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Top Market Shifts Transforming the Relays Market Landscape: Key Insights
Relays
What Is the Expected CAGR for the Relays Market Through 2025?
In recent times, the relays market size has seen a slight increase. The future predicts a growth from $6.59 billion in 2024 to $6.67 billion in 2025, with a compound annual growth rate (CAGR) of 1.2%. Factors that contributed to the growth in the previous period include escalation in renewable capacity additions, usage of IEC 61850 standard for substation automation, transition from electromechanical and static relays to numeric relays, beneficial government policies, and economic expansion in budding markets.
What's the Projected Size of the Global Relays Market by 2029?
In the upcoming years, the relays market is predicted to experience robust growth, with its worth expected to reach $8.13 billion by 2029, witnessing a compound annual growth rate (CAGR) of 5.1%. This anticipated surge during the forecast spell can be ascribed to factors such as increased electricity usage, the advancement of intelligent power grids, the progressive adoption of electric vehicles, as well as the expanding incorporation of automotive safety technology. During this forecast period, major trends include investments towards eco-efficient solutions that reduce environmental impact and promote sustainability, the incorporation of electromagnetic relays for optimal resource utilization, the creation and advancement of specialized relays catered to specific industries, the development of multipurpose relays, and an emphasis on mergers and acquisitions to extend market share through access to a broader customer base.
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Top Growth Drivers in the Relays Industry: What's Accelerating the Market?
The global expansion of solar energy projects, backed by increasing investments, will likely fuel the growth of the relays market in the projected period. As a key element in solar energy installations, relays play a significant role in disconnecting high DC voltages. Wood Mackenzie Limited, a US-based company specializing in energy transition data, reported in December 2023 that the DC capacity installed in the US solar industry during Q3 2023 was 6.5 GWdc, indicating a 35% increase from Q3 2022's 4.8 GWdc. Plus, the total utility-scale solar installation in the United States in 2022 amounted to about 17 GWdc and escalated to nearly 23 GWdc in 2023. Hence, the growth of the relays market is spurred by the upsurge in solar energy project investments.
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Which Fast-Growing Trends Are Poised to Disrupt the Relays Market?
The automotive industry is increasingly utilizing plug-in relays due to their lighter weight compared to electromechanical relays. They have the capability to manage high-rated current and operating voltage, similar to their electromechanical counterparts. Such relays are employed for car functionalities like electrically heated catalytic converters, controller for heaters, windscreen wipers, motors and pumps, as well as body electronics including door locks, seat adjustments, window lifters, and more. For example, Omron's range of plug-in automotive relays from 20A to 70A is employed for automotive applications like arter motors, heater controls, windscreen wipers, and any applications necessitating high continuous current switching.
What Are the Main Segments in the Relays Market?
The relays market covered in this report is segmented -
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 Applications
4) By End-User: Utilities, Industrial, Railways, Others End users
Subsegments:
1) By Latching Relay: Electromechanical Latching Relay, Solid State Latching Relay
2) By Solid State Relay: DC Solid State Relay, AC Solid State Relay
3) By Automotive Relay: General Purpose Automotive Relay, Miniature Automotive Relay, Heavy-Duty Automotive Relay
4) By Electromechanical Relay: Single Pole Relay, Double Pole Relay, Time Delay Relay
5) By Other Types: Reed Relay, Mercury Relay, Hybrid Relay
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Which Top Companies are Driving Growth in the Relays Market?
Major companies operating in the relays market include Siemens, Schneider Electric, TE Connectivity, ABB Ltd., Eaton Corporation, Toshiba, Mitsubishi Electric Corporation, Omron Corporation, General Electric, Fujitsu Ltd., Xiamen Hongfa Electroacoustic Co., Ltd, Shanghai Hugong Auto-Electric Co., Ltd., Hitachi, Ltd., Areva T&D India Ltd., Alstom SA, Song Chuan Group, Guizhou Space Appliance Co., Ltd., Dongguan Sanyou Electrical Appliances Co., Ltd., Zhejiang HKE Relays Co., Ltd., Ningbo Forward Relays Co., Ltd., Audix Technology, DARE Electronics, Inc., Leone Systems, Ashida Electronics Pvt. Ltd., Control &Relays Electric Limited, Mitsuba Corporation, Tatsumi Industry, Kamigumi CO, Panasonic industries Devices, Nissin Corp., Crydom Corp, Crouzet, Finder, Wieland, S&C Electric Company, Powell Industries, G&W Electric, Abunayyan Holding Company, Afcon, Actom, Matelec Group, Egyptian German Electrical Manufacturing Co
Which Regions Will Dominate the Relays Market Through 2029?
Asia-Pacific was the largest region in the relays market in 2024. North America was the second-largest region in the global relays market share. The regions covered in the relays market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Table of Contents
1 Study Coverage
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