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Smart Grids to Offer Sustainable Growth Solutions to Global Relays Manufacturers in Long Term
Transparency Market Research states that industrial automation is expected to remain the most attractive segment for the leading relay manufacturers, owing to the escalating demand to reduce human intervention on shop floors worldwide.
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Smart Grid Implementations Provide High Scope of Use for Relays
“Smart grids are the next big step in optimizing power consumption on a national and international scale,” explains a TMR analyst. “Smart grids can incept a great deal of efficiency, power stability, reliability, and sustainability in a power grid, and they can do so with the help of advanced relays.” The rapidly growing demand for smart grids is therefore a prime driver for the global market for relays.
Relays also help prevent overloads and fluctuations in a regular power grid and therefore its manufacturers receive a consistent demand from the power industry in general.
Market Fragmentation Restraining Technological Advancement of Relays
A large number of regional manufacturers of relays exist in its global market and a lot more are entering it. These local and regional players offer lower grade relays for cheaper prices as compared to the globally recognized relay brands. At the same time, the technologies they offer are quite the same as those offered by globally prominent players. As a result, the overall growth rate and level of product innovation for relays is considerably stifled.
Local players gain an advantage in the case of relays due to their geographical proximity to other local industries, due to which they can cater to their more specific demands. This is something global relay manufacturers cannot do at a similar level of detail.
Growth of Asia Pacific Auto and Other Industrial Infrastructure Propels Relay Consumption
The global market for relays is expected to progress at a CAGR of 7.7% within a forecast period from 2015 to 2021, in terms of revenue. By 2021, this market is expected to be valued at US$16.24 bn, owing to factors such as the global proliferation of smart power grids.
Relay manufacturers have consistently received high demand from the industrial automation industry, a field which is expected to generate a revenue of US$3.60 bn for the global relays manufacturers by 2021.
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Asia Pacific leads the global demand for relays by a considerable margin. The relays market in this region is expected to generate revenues of US$7.15 bn by 2021. This is caused by the rapid increase in implementation and demand for smart grids and solar power projects – a trend that applies especially to India and China.
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TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business Contact.
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