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Relay And Industrial Controls Market Size, Analysis Overview And Forecast 2024-2033
Relay And Industrial Controls Market Size
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According to The Business Research Company's, The relay and industrial controls market size has grown steadily in recent years. It will grow from $153.29 billion in 2023 to $160.9 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to electrification of industries, automation and control systems, infrastructure development, regulatory and safety standards.
The relay and industrial controls market size is expected to see steady growth in the next few years. It will grow to $190.24 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to industry 4.0 and digital transformation, energy efficiency and sustainability, smart manufacturing and iot, urbanization and infrastructure expansion, electric vehicles and transportation electrification. Major trends in the forecast period include digitalization and connectivity, plc and hmi integration, energy-efficient motor control, safety and compliance, customization and scalability.
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Market Drivers and Trends:
The relay and industrial controls market is expected to be supported by rapid growth in investments in smart city projects in many countries globally. Industrial controls are being designed using artificial intelligence (AI) and the internet of things (IoT) that can support energy, telecommunications, surveillance, and other services. Smart city technologies are integrated with electrical and electronic components, therefore benefitting the companies operating in this relay and industrial controls market. For instance, in 2023, according to the IMD Smart City Index Report, a Switzerland-based business school, the city coverage of the SCI index and report increased by almost 20%, bringing the total number of smart cities to 141.
Plug-in relays are increasingly being used in the automotive sector due to their light weight compared to electromechanical relays. These relays can handle high-rated current and operating voltage similar to that of electromechanical type relays. Plug-in relays are being used in automobile applications such as electrically heated catalytic converters, heater controls, windscreen wipers, motors and pumps, and body electronics, such as door locks, seat controls, window lifters, and others. For instance, Omron's plug-in automotive relays that range from 20A to 70A are used in automotive applications such as artery motors, heater controls, windscreen wipers, and any applications that require high continuous current switching.
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Major Key Players of the Market:
ABB Ltd, Siemens, Honeywell International Incorporation, Emerson Electric Company, Schneider Electric SA, Mitsubishi Electric Factory Automation, Omron Corporation, Rockwell Automation, Yokogawa Electric Corporation, Fuji Electric, Alstom, Crydom Corp, Coto Technology, Fujitsu Ltd, StandexMeder Electronics GmbH, Teledyne Relays Inc, Comus International, 3D Systems Corporation, HP Inc. (Hewlett-Packard Company), FANUC Corporation, STRATASYS Ltd., Progea (Progea Automation Software Srl), Hitachi Ltd., Vega Grieshaber KG, Danfoss A/S, CHINT Electrics, IDEM Safety Switches Ltd., Delta Electronics Inc., Crouzet Automatismes SAS, Sensata Technologies Holding plc, Schaltbau Holding AG, Phoenix Mecano AG, Weidmüller Interface GmbH & Co. KG, Sprecher Automation GmbH, IDEC Corporation, Carlo Gavazzi Holding AG, Balluff GmbH, Turck Inc., IFM Electronic GmbH, Banner Engineering Corp
Relay And Industrial Controls Market 2024 Key Insights:
• The relay and industrial controls market size is expected to see steady growth in the next few years. It will grow to $190.24 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%.
• Rapid Growth In Smart City Investments Driving Relay And Industrial Controls Market
• Popularity Of Plug-In Relays In The Automotive Industry
• Asia-Pacific was the largest region in the relay and industrial controls market in 2023
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