The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The relays market size has grown steadily in recent years. It will grow from  $6.86 billion in 2023 to $7.05 billion in 2024 at a compound annual growth rate (CAGR) of 2.8%.  The growth in the historic period can be attributed to increase in renewable capacity additions, adoption of iec61850 standard for substation automation, replacement of electromechanical and static relays with numeric relays, favorable government initiatives and economic growth in emerging markets. The relays market size is expected to see strong growth in the next few years. It will grow to  $8.65 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.  The growth in the forecast period can be attributed to rise in power consumption; implementation of smart power grids; increasing adoption of electric vehicles; and growing adoption of the vehicular safety technology. Major trends in the forecast period include investing in in eco-efficient solutions for minimizing the impact on the environment and attaining sustainability, investing in electromagnetic relays to ensure optimum utilization of resources, developing and promoting specialized relays for specific industries, developing multipurpose relays and focusing on mergers and acquisition activities to increase market share by having access to a wider consumer base.

The relays market is experiencing a boost due to a global uptick in investments in solar energy projects. Relays, crucial for cutting off high DC voltages in solar energy systems, are witnessing increased demand. In September 2021, the U.S Department of Agriculture announced a substantial investment of $464 million in renewable energy infrastructure to support businesses, agricultural producers, and rural communities. This initiative is expected to lower energy expenses and further promote the demand for solar energy projects. Relay manufacturers are adapting to this trend, with companies like Fujitsu introducing relays specifically designed for solar applications. As the demand for solar energy projects continues to rise, the relays market is positioned for growth in 2023, 2024, and 2028.

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What Are The Key Trends That Influence Relays Market Share Analysis?

Plug-in relays are increasingly utilized in the automotive industry due to their lightweight nature compared to electromechanical relays. These relays can handle high currents and operating voltages similar to electromechanical relays. Plug-in relays are used in various automobile applications, including electrically heated catalytic converters, heater controls, windscreen wipers, and body electronics like door locks and seat controls. For example, Omron’s plug-in automotive relays, ranging from 20A to 70A, are employed in applications such as motors, heater controls, and windscreen wipers.

Which Market Players Are Driving Growth In The Relays Market?

Major companies operating in the market are 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

How Is The Global Relays Market Segmented?

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

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The Relays Global Market Report 2024 provides an overview of the relaysmarket 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 and their market positions.

The Table Of Content For The Relays Market Include

1. Relays Market Executive Summary
2. Relays Market Segments
3. Relays Market Size And Template Market Growth Rate
4.  Key Relays Market Trends
5. Major Relays Market Drivers
……
25. Key Mergers And Acquisitions In The Relays Market
26. Top Relays Companies
27. Relays Market Opportunities And Strategies
28. Relays Market, Conclusions And Recommendations
29. Appendix

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