Relays Market Share, Analysis, Growth, Trends And Industry Report 2022-2031
According to The Business Research Company's relays market report, 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 decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. 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.
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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The Relays Market Is Segmented -
a. Latching Relay
b. Solid State Relay
c. Automotive Relay
d. Electromechanical Relay
b. Industrial Automation
a. Relays < 60 Volts
b. Relays > 60 Volts
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia Pacific was the largest region in the Relays market.
Major competitors in the Relays market include Siemens AG, Schneider Electric, TE Connectivity, ABB Ltd., Eaton Corporation
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The relays market consists of sales of relays and related services by entities (organizations, sole traders and partnerships) that produce relays that are used in various applications such as in industrial automation, electronics, automotive, military and aerospace and similar other applications. 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 in order to switch it ON or OFF. They are used mostly to control a high-powered circuit using a low power signal.
The Table Of Content For The Relays Market Include:
1. Relays Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
20. Global Relays Market Competitive Landscape
21. Key Mergers And Acquisitions In The Relays Market
22. Relays Market Opportunities And Strategies
23. Relays Market, Conclusions And Recommendations
The Business Research Company's "Global Relays Opportunities And Strategies Market Report - Forecast To 2030" is the most comprehensive report available in market, providing data and statistics from over 60 geographies analyzed in more than 2500 market segments. The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country. Additionally, it evaluates the market's historic and projected growth and identifies significant trends and strategies that can be used to outperform the competitors in the sector.
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