Voltage monitoring relays are also called protective relays. Relay devices intended to trip a circuit breaker when a fault is detected in the circuit are known as voltage monitoring relays. Voltage monitoring relays are defensive relays which inevitably operate when the phase sequence is reversed, or when the three-phase supply loses one or more phases. Electromechanical relays offer only primary indication of the origin and position of a fault. In most of the cases, a single microprocessor relay provides functionalities that are equal to those of two or more electromechanical devices. Energy consumers have concerns and contemplations regarding the use of energy, which are largely due to the diversity of load types and requirements. Energy cost and reliability of an electrical system are usually the major concerns for most of the energy consumers. Industrial consumers have to deal with complex rated structures that mainly include a deviating energy use and varying power demand, considering the complexity of the load.
Rise in demand for reliable and safer voltage monitoring devices for power equipment increases the market penetration of voltage monitoring relays. Moreover, easy installation of voltage monitoring relays is estimated to drive the growth of the market during the forecast period. Modernization of power network and increasing demand for remote monitoring in the power sector are growing at a remarkable rate, driving the growth of the voltage monitoring relays market. Emergence of Internet of Things (IoT)-based voltage monitoring relays has brought about a disruption in the global voltage monitoring relays market. The necessity of collecting real-time and historical data has encouraged vendors to use loT-based voltage monitoring relays. Relays provide the real-time monitoring of circuits and also keep the human machine interfaces (HMIs) vigilant in case of a problem in circuits, thus enhancing the use of voltage monitoring relays in the prognosis period. IoT-based voltage monitoring relays also support in maintenance of the circuit and connected equipment. Amalgamation of real-time and historical data helps in pattern recognition of errors that arise in circuits. Rise in deployment of voltage monitoring relays in industries such as automotive, oil & gas, chemical, power, and water & wastewater treatment plants is expected to drive the growth of the voltage monitoring relays market during the forecast period.
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The global voltage monitoring relays market can be segmented based on product, application, powered type, and region. Based on product, the voltage monitoring relays market can be classified into single-phase and three-phase relays. The application segment of the market can be split into industrial, commercial, and residential. In terms of powered type, the global voltage monitoring relays market can be bifurcated into generator, UPS, stabilizer, invertor or mains (by electric board/ utilities). Based on geography, the global voltage monitoring relays market can be segmented into Middle East & Africa, Europe, South America, Asia Pacific, and North America. North America is expected to lead the global market due to rise in adoption of IoT technology in the region, boosting the demand for IOT-based voltage monitoring relays. Europe shows a vast elevation in the growth of global voltage monitoring relays market due to the augmented use of monitoring relays in various fields. Asia Pacific is expected to be a growing market for voltage monitoring relays in the near future as emerging economies such as China and India are rapidly shifting toward urbanization and industrialization.
Major players operating in the global voltage monitoring relays market include Broadcom, Alstom, ABB, TE Connectivity, Broyce Control Eaton, Littelfuse, Inc., Process control systems, General Electric, COTO TECHNOLOGY, Rockwell Automation, Danfoss, Schneider Electric, Electro Sensors Inc., FUJITSU, Fuji Electric Co., Ltd, Texas Instruments Incorporated, and Siemens. Vendors are focusing on quality, innovation, and regulatory compliance to differentiate their products and remain competitive in the market.