Press release
Relays Market Forecast To 2023 – Driven By Industry Major Players, Dynamics, Future Opportunities, Revenue and Growth
The Business Research Company
The global relays market reached a value of nearly $29,265.8 million in 2019, having increased at a compound annual growth rate (CAGR) of 6.0% since 2015. The market is expected to decrease from $29,265.8 million in 2019 to $27,416.7 million in 2020 at a rate of -6.3%. The market is then expected to recover and grow at a CAGR of 9.8% from 2021 and reach $34,423.4 million in 2023.
The Key drivers of the relays market include:-
Developed and developing countries across the world are investing in the construction of smart power grids and this factor is expected to drive the market for relays in the forecast period. Smart grids are modern electric power grid infrastructure for enhanced efficiency and reliability, and operate through automated control, high-power converters, modern communications infrastructure, sensing and metering technologies, and modern energy management techniques
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Relays Market Segmentation:-
By Type
1. Latching Relay
2. Solid State Relay
3. Automotive Relay
4. Electromechanical Relay
5. Others
The automotive relays market was the largest segment of the relays market segmented by type, accounting for 38.9% of the total in 2019. Going forward automotive relays segment is expected to be the fastest growing segment in the relays market, at a CAGR of 4.8% during 2019-2023.
By Application
1. Military
2. Industrial Automation
3. Electronics
4. Others
The others segment was the largest segment of the relays market segmented by application, accounting for 46.4% of the total in 2019. Going forward, industrial automation segment is expected to be the fastest growing segment in the relays market, at a CAGR of 4.9% during 2019-2023.
By Voltage
1. Relays < 60 Volts
2. Relays > 60 Volts
The relays < 60 volts segment was the largest segment of the relays market segmented by voltage, accounting for 51.3% of the total in 2019. Going forward, it is also expected to be the fastest growing segment in the relays market, at a CAGR of 6.0% during 2019-2023.
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By Geography - The relays market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa
Some of the major key players involved in the relays market are
1. Siemens AG
2. Schneider Electric
3. TE Connectivity
4. ABB Ltd.
5. Eaton Corporation
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.
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