CHICAGO, Feb. 21, 2023 /PRNewswire/ -- Relay Market is projected to reach USD 14.7 billion in 2030 from USD 9.0 billion in 2022 at a CAGR of 6.3% according to a new report by MarketsandMarkets. A relay is an electronic control device that has a control system (also called an input loop) and a controlled system (also called an output loop) and is usually used in automatic control circuits. It is an "automatic switch" that uses a smaller current to control a larger current. Relay plays the role of automatic adjustment, safety protection, and conversion circuit in the circuit.
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Browse in-depth TOC on "Relay Market"
162 - Tables
50 - Figures
243 - Pages
Relay Market Scope:
Report Coverage | Details |
Market Size | USD 14.7 billion in 2030 |
Growth Rate | 6.3% of CAGR |
Largest Market | Asia Pacific |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2022-2030 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, by Application, by Voltage-Range, by Mounting Type |
Geographies Covered | Asia Pacific, North America, Europe, and Rest of the World (RoW) |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Increasing power demand and investments in smart grid infrastructure |
Key Market Drivers | Rising investments in renewable energy resources |
Panel Mounting Type is expected to result in the segment occupying majority of the Relay Market share
Panel mounted relays are designed to be easily mounted on flat panels or heat sinks with screws. Panel mounted relays are the most preferred as they can be plugged into a socket or mounted on a panel. This has resulted in the largest market share of 30.7% of the panel segment in the global Relay Market in 2021. The panel mount type design allows end-users easy access to set-point and various function changes. This is one of the key reasons for the highest CAGR of 5.4%, from 2020 to 2030, of the panel segment in the global Relay Market. Panel mounted relays are deployed in heating/air conditioning, heat pumps, waste treatment, medical equipment, access control, and water and air treatment. The overall growth of these application industries is expected to boost the panel mount segment of the Relay Market.
Renewables application is estimated to be the fastest growing market
Based on the application segment of relay systems, the Renewables sector is estimated to be the fastest growing market from 2020 to 2030. The current tendency of the electric power system is the adaptation of renewable energy sources. Mainly these are solar panels and wind farms. The use of renewable energy can decrease short-circuit currents. The integration of renewables in the power network will change the fault level and network topologies.
Asia Pacific likely to emerge as the largest and fastest Relay Market
Asia Pacific accounted for a 43.5% share of the Relay Market in 2022. Increasing T&D network expansion and industrialization projects in emerging countries such as India and Japan are some of the key growth drivers of the global Relay Market in this region. As per the Indian Electrical and Electronics Manufacturers Association (IEEMA), electricity generation capacity in India is expected to increase from 200 GW in 2010 to over 800 GW by 2032 to fulfill the increasing demand. Thus, there is a need for a huge investment of approximately USD 300 billion in the next 3-4 years. Also, India and other developing economies in the region are undertaking many smart grid and substation projects per the IEC 61850 standard to fulfill the growing demand for energy. This would create demand for global relays in the region.
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Relay Market Dynamics:
Drivers:
- Rising investments in renewable energy generation
- Increasing demand for control devices in end-user industries
Restraints:
- Volatility in raw material prices
- Increasing competition from unorganized sector
Opportunities:
- Increasing power demand and investments in smart grid infrastructure
- Rising demand for HVAC applications
Challenges:
- Cybersecurity issues associated with time relays
- Lack of investment by governments in grid stability
Key Market Players:
Panasonic Corporation (Japan), Xiamen Hongfa Electroacoustic Co., Ltd. (China), TE connectivity (Switzerland), Fuji Electric (Japan), and OMRON Industrial Automation (Japan) are the key players in the global Relay Market.
Recent Developments
- In June 2022, TE Connectivity built a new building for Energy Industry Production in Mexico. The new building almost doubles TE's production capacity for solar products, power grid connections, and cable accessories for the expanding renewable energy industry in the Americas. A more dependable and sustainable electricity grid is made possible by the goods produced at this site.
- In April 2022, Panasonic Corporation introduced PhotoMOS CC TSON 1 Form B semiconductor relays with a small TSON package, built-in capacitor coupled isolation driver IC, and an oscillation circuit. These relays require low current and flow voltage instead of current at its input side.
- In March 2022, Xiamen Hongfa Automotive Electronics Con., Ltd introduced the latching relay HF191F-L, which is used in the charging system of electric vehicle charging application. It is manufactured as per the IEC 62955 standard and has a current carrying capacity of up 500A.
- In January 2020, Fuji Electric Co., Ltd (Japan), acquired Consul Neowatt Power Solutions Private Limited (CNPS), a major power electronics manufacturer in the country. The company plans to expand its power electronics systems business in India.
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