户认可度。

The country's firm implementation and effective implementation of energy conservation, emission reduction and carbon neutrality targets will promote the transformation of the power system to a low-carbon, efficient and intelligent direction, increase the functional requirements and technical difficulties of relay protection and automation equipment, and stimulate the innovation vitality of industry products.

尚普咨询集团认为，继电保护及自动化设备行业是一个具有广阔发展空间和巨大发展潜力的行业，也是一个面临着诸多挑战和机遇的行业。厂商应该根据市场需求和竞争态势，不断地进行技术创新、产品升级、服务提升等方面的工作，提高自身的核心竞争力和市场地位。同时，厂商也应该积极地寻求跨界合作、产业链整合等方式，拓展市场空间和增加市场份额。尚普咨询集团将持续关注继电保护及自动化设备行业的发展动态和趋势变化，为相关企业和投资者提供专业的咨询服务。