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Relays Market Evolving Technology, Trends and industry Analysis 2021
The implementation of smart power grids is one of the top priorities for most countries. It is catching on as a concept in developing economies at a rapid rate, and is already being implemented in several parts of developed countries. The scope of relays in an automated power grid is massive at they can help control all communication and distribution between the consumer and the supplier. This forms the key driver for all relay manufacturers around the world.
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Additionally, players in the global relay market are also seeking greater opportunities in the field of wireless communication, where the high demand for multiband wireless tech has allowed for a wide-scale usage of mobile stations, relays, and cells. The demand for relays is also high in the solar power industry, where high capacity power relays are used to safely cut of DC voltages as required.
The market for relays is, however, currently restrained by the impact of their life spans on overall cost savings involves, and the large percentage of regional players in the mix leading to a more unorganized market.
The resultant of all the above factors of influence, and more, can be seen on the global relays market, which is progressing at a CAGR of 7.7% from 2015 to 2021. This market is expected to be valued at US$16.24 bn by the end of 2021.
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Asia Pacific Industrial Growth Radically Benefits Relay Manufacturers
The global demand for relays as a whole is being driven by the implementation of smart grids and multiband wireless tech. This applies on a much higher scale to Asia Pacific, which is expected to hold 44% of the market value for relays by 2021. It will consistently be the region to consume the largest quantity of relays, especially given the dynamic industrial scenario of India, Japan, and China. The contribution of these countries to the demand for relays from APAC is primarily the result of the rapid rate of industrialization and the introduction of modern power distribution and networking practices.
Several transmission and distribution systems in Asia Pacific are currently under overhaul, which is creating an additional demand for relays and other power grid components. The region is also showing a growing amount of interest in solar, wind, and tidal energy, increasing the need of larger power grids and therefore, relays and other components.
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