“Industrial Monitoring Relays Market- Forecast and Analysis Report 2018-2022”: The market is expected to grow at an accelerating CAGR of about 6% between 2017 and 2022 as per the Technavio.
Revenue Generating Segment by Product
- The voltage monitoring relays product segment accounted for the major shares of the market in 2017 due to the cost-effectiveness.
- Factors such as efficient detection of overcharge and undercharge, ability to work without current transformers, and easy installation process will contribute to the growth of the voltage monitoring relays market in the coming years.
Revenue Generating Segment by End User
- The power industry will hold the maximum share of the industrial monitoring relays market until 2022.
- Industrial monitoring relays are increasingly used in power plants for detection of phase and voltage faults due to the rising need to protect electric circuits from phase or voltage fluctuations and minimize electrical hazards.
Revenue generating segments highlights and insights on market analysis of coming years –View FREE Sample
The report is segmented by end-user (power industry, oil and gas industry, automotive industry, chemical industry, and others), product (voltage monitoring relays, phase monitoring relays, and others), and geography (the Americas, APAC, and EMEA).
Vendor Insights
- The global industrial monitoring relays market is fragmented, and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
- The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their products. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- ABB
- Eaton
- General Electric
- Rockwell Automation
- Schneider Electric
- Siemens
Find additional highlights on the growth strategies adopted by vendors & their product offerings. Read Free Sample Report.
Geographical Market Analysis
- The APAC region will account for the highest growth during the forecast period.
- Our research report has extensively covered all factors influencing the market growth potential in all the regions for coming years during the forecast period.
Know more about this market’s geographical distribution along with the detailed analysis of the top regions https://www.technavio.com/report/global-industrial-monitoring-relays-market
Key Market Trends & Challenges:
- The emergence of IoT-based monitoring relays is a major factor supporting the industrial monitoring relays market share growth. The emergence of IoT-enabled devices has brought about a disruption in the global industrial monitoring relays market.
- The need to collect historical and real-time data has encouraged vendors to come up with IoT-based monitoring relays. These relays provide the real-time condition of circuits and also alert the human-machine interfaces (HMIs) in case of a problem in circuits. The implementation of IoT in end-user industries will further magnify the scope of the adoption of IoT-based monitoring relays.
- The low revenue from retrofit and replacement activities due to the growing adoption of maintenance-free monitoring relays will be a challenge for the industrial monitoring relays market. End-user industries have started using a line-mounted network current monitoring device that uses the magnetic field from the current flowing in the overhead conductor. This use of the magnetic field as a power source implies that batteries are not needed to power the sensor, and therefore, minimal maintenance is necessary.
- The increased use of such maintenance-free monitoring devices in electrical circuits can bring down the adoption rate of industrial monitoring relays and can even result in a decrease in revenue for the market players.
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