The Relays by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Relays, The relays market size has grown steadily in recent years. It will grow from $6.86 billion in 2023 to $7.05 billion in 2024 at a compound annual growth rate (CAGR) of 2.8%. The growth in the historic period can be attributed to increase in renewable capacity additions, adoption of iec61850 standard for substation automation, replacement of electromechanical and static relays with numeric relays, favorable government initiatives and economic growth in emerging markets.
The relays market size is expected to see strong growth in the next few years. It will grow to $8.65 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to rise in power consumption; implementation of smart power grids; increasing adoption of electric vehicles; and growing adoption of the vehicular safety technology. Major trends in the forecast period include investing in in eco-efficient solutions for minimizing the impact on the environment and attaining sustainability, investing in electromagnetic relays to ensure optimum utilization of resources, developing and promoting specialized relays for specific industries, developing multipurpose relays and focusing on mergers and acquisition activities to increase market share by having access to a wider consumer base.
Increasing investments in solar energy projects globally are expected to drive the relays market in the forecast period. Relays are used in solar energy projects to cut off high DC voltages. For instance, in September 2021, according to the U.S Department of Agriculture, US-based federal executive department responsible for farming, forestry, and rural economic development, announced the investment of $ 464 million to build and improve renewable energy infrastructure to assist businesses, agricultural producers, and rural communities in the lower 48 states and Puerto Rico in lowering their energy expenses. With an increasing demand for solar energy projects, relay manufacturers are now offering relays compatible with solar energy systems. For instance, Fujitsu is offering relays designed especially for solar applications.
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The relays market covered in this report is segmented –
1) By Type: Latching Relay, Solid State Relay, Automotive Relay, Electromechanical Relay, Other Types
2) By Voltage: Relays < 60 Volts, Relays > 60 Volts
3) By Application: Military, Industrial Automation, Electronics, Others Applications
4) By End-User: Utilities, Industrial, Railways, Others End users
Plug-in relays are increasingly being used in the automotive sector due to their light weight compared to electromechanical relays. These relays can handle high-rated current and operating voltage similar to that of electromechanical type relays. Plug-in relays are being used in automobile applications such as electrically heated catalytic converters, heater controls, windscreen wipers, motors and pumps, and body electronics, such as door locks, seat controls, window lifters, and others. For instance, Omron’s plug-in automotive relays that range from 20A to 70A are used in automotive applications such as arter motors, heater controls, windscreen wipers, and any applications that require high continuous current switching.
The relays market report table of contents includes:
- Executive Summary
- Relays Market Characteristics
- Relays Market Trends And Strategies
- Relays Market – Macro Economic Scenario
- Global Relays Market Size and Growth
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- Global Relays Market Competitive Benchmarking
- Global Relays Market Competitive Dashboard
- Key Mergers And Acquisitions In Relays Market
- Relays Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Siemens
- Schneider Electric
- TE Connectivity
- ABB Ltd.
- Eaton Corporation
- Toshiba
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