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Relay is an essential part of the electrical system. The relays are used in the opening and closing of circuits through the electronic or electrochemical method. Monitoring relays protect by detecting network and voltage faults and rectifying them to give maximum protection to unstable networks, mobile machines, and plants. Monitoring relays provide user-friendly LED indications, micro-controller based design, built-in or external power supply, and flexible trip settings for parameters, among other features. The alarm output status in monitoring relays is possible to be retained even if the power supply is off.
By application, the monitoring relay market is segment based on the use of monitoring relays in level monitoring, current monitoring, voltage monitoring, and temperature monitoring, among others. By phase, the monitoring relay market is bifurcated as a single and three-phase monitoring relay system. The single-phase monitoring relays are used in the monitoring of single-phase AC/DC systems, and three-phase monitoring relays are used in similar three-phase systems. By end-user, the monitoring relays have applications in the commercial, residential, and industrial sectors. The industrial segment is expected to dominate the monitoring relay market globally owing to the high demand for the monitoring relays in different end-use industries.
Monitoring relays have a wide range of applications in the manufacturing sector. The global chemical, pharmaceutical, plastics and paints, and oil and natural gas industries are growing at a decent pace adding in the growth of the manufacturing sector across the globe. The players involved in the manufacturing sector are mainly focused on process safety and efficiency, owing to which industrial automation has gained traction in the recent past. The growth in industrial automation is expected to create profitable opportunities for the players involved in the monitoring relay market.
The cost of some monitoring relays such as rail safety relay is non-economic as compared to the other types of relays. This is expected to slow down the market growth of these relays up to a certain limit in the coming years.
Key Market Driver -
Increasing automation in the manufacturing sectors
Key Market Restraint -
Non-economic cost of some monitoring relays
Some of the major companies that are present in the global monitoring relay market are Eaton, Schneider Electric, ABB, Rockwell Automation, Siemens Ltd, Novatek-Electro, CARLO GAVAZZI Inc., Mors Smitt, Pilz India Pvt Ltd. Bender GmbH & Co. KG, OEM Automatic Ltd, Omron Corporation, Elko EP, Minilec Group, E. Dold & Söhne KG, and ETI Electrotechnical, among others.
The global monitoring relay market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The manufacturing sector in the North America region has grown significantly in the past decade. Additionally, the commercial spaces have increased significantly in the U.S. The growth of the manufacturing sector, and increasing commercial spaces in North America is likely to augment the market growth of the monitoring relay market in the near future. The power generation industry is setting its foot in the Latin America region. Countries such as Brazil, Mexico, and Argentina, among others, are focused on developing a strong grid infrastructure. Owing to this, the monitoring relay market is expected to grow at healthy rates in the Latin America region.
Europe is among the key producers of chemicals, steel, plastic, and paints, among others. The growth of these industries in Europe is expected to create significant opportunities for the sales of monitoring relays in the industrial segment over the forecast period. The Middle East and Africa region have a well-established and moderately growing oil and natural gas industry. Additionally, increasing tourism in the region has boosted commercial space construction activities in different countries such as Qatar, the United Arab Emirates, and Saudi Arabia, among others. This is expected to drive the demand for the monitoring relays in the commercial and industrial applications over the forecast period.
Asia Pacific is a high potential region for the growth of the monitoring relay market in the coming years. Growth in the construction of residential and commercial buildings coupled with a well-established manufacturing sector driven by the manufacturing activities in China and India is expected to create lucrative opportunities for the growth of the monitoring relay market in the Asia Pacific region.
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