Relay Market to Reach $13 Billion, Globally, by 2032 at 6.9% CAGR: Allied Market Research
The relay market is driven by factors such as increasing demand for automation across industries. The expanding scope of automation in manufacturing, telecommunications, automotive, energy, and other sectors fuels the demand for relays, contributing to market growth.
Wilmington, Delaware, March 07, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “*Relay Market** by Type (Protection Relay, Time Relay, **Monitor** and Control Relay,* *General Purpose Relays and Others), Mounting (**DinRail**, PCB Mount, Panel Mount, and Plug In), and End User (Automotive, Communication and Technology, Industrial Automation, Power Generation and Distribution and Others). *According to the report, the global relay market was valued at $6.7 billion in 2022 and is estimated to reach $12.9 billion by 2032, exhibiting a CAGR of 6.9% from 2023 to 2032. *Download Research Report Sample & TOC: *
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· 250– Pages
· 158– Tables
· 55– Charts
*Prime determinants of growth*
The relay market is expected to witness notable growth owing to growth in telecommunications networks and expansion of renewable energy projects and smart grid initiatives. Moreover, the integration of relays with IoT platforms enables remote monitoring, control, and automation which is expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, rapid advancements in technology require constant innovation and adaptation and presents integration challenges which limits the growth of the relay market.
*Report coverage & details:*
*Report Coverage* *Details*
Forecast Period 2022–2032
Base Year 2022
Market Size In 2022 $6.7 Billion
Market Size In 2032 $12.9 Billion
CAGR 6.9%
No. Of Pages in Report 250
Segments Covered Type, Mounting Type, End User, And Region
Drivers Increasing Adoption of Automation Across Industries Rising Investments in Smart City Projects Increasing Vehicle Electrification and Automation
Opportunities Integration Of Relays with IoT Platforms
Restraints Fluctuations In Economic Conditions and Geopolitical Tensions
*The* *time relays segment to **maintain** its leadership status throughout the forecast period* Based on type, the time relays segment held the highest market share in 2022, accounting for nearly two-sixths of the global relay market revenue and is estimated to maintain its leadership status throughout the forecast period. Time relays dominate the market due to their critical function in industrial automation, providing essential timing capabilities for coordination and efficiency. Their versatility, reliability, ease of integration, and cost-effectiveness meet the rising need for precise timing control across diverse industries.
*The* *PCB mount segment to **maintain** its leadership status throughout the forecast period*
Based on mounting, the PCB mount held the highest market share in 2022, accounting for nearly one-third of the global relay market revenue and is estimated to maintain its leadership status throughout the forecast period. The segment for PCB mounts is projected to manifest the highest CAGR of 8.07% from 2023 to 2032, due to their widespread adoption in small electronic devices, easy integration onto printed circuit boards, reliable operation, efficiency, and ongoing technological progress. These factors contribute to their prominence in fulfilling the changing requirements of diverse industries.
*The* *Industrial Automation segment is expected to have highest revenue by the end of 2032*
Based on end user, power generation and distribution held the highest market share in 2022, accounting for more than one-fourth of the global relay market revenue. However industrial automation is estimated to grow at a faster CAGR throughout the forecast period, due to the increasing deployment of automated systems across manufacturing and industrial sectors. This surge in automation necessitates robust relay solutions to facilitate precise control and seamless integration within complex industrial processes, thereby fueling the demand for relays and contributing to a faster Compound Annual Growth Rate (CAGR) within this segment.
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*Asia-Pacific to **maintain** its dominance by 2032*
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global relay market revenue owing to the region's rapid industrialization, expanding manufacturing sector, and significant investments in infrastructure projects which drive demand for relays. Moreover, the increasing adoption of automation technologies across various industries, coupled with the growth of telecommunications networks and automotive production, further contribute to the dominance of the Asia-Pacific region in the relay market.
*Key Industry Development –*
· *March 2022*, OMRON launched a Compact Non-leaded MOSFET Relay. This new MOSFET relay combines a high ambient operating temperature range and high current rating (200V 0.35A) in a small-sized surface mount format, making it an ideal choice for test and measurement equipment.
· *December 2021*, TE Connectivity (TE) acquired force-guided narrow safety relay (NSR) technology from the Phoenix Contact Group. The acquisition added a single pole, force-guided relay offered to TE’s relay portfolio for the factory automation, elevator and rail markets.*Leading Market Players: -*
· ABB Group
· Siemens AG
· Schneider Electric
· Eaton Corporation
· TE Connectivity
· Omron Corporation
· Mitsubishi Electric Corporation
· Rockwell Automation
· Fuji Electric Co., Ltd.
· Panasonic Corporation
The report provides a detailed analysis of these key players of the global relay market. These players have adopted different strategies such as product launch, acquisition and partnership and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario
*Key Benefits for Stakeholders*
· To provide an accurate view of future investment pockets, this study provides analytical estimates for relay market size along with current trends and estimations.
· In order to be able to achieve a more prominent position, the overall relay market analysis is based on an understanding of prevailing profitability trends.
· The report presents information related to key drivers, restraints, and relay market opportunity with a detailed impact analysis.
· In order to measure financial competence, relay market forecasts shall be quantitatively analyzed from 2022 until 2032.
· The Porter’s Five Forces analysis shows that buyers and suppliers are more powerful in the relay market.
· Key vendor shares and relay market trends are included in the report.
*Relay Market Key Segments:* *By Type:*
· Protection Relay
· Time Relay
· Monitor and Control Relay
· General Purpose Relays
· Others
*By Installation:*
· Din Rail Mount
· PCB Mount
· Panel Mount
· Plug In
*By Application:*
· Automotive
· Communication and Technology
· Industrial Automation
· Power Generation and Distribution
· Others
*By Region:*
· *North America *(U.S., Canada, Mexico)
· *Europe* (Germany, UK, France, Spain, Italy, Rest of Europe)
· *Asia-Pacific* (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
· *LAMEA *(Brazil, Saudi Arabia, UAE, South Africa, Rest of LAMEA)
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