Voltage Monitoring Relays Market: Global Industry Analysis and Forecast (2023-2029)

Voltage Monitoring Relays Market size was valued at US$ 3.77 Bn. in 2022 and the total revenue is expected to grow at 5.52 % through 2023 to 2029, reaching nearly US$ 5.50 Bn.
Voltage Monitoring Relays Market Overview:
Voltage monitoring relays are relay devices that are designed to trip a circuit breaker when a circuit problem is detected. Voltage monitoring relays are protective relays that must operate if the phase sequence is reversed or if one or more phases of a three-phase supply are lost. Only major evidence of the source and location of a defect is provided by electromechanical relays. A single microprocessor relay may usually perform the same functions as two or more electromechanical devices. Because of the wide variety of load types and requirements, energy users have issues and considerations about how they utilise energy.
Voltage Monitoring Relays Market Snapshot
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Voltage Monitoring Relays Market Dynamics:
Voltage monitoring relays are becoming more popular as demand for reliable and safer voltage monitoring devices for power systems grows. Also, the market's growth is expected to be fueled by the ease with which voltage monitoring relays may be installed during the forecast period. Modernization of power networks and rising need for remote monitoring in the power sector are propelling the voltage monitoring relays market forward at a breakneck pace. The introduction of Internet of Things (IoT)-based voltage monitoring relays has thrown the global voltage monitoring relays market into disarray.

Vendors have been urged to employ loT-based voltage monitoring relays due to the need to collect real-time and historical data. Relays enable real-time circuit monitoring and keep human machine interfaces (HMIs) alert in the event of a circuit fault, improving the use of voltage monitoring relays during the diagnosis period. Voltage monitoring relays based on the Internet of Things also help with circuit and linked device maintenance. The combination of real-time and historical data aids in the pattern detection of circuit defects. Increasing adoption of voltage monitoring relays in sectors such as automotive, oil & gas, chemical, electricity, and water & wastewater treatment facilities is likely to propel the market forward over the forecast period.

Additionally, as spending on electrical power distribution rises, spending on voltage monitoring equipment such as relays rises as well. Voltage monitoring is subject to strict government regulations for safety concerns. Major businesses are increasing their efforts in new product development and innovation, which is expected to boost their efficiency against other companies in the market.

However, as compared with other types of relays, the cost of some monitoring relays, such as rail safety relays, is uneconomical. In the coming decades, this is estimated to restrain the market growth of these relays to a certain point.
Voltage Monitoring Relays Market Segment Analysis:
Based on the Phase, the global Voltage Monitoring Relays market is sub-segmented into Single Phase and Three Phase. The Single Phase segment held the largest market share of xx% in 2022. The existence of a single-phase, 115 V or 208V, is detected by single-phase AC voltage monitoring relays. Because only one relay is required for each line to be monitored, single-phase systems are less complicated than three-phase systems. A single-phase application necessitates a four-wire system, while an industrial transformer monitoring system necessitates a six-wire system. These devices are typically used to manage heavy machinery in factories and power lines that carry electricity over vast distances without interruption from power plants to towns. They can also defend against abrupt surges in electric current, which, if not recognised early enough, can cause excessive temperature rise or burnout in equipment like motors, generators, and transformers.

Also, the three phase segment held the 2nd largest markets share of xx% in 2022. Three-phase voltage is commonly employed in industrial settings. Three-phase AC power is made up of two phases with 180-degree out-of-phase currents and a third phase with the same peak current but flowing in the opposite direction of one or both of the others. For single-phase service, a typical power distribution system will employ 208Y/120 volts, while for three-phase service, 230Y/133 volts is an example. On large motors, 480Y/277 volt (or 400V) is sometimes seen, while 380 Y is sometimes seen between some commercial buildings connected by high-capacity transmission lines like those supplied by TransCanada's Niagara Power Project.

Based on the End-User, the global Voltage Monitoring Relays market is sub-segmented into Utilities, Industrial, Railways and Others. The Industrial segment held the largest market share of xx% in 2022. AC voltage monitoring relays are used in the industrial sector to detect fault current and voltage sags. An AC voltage monitoring relay, for example, is normally monitored by a controller. The operator can take corrective action or use proper tools to evaluate what went wrong in the case of a failure. It also prevents overcurrent damage to devices connected downstream of the AC voltage monitoring relay. This includes ensuring power continuity even after a failure to prevent further harm.
Voltage Monitoring Relays Market, by End User in 2022 (%)

Voltage Monitoring Relays Market Regional Insights:
North America held the largest market share of xx% in 2022. The commercial spaces have increases significantly in the U.S. During the forecast period, the growth of North American manufacturing and the increase of commercial space may promote the market growth of the surveillance relay market. The power generation industry is gaining a foothold in Latin America. Countries such as Brazil, Mexico, and Argentina are working to develop a strong grid infrastructure. Therefore, the surveillance relay market in Latin America is expected to grow at a healthy rate. Europe held the 2nd largest market share of xx% in 2022. The increased use of voltage monitoring relays in many industries has resulted in a significant increase in the growth of the worldwide voltage monitoring relays market in Europe. As growing nations such as China and India quickly urbanize and industrialize, Asia Pacific is likely to be a significant market for voltage monitoring relays in the near future.

The objective of the report is to present a comprehensive analysis of the global Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also helps in understanding the global Market dynamic, structure by analyzing the market segments and project the global Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Market make the report investor’s guide.
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Global Voltage Monitoring Relays Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 3.77 Bn.


Forecast Period 2023 to 2029 CAGR:
5.52%
Market Size in 2029:
US $ 5.50 Bn.


 Segments Covered:
by Phase
Single Phase
Three Phase


by Type
Transmission line
Busbar
Transformer
Feeder
Generator
Motor
Others


by End User
Utilities
Industrial
Railways
Others



Voltage Monitoring Relays Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Voltage Monitoring Relays Market, Key Players are
1. ABB
2. Siemens
3. Eaton
4. PHOENIX CONTACT
5. OMRON Corporation
6. Schneider Electric
7. Littelfuse, Inc
8. Schrack Technik Group
9. Rockwell Automation, Inc.
10. Wabtec Corporation (Mors Smitt)
11. Pilz GmbH & Co. KG
12. Novatek Electro
13. Carlo Gavazzi Automation
14. ETI Elektroelement d.o.o
15. Bender India Private Limited
16. E. Dold & Söhne KG
17. ELKO EP
18. OEM Automatic Ltd
Frequently Asked Questions:
1] What segments are covered in Global Market report?
Ans. The segments covered in global Market report are based on Phase, Application and End-User.

2] Which region is expected to hold the highest share in the global Voltage Monitoring Relays Market?
Ans. North America is expected to hold the highest share in the global Voltage Monitoring Relays Market.

3] What is the market size of global Voltage Monitoring Relays Market by 2029?
Ans. The market size of global Voltage Monitoring Relays Market is expected to reach US $ 5.50 Bn. by 2029.

4] Who are the top key players in the global Voltage Monitoring Relays Market?
Ans. ABB, Siemens, Eaton, PHOENIX CONTACT, OMRON Corporation and Schneider Electric are the top key players in the global Voltage Monitoring Relays Market.

5] What was the market size of global Voltage Monitoring Relays Market in 2022?
Ans. The market size of global Voltage Monitoring Relays Market in 2022 was US $ 3.77 Bn.