Insights on the Industrial Monitoring Relay Global Market to 2026 - by Type, End-user Industry and Geography - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Industrial Monitoring Relay Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.

The global industrial monitoring relay market is expected to grow at a compound annual growth rate of 3.43% over the forecast period to reach a market size of US$144.899 billion in 2026 from US$118.383 billion in 2020.

Monitoring relays are used to verify conditions in the power system or the protective system, including fault detection, voltage checking, and direction sensing. It simply works as safety equipment for protecting the circuit. The rising demand for monitoring and detection of abnormal power system condition is the major factor for the growth of the industrial monitoring relay market. Growing industrialization and safety of equipment used in various industries is expected to drive the growth of the global industrial relay market during the forecast period. However, high dependency on circuit breakers is hindering the growth of the market to some extent.

Voltage Relay Monitoring To drive the market growth

There has been a surge in the demand for safer and reliable voltage monitoring devices for power equipment services. Furthermore, easy installation of various types of voltage monitoring relay is expected to drive the market growth, during the forecast period. The emergence of the Internet of Things based voltage monitoring relays, has bought a positive change into the market. The need for collecting historical and real-time data has encouraged companies and other related players, to use the Internet of Things based voltage monitoring relays. In January 2021, Hitachi ABB, two of the major players in the market, announced the launch of a novel high voltage hybrid switchgear, which would be used for offshore wind applications.

Renewable Energy Sector to drive the market growth

The Industrial Monitoring Relay Market is expected to be driven by the growth of the renewable energy sector, with solar and wind, which are expected to account for a major share in the market growth. According to the International Energy Agency, major markets such as China, The United States, and The European Union, are expected to add over 125 GW of Solar PV Capacity, every year from 2021 to 2025. India will also have a major role in the overall market growth, as the country aims to add around 100 GW of solar PV capacity by the year 2022. Wind Energy will also play an imperative role in the overall market growth, in the coming years.

Companies Mentioned

• ABB
• Eaton
• General Electric
• Rockwell Automation Inc.
• Schneider Electric
• Siemens Ltd.
• Omron Corporation
• ALSTOM
• Broyce Control
• Finder S.p.A con Unico socio
• PILZ GmbH & Co. KG
• Fuji Electric
• Coto Technology

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.4. Industry Value Chain Analysis

5. Global Industrial Monitoring Relay Market Analysis, By Type

5.1. Introduction

5.2. Voltage Relays

5.3. Current Relays

5.4. Frequency Relays

6. Global Industrial Monitoring Relay Market Analysis, By End-User Industry

6.1. Introduction

6.2. Manufacturing

6.3. Mining

6.4. Energy and Power

6.5. Oil and Gas

6.6. Others

7. Global Industrial Monitoring Relay Market Analysis, by Geography

7.1. Introduction

7.2. North America

7.3. South America

7.4. Europe

7.5. The Middle East and Africa

7.6. Asia Pacific

8. Competitive Environment and Analysis

8.1. Major Players and Strategy Analysis

8.2. Emerging Players and Market Lucrativeness

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Vendor Competitiveness Matrix

9. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/32jh7