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Relays Market Growth Driven by Increase in Renewable Capacity and Emerging Industry Trends
Relays Market Size
What Is The Projected Market Size Of The Global Relays Market And Its Growth Rate?
• The relays market size is expected to increase from $6.71 billion in 2024 to $6.92 billion in 2025, growing at a compound annual growth rate (CAGR) of 3.1%.
• Key growth drivers include increased renewable capacity additions, adoption of IEC 61850 standard for substation automation, and replacement of electromechanical and static relays with numeric relays.
• The market is forecasted to reach $8.46 billion in 2029 at a CAGR of 5.2%, propelled by rising power consumption, implementation of smart power grids, increased adoption of electric vehicles, and growing adoption of vehicular safety technology.
What Is Driving The Growth In The Relays Market?
The relays market growth is primarily driven by increasing global investments in solar energy projects. The relays, designed to cut off high DC voltages, play a critical role in solar energy projects. For instance, the DC installed in the US solar industry witnessed a 35% growth from Q3 of 2022's 4.8 GWdc to Q3 of 2023's 6.5 GWdc, according to Wood Mackenzie Limited, a US-based energy transition data company. This rising investment in solar energy projects is anticipated to significantly propel the growth of the relays market.
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Who Are the Key Players Driving Relays Market Growth?
Keystone players operating in the relays market are:
• Siemens
• Schneider Electric
• TE Connectivity
• ABB Ltd.
• Eaton Corporation
• Toshiba
• Mitsubishi Electric Corporation
• Omron Corporation
• General Electric
• Fujitsu Ltd.
What Are The Key Trends In The Relays Market?
• Investments in eco-efficient solutions for environmental sustainability
• Increased use of electromagnetic relays for optimum resource utilization
• Development and promotion of specialized relays for specific industries
• Focus on developing multipurpose relays
• Merger and acquisition activities to increase market share
What Are The Segments Of The Global Relays Market?
1) By Type: Latching Relay, Solid State Relay, Automotive Relay, Electromechanical Relay, Other Types
2) By Voltage: Relays < 60 Volts, Relays > 60 Volts
3) By Application: Military, Industrial Automation, Electronics, Others
4) By End-User: Utilities, Industrial, Railways, Others
Which Region Leads The Relays Market?
In 2024, Asia-Pacific held the largest share of the relays market followed by North America. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Relays Market Global Market Report?
- Market Size Analysis: Analyze the Relays Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Relays Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Relays Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Relays Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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