Industrial Monitoring Relays Market to record USD 597.97 Mn growth; APAC to occupy 37% market share — Technavio – QNT Press Release

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NEW YORK, Oct. 4, 2022 /PRNewswire/ — The “Industrial Monitoring Relays Market by End-user, Product, and Geography – Forecast and Analysis 2022-2026” report has been added to Technavio’s offering. The report expects the market size to grow by USD 597.97 millionaccelerating at a CAGR of 6.18% during the forecast period. According to the report, the market will observe significant growth in APAC. The high urbanization rate and the increasing use of electronics among the population are creating immense opportunities for vendors operating in the region .

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Technavio categorizes the global industrial monitoring relays market as a part of the global industrial machinery market. The parent, the global industrial machinery market, covers companies engaged in manufacturing industrial machinery and components covering presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications.

The market in focus is driven by factors such as the growing need for safe and reliable monitoring devices for power equipment, rising demand for remote monitoring in the power sector, and the modernization of power network. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The global industrial monitoring relays market is fragmented due to the presence of numerous established and emerging vendors. The leading vendors in the market hold a significant market share. They have the financial resources and technical expertise to carry out the R&D. Moreover, they have strong brand recognition, established distribution networks, and an extensive product portfolio. Hence, small and medium-sized players find it difficult to compete with established players in terms of technological advances and access to distribution networks to expand their market presence. Thus, they adopt competitive presence. pricing strategies to improve market penetration.

• End-user
• Power Industry
• Oil and Gas Industry
• Automotive Industry
• Chemical Industry
• Others

The power industry is the key end-user in the market. The need to maintain a continuous supply of electricity in power plants and improve the longevity of equipment will accelerate the adoption of industrial monitoring relays in the power industry during the forecast period.

• Product
• Voltage Monitoring Relays
• Phase Monitoring Relays
• Others

The demand for voltage monitoring relays has been significant among end-users in the market. Voltage monitoring relays are easy to install, do not require current transformers, and, therefore, are less expensive. Also, they need only voltage connections so that they can be connected independently of the system load. Such benefits are increasing their demand in the market.

• Geography
• APAC
• North America
• Europe
• The Middle East and Africa
• South America

37% of the market growth will come from APAC during the forecast period. Rising investments in renewable energy technologies such as solar and wind and an increase in the number of nuclear reactors are expected to foster the growth of the industrial monitoring relays market in APAC over the forecast period.

To help businesses improve their market position, the industrial monitoring relays market provides a detailed analysis of around 25 vendors operating in the market. Some of these vendors include ABB Ltd., AIC Technik Pvt. Ltd., ALSTOM SA, Banner Engineering Corp., Bender GmbH and Co. KG, Broyce Control, Coto Technology, Danfoss AS, Eaton Corp. Plc, FINDER SpA, Fujitsu Ltd., FURUKAWA Co. Ltd., General Electric Co., Macromatic Industrial Controls Inc., OMRON Corp., Phoenix Contact GmbH and Co. KG, Pilz GmbH and Co. KG, Rockwell Automation Inc., Schneider Electric SE, Schweitzer Engineering Laboratories Inc., Shenle Corp Ltd, Siemens AG, TE Connectivity Ltd., and WEG Equipamentos Eletricos SA.

The report also covers the following areas:

• Industrial Monitoring Relays Market Size
• Industrial Monitoring Relays Market Trends
• Industrial Monitoring Relays Market Industry Analysis

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will assist industrial monitoring relays market growth during the next five years
• Estimation of the industrial monitoring relays market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the industrial monitoring relays market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of industrial monitoring relays market vendors

• Industrial Relays Market by Product, End-user, and Geography – Forecast and Analysis 2021-2025
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Full story available on Benzinga.com

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