The relay market size is estimated to be USD 9.0 billion by 2022 and is projected to reach USD 14.7 billion by 2030, at a CAGR of 6.3%. With rising automation and technology upgrades in industries, the demand for devices with control and protection functions has increased. Timing relays are control devices that provide time-based control, which allows users to close or open contacts based on a particular timing function. These relays find application in industrial control logic circuits for flashing light control, furnace safety purge control, engine auto start control, and motor soft start delay control. Relays are deployed in a wide range of industries such as water and wastewater, automotive, cement, and food and beverage. Equipment such as motors, starters, and pumps are used while carrying out operations in these end-user industries. Relays are fixed to such equipment to achieve certain time delays. Relays provide optimum time sequences, error indications, selective shutdown, and are flexible and easy to handle even in small distribution boxes. The increasing demand for control devices is driving the global relay market.
Electromechanical Relay: The largest- growing segment of the relay market
Based on by type of relay , the Electromechanical Relay is estimated to be the largest-growing market from 2022 to 2030.Rising energy prices are driving the demand for advanced electromechanical relays to reduce power consumption.
The rising number of renewable energy projects is also fueling the demand for high-capacity electromechanical relays, thus positively impacting the growth of the global relay market.Increasing demand for electromechanical relays due to their low cost, long operation life, less power consumption, and easy maintenance is augmenting the market growth.
Companies such as Schneider Electric and ABB are engaged in providing electromechanical relays.
Automotive industry: The largest segment by application in relay market
The Automotive segment, by application, is projected to hold the largest market share during the forecast period.Relays in automobiles enable a small current flow circuit to control and operate a higher current circuit in various applications.
Common locations of relays include within the engine, lighting, steering, and air conditioner.There are multiple applications of relays in automobiles for example, Door Lock, Power Window, Sunroof, Power & Heated Seat, EPS, Exterior Lighting, Fuel Injection, Air Conditioner, Starter, ABS, Traction Control System, Cooling Fan Control, and Engine Management Modules.
Therefore, relays will witness high demand during the forecast period.
High Voltage Relays: The fastest segment by voltage-range in relay market
The High Voltage segment, by voltage-range, is projected to hold the fastest market share during the forecast period.New transmission line projects in the Asia Pacific will likely propel the high-voltage relays market.
Owing to their high voltage range (33 kV and above), high voltage relays are widely used in high voltage substations and other high voltage transmission infrastructure.The segment is expected to grow in the Asia Pacific region, where new transmission lines are being erected as a part of the Electricity for All Scheme.
Growth in North America and Europe is driven by the upgradation of existing transmission infrastructure to accommodate future hikes in renewable energy in the grid. Schweitzer Engineering, ABB, AMETEK, and Arcteq are some of the key manufacturers of the high-voltage relay in the market.
Europe: The second largest-growing region in relay market
Europe is estimated to hold the second-largest market share in the relay market. The increased investment in renewables, in addition to the deployment of new power generation facilities, refurbishment of existing power plants, high demand for automobiles and home appliances, and the installation of new transmission and distribution infrastructure in the region is expected to drive the market for relays during the forecast period.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
• By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%
• By Region: Asia Pacific- 45%, North America- 25%, Europe- 20%, and RoW - 10%.
Note: Others includes sales managers, engineers, and regional managers.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The leading players in the relay market include ABB (Switzerland), Schneider Electric (France), Legrand (France), Eaton (Ireland), and Cisco Systems (US),
The report explains, describes, and forecasts the global relay market, by type, by application, by voltage range, by mounting type, and region.
It also offers a detailed qualitative and quantitative analysis of the relay market.The report provides a thorough review of the major market drivers, restraints, opportunities, and challenges.
It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the relay market.
Key Benefits of Buying the Report
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the relay market and provides them information on key market drivers, restraints, challenges, and opportunities.