Attractive Opportunities in Global Industrial Monitoring Relays Market 2018-2022

Attractive Opportunities in Global Industrial Monitoring Relays Market 2018-2022

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NEW YORK, Nov. 19, 2021 /PRNewswire/ -- "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.

View free sample for highlights on market Trends & Challenges affecting industrial monitoring relays market.  

Customize Your Report  

Don't miss out on the opportunity to speak to our analyst and know more insights about this market report. Our analysts can also help you customize this report according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time.   

We offer USD 1,000 worth of FREE customization at the time of purchase. Speak to our Analyst now!  

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Industrial Monitoring Relays Market Scope 

Report Coverage 

Details 

Page number 

120

Base year 

2017

Forecast period 

2018-2022

Growth momentum & CAGR 

Accelerate at a CAGR of about 6% 

Market structure 

Fragmented

Performing market contribution 

APAC

Competitive landscape 

Leading companies, competitive strategies, consumer engagement scope 

Companies profiled 

ABB, Eaton, General Electric, Rockwell Automation, Schneider Electric, and Siemens.

Market Dynamics 

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. 

Customization preview 

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. 

About Us:  

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.  

Contact  

Technavio Research  

Jesse Maida  

Media & Marketing Executive  

US: +1 844 364 1100  

UK: +44 203 893 3200  

Email: media@technavio.com  Website: www.technavio.com/  

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/industrial-monitoring-relays-market-to-grow-at-a-cagr-of-6-emergence-of-iot-based-monitoring-relays-acts-as-key-driver--17000-technavio-reports-301428105.html

SOURCE Technavio

This article originally ran on curated.tncontentexchange.com.

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