PUBLISHER: The Business Research Company | PRODUCT CODE: 1217049
PUBLISHER: The Business Research Company | PRODUCT CODE: 1217049
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“Relays Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on relays market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for relays ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The relays market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Companies Mentioned: Omron; Crydom Corp; Comus International; Eaton; TE Connectivity
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.
Major players in the relays market are: Omron, Crydom Corp, Comus International, Eaton, TE Connectivity, Fujitsu, Fuji Electric, ABB, Teledyne, Hongfa, and Ningbo Forward.
The global relays market will grow from $6.55 billion in 2022 to $6.83 billion in 2023 at a compound annual growth rate (CAGR) of 4.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The relays market is expected to grow to $8.76 billion in 2027 at a CAGR of 6.4%.
The relays market consists of sales of latching relays, solid state relays, automotive relays, overload protection relays, electromechanical relays, and other relays. Values in this market are: 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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.
Asia Pacific was the largest region in the relays market in 2022. North America was the second-largest region in the relays market. The regions covered in the relays market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of relays are latching relay, solid-state relay, automotive relay, overload protection relay, electromechanical relay, and others. A latching relay refers to a relay that retains its contact position after the control power has been removed. Latching relays enable a customer to control a circuit with a single pulse to the relay control circuit. Relays are operated in various voltages including low, me,dium and high. The relays are used for military, industrial automation, electronics, and other applications by utilities, industrial, railways, and other end-users.
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.
High power consumption by relays and the presence of alternatives such as optocouplers (opt-isolators) are acting as a restraint on the relays market. Relays are used to turn on or turn off a circuit electronically or electromechanically. Relays pose a problem in cases where power consumption needs to be kept minimum. For instance, to switch on a small LED light, the power consumed by the relay could be more than the power consumed by the light. Also, PV solar systems may require larger solar panels and batteries to compensate for the excess power consumption by relays. This increases costs and limits the usage of relays in such applications.
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.
In May 2021, Standex Electronics, US-based company operating in electronics component manufacturer acquired American Relays, Inc for an undisclosed amount. Through this acquisition, Standex Electronics aims to strengthen its position in the North American relay market. American Relays, Inc is an US-based company in manufacturing of reed switch-based relays.
The countries covered in the relays market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The relays market research report is one of a series of new reports from The Business Research Company that provides relays market statistics, including relays industry global market size, regional shares, competitors with a relays market share, detailed relays market segments, market trends, and opportunities, and any further data you may need to thrive in the relays industry. This relays market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.