Overview and Scope
Relays are electric switches that use electromagnetism to convert small electrical stimuli into larger currents. Relays make and break circuit contact with the help of a signal without any human involvement to switch it ON or OFF.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the relays market in 2023. North America was the second-largest region in the global relays market share. The regions covered in the relays market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the relays market report are Siemens, Schneider Electric, TE Connectivity, ABB Ltd., Eaton Corporation, Toshiba, Mitsubishi Electric Corporation, Omron Corporation, General Electric, Fujitsu Ltd., Xiamen Hongfa Electroacoustic Co., Ltd, Shanghai Hugong Auto-Electric Co., Ltd., Hitachi, Ltd., Areva T&D India Ltd., Alstom SA, Song Chuan Group, Guizhou Space Appliance Co., Ltd., Dongguan Sanyou Electrical Appliances Co., Ltd., Zhejiang HKE Relays Co., Ltd., Ningbo Forward Relays Co., Ltd., Audix Technology, DARE Electronics, Inc., Leone Systems, Ashida Electronics Pvt. Ltd., Control &Relays Electric Limited, Mitsuba Corporation, Tatsumi Industry, Kamigumi CO, Panasonic industries Devices, Nissin Corp., Crydom Corp, Crouzet, Finder, Wieland, S&C Electric Company, Powell Industries, G&W Electric, Abunayyan Holding Company, Afcon, Actom, Matelec Group, Egyptian German Electrical Manufacturing Co
The relays market report table of contents includes:
1. Executive Summary
2. Relays Market Characteristics
3. Relays Market Trends And Strategies
4. Relays Market – Macro Economic Scenario
5. Global Relays Market Size and Growth
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32. Global Relays Market Competitive Benchmarking
33. Global Relays Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Relays Market
35. Relays Market Future Outlook and Potential Analysis
36. Appendix
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