The Relays Market Is Estimated To Reach $8.76 Billion By 2027 At A CAGR Of 6.4%- Includes Relays Market Growth
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Increasing investments in solar energy projects globally are expected to drive innovation in relays manufacturing, thus driving the market during the forecast period.
The global relays market is expected to grow from $6.55 billion in 2022 to $6.83 billion in 2023 at a compound annual growth rate (CAGR) of 4.3%. The global relays market size is expected to grow to $8.76 billion in 2027 at a CAGR of 6.4%.
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- By Type:Latching Relay, Solid State Relay, Automotive Relay, Overload Protection Relay, Electromechanical Relay, Other Types
- By Application:Military, Industrial Automation, Electronics, Others Applications
- By Voltage: Low, Medium, High
- By End-User:Utilities, Industrial, Railways, Others (Airports, Hospitals, Commerical Complexs and Data Centers)
- By Geography:The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global relays market in 2021.
Major Market Players in the relays market include Omron, Crydom Corp., Comus International, Eaton, TE Connectivity, Fujitsu, Fuji Electric, ABB, Teledyne, Hongfa, and Ningbo Forward.
Plug-in relays are increasingly being used in the automotive sector due to their light weight compared to electromechanical relays. These relays can handle high-rated current and operating voltage similar to that of electromechanical type relays. Plug-in relays are being used in automobile applications such as electrically heated catalytic converters, heater controls, windscreen wipers, motors and pumps, and body electronics, such as door locks, seat controls, window lifters, and others. For instance, Omron’s plug-in automotive relays that range from 20A to 70A are used in automotive applications such as arter motors, heater controls, windscreen wipers, and any applications that require high continuous current switching.
The Relays Global Market Report 2023 provides a relays market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The relays market forecast analyzes relays market size, relays market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Relays are electric switches that use electromagnetism to convert small electrical stimuli into larger currents. Relays make and break circuit contact with the help of a signal without any human involvement to switch it ON or OFF.
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