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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.