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

LONDON–(BUSINESS WIRE)–#Automation–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.

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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industrial monitoring relays market report free of cost.

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