Global HVAC Relay Market to Witness a Pronounce Growth by 2026 | Eaton Corporation, Siemens AG, General Electric, ABB Ltd., Toshiba Corporation
Relays are a type of an electrical circuit or switch that control the opening or closing of a different electrical circuit either electronically or electromagnetically. HVAC relay is a major component of HVAC control system. It is used to control the operation of a HVAC system. HVAC relay is described as a switch that is generally used to control the operation of small capacity compressors, fan motors of condensers, evaporators, and cooling tower motors. It is used to switch on or off an HVAC equipment. In general, HVAC relays control large voltage equipment with low power control signal, which actuates or stops the relay as per design or arrangement of the relay circuit.
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Increase in demand for HVAC systems in the automotive industry for automotive climate control is expected to drive the demand for HVAC relay, as the demand for automobiles is increasing across the globe. Rise in construction of non-residential buildings and growth in investments in the sector are also driving the HVAC relay market. Implementation of stricter government regulations and policies regarding energy efficiency and savings is expected to shift the focus toward ‘green buildings’ and smarter HVAC systems. This, in turn, is anticipated to boost the market for HVAC relay. However, high initial setup costs of HVAC systems are likely to hamper the market in the near future.
This report analyzes and forecasts the market for HVAC relay at the global and regional level. The market has been forecast based on revenue (US$ Mn) from 2018 to 2026, considering 2017 as the base year. The study includes drivers and restraints of the global HVAC relay market. It also covers impact of these drivers and restraints on demand for HVAC relay during the forecast period. The report also highlights opportunities in the HVAC relay market at the global and regional level.
The report includes detailed value chain analysis, which provides a comprehensive view of the global HVAC relay market. Porter’s Five Forces model for the HVAC relay market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, where in type and application are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global HVAC relay market by segmenting it in terms of type and application. In terms of type, the HVAC relay market can be classified into electromagnetic relay, solid state relay, thermal relay, hybrid relay, and others. In terms of application, the market can be divided into automotive, residential, commercial, and industrial. These segments have been analyzed based on present and future trends. Regional segmentation includes current and forecast demand for HVAC relay in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The report provides the actual market size of HVAC relay for 2017 and estimated market size for 2018 with forecast for the next eight years. The global market for HVAC relay has been provided in terms of revenue. Market revenue has been defined in US$ Mn. Market numbers have been estimated based on type and application of HVAC relay. Market size has been provided in terms of global, regional, and country level markets.
The report comprises profiles of major companies operating in the global HVAC relay market. Key players in the HVAC Relay market are TE Connectivity Limited, Control & Switchgear Electric Limited, Eaton Corporation, Siemens AG, General Electric, ABB Ltd., Littlefuse Inc., Hitachi Ltd., Mitsubishi Electric Corporation, Rockwell Automation, Inc., Toshiba Corporation, and Schneider Electric. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, regional presence, and recent developments.
The global HVAC relay market has been segmented as follows:
HVAC Relay Market, by Type
HVAC Relay Market, by Application
The electromagnetic relay segment accounts for prominent share of the market due to the lower cost and simplicity of working of these relays
Increase in demand for automobiles and rise in demand for HVAC systems in residential, commercial, and industrial segments is likely to drive the HVAC relay market in the near future
In terms of application, the industrial segment is anticipated to expand at a significant pace during the forecast period
Residential segment is the major application segment of the HVAC relay market
Asia Pacific is anticipated to dominate the market during the forecast period
The market in Asia Pacific is expected to expand at a faster pace than that in other regions during the forecast period
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