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The industrial monitoring relays market share is expected to increase to USD 597.97 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.18%.
This industrial monitoring relays market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers industrial monitoring relays market segmentations 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 (APAC, North America, Europe, Middle East and Africa, and South America). The industrial monitoring relays market report also offers information on several market vendors, including 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 among others.
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The growing need for safe and reliable monitoring devices for power equipment is notably driving the industrial monitoring relays market growth, although factors such as low revenue from retrofit and replacement activities due to the growing adoption of maintenance-free monitoring relays may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the industrial monitoring relays industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Industrial Monitoring Relays Market Driver
The growing need for safe and reliable monitoring devices for power equipment is one of the key drivers supporting the industrial monitoring relays market growth. Industries have taken to spending a large amount of their capital expenditure on monitoring equipment over the last five years. Monitoring devices not only aid industry personnel in increasing the lifespan of equipment but also help in preventing damage to the connected device, thereby decreasing downtime. Moreover, monitoring relays in electrical circuits add to the safety of equipment such as motors and generators. They are used for phase and voltage fault detection in circuits and prevent the equipment from functioning at temperatures above approved ratings. Thus, the increasing need for safe and reliable monitoring in industries is expected to drive the sales of monitoring relays during the forecast period.
Key Industrial Monitoring Relays Market Trend
The emergence of IoT-based monitoring relays is one of the key industrial monitoring relays market trends that is contributing to market growth. IoT-based monitoring relays aid in conducting preventive maintenance of the connected equipment and the circuit if required. The combination of real-time and historical data also helps in recognizing a pattern of faults that occur in circuits. This helps in modifying the design of relays while manufacturing. It also helps in making relays capable of adapting to various voltages and temperatures. Hence, the introduction of IoT-based monitoring relays during the forecast period can bring about positive outcomes for the global industrial monitoring relays market by increasing the adoption of these devices. Thus, the implementation of IoT in end-user industries will further magnify the scope of the adoption of IoT-based monitoring relays.
Key Industrial Monitoring Relays Market Challenge
Low revenue from retrofit and replacement activities due to the growing adoption of maintenance-free monitoring relays is one of the factors hindering the industrial monitoring relays market growth. The increased use of 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 during the forecast period. The implementation of maintenance-free monitoring relays can also result in a decline in the revenues generated from the retrofit and replacement services in industries. Thus, the decrease in retrofit and replacement services can bring down the revenue generated for vendors in the global industrial monitoring relays market during the forecast period.
This industrial monitoring relays market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global industrial monitoring relays market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the industrial monitoring relays market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the industrial monitoring relays market encompasses successful business strategies deployed by the key vendors. The industrial monitoring relays market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The industrial monitoring relays market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the leading companies' production, sustainability, and prospects.
Our report provides extensive information on the value chain analysis for the industrial monitoring relays market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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37% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for the industrial monitoring relays market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The high urbanization rate will facilitate the industrial monitoring relays market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
Many onshore and offshore drilling units have been compelled to shut down their operations over the last two years due to the ongoing COVID-19 pandemic. However, the gradual recovery of the oil and gas industry from early 2021 onwards owing to the relaxation in lockdown restrictions and the resumption of operation across plants following the initiation of mass COVID-19 vaccination programs across the region are expected to drive the recovery and growth of the industry during the forecast period.
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The industrial monitoring relays market share growth by the power industry segment will be significant during the forecast period. The power industry is expected to record sustainable growth during the forecast period, considering the ongoing switch to renewable sources of energy production. The increasing rate of urbanization has amplified the demand for electricity generation. Thus, the need to maintain a constant supply of electricity to industrial and residential areas has prompted power plants to speed up and expand their production processes. These factors will drive segment growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the industrial monitoring relays market size and actionable market insights on the post-COVID-19 impact on each segment.
Industrial Monitoring Relays Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.18% |
Market growth 2022-2026 |
$597.97 million |
Market structure |
Fragmented |
YoY growth (%) |
5.1 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 37% |
Key consumer countries |
US, Canada, China, India, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
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 |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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