Global Industrial Monitoring Relays Market - Rising Demand for Remote Monitoring to Boost Growth | Technavio

The global industrial monitoring relays market is expected to grow at a CAGR of more than 6% from 2018-2022, according to a new market research report by Technavio.

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Technavio has published a new market research report on the global industrial monitoring relays mark ...

Technavio has published a new market research report on the global industrial monitoring relays market 2018-2022 under their industrial automation library. (Graphic: Business Wire)

Global industrial monitoring relays market segmentation by end-user and product

Technavio’s report on the global industrial monitoring relays market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by end-user which includes power industry, oil and gas industry, automotive industry, chemical industry, and others. As projected in 2017, around 35% of the market share originated from the power industry, owing to the growth of the power industry especially in the renewable energy sector.

Based on product, the global industrial monitoring relays market has been segmented into voltage monitoring relays, phase monitoring relays, and others. As of 2017, 42% of the market share came from the voltage monitoring relays segment.

“Voltage monitoring relays are easy to install and are low priced compared with other monitoring relays, due to which they are used in numerous applications. Their easy-to-install feature is expected to drive the growth of this segment during the forecast period,” says a senior analyst at Technavio for automation research.

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Industrial monitoring relays market: competitive vendor landscape

The global industrial monitoring relays market is fragmented with the presence of numerous vendors such as ABB, Eaton, General Electric, Rockwell Automation, Schneider Electric, and Siemens. Vendors are focusing on quality, innovation and regulatory compliance to differentiate and remain competitive in the market. The increasing utilization of monitoring relays in industries such as power, oil and gas, automotive, chemical, and the growing water and wastewater treatment plants in the APAC region will drive market growth.

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Other topics covered in the report:

Market drivers:

  • Rising demand for remote monitoring in power sector
  • Modernization of power network to increase the demand for monitoring relays

Market trends:

  • Emergence of IoT based monitoring relays
  • Increasing replacement of relays and fuses

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