Wilmington, DE, March 07, 2024 (GLOBE NEWSWIRE) — Allied Market Research has released a report titled “Relay Market by Type (Protection Relays, Timing Relays, Monitoring and Control Relays, General Purpose Relays and Others), Installation (DinRail) ), PCB assembly, panel mounting and wiring) and end users (automotive, communications and technology, industrial automation, power generation and distribution, etc.). The report shows that the global market value of relays will be US$6.7 billion in 2022. It is expected to reach US$12.9 billion by 2032, growing at a compound annual growth rate of 6.9% from 2023 to 2032.
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The relay market is expected to witness significant growth due to the growth of telecom networks and expansion of renewable energy projects and smart grid initiatives. Additionally, integration of relays with IoT platforms enabling remote monitoring, control and automation is expected to provide lucrative opportunities for market growth over the forecast period. On the contrary, rapid technological advancement requires constant innovation and adaptation and creates integration challenges, limiting the growth of the relay market.
By type, the time relay segment held the largest market share in 2022, accounting for nearly two-sixths of the global relay market revenue, and is expected to maintain its leading position throughout the forecast period. Timing relays dominate the market with their critical functions in industrial automation, providing essential timing functions for coordination and efficiency. Their versatility, reliability, ease of integration and cost-effectiveness meet the growing demand for precise time control in various industries.
In terms of installation, PCB installation held the largest market share in 2022, accounting for nearly one-third of the global relay market revenue, and is expected to maintain its leading position throughout the forecast period. The PCB assembly segment is expected to grow at a CAGR of 8.07 from 2023 to 2032, owing to the widespread adoption of PCB assembly in small electronic devices, ease of integration into printed circuit boards, reliable performance, high efficiency and continuous technological advancement. These factors make them important to meet the changing needs of various industries.
Power generation and distribution will account for the largest market share among end users in 2022, accounting for more than a quarter of the global relay market revenue. However, industrial automation is expected to grow at a faster pace during the forecast period due to the growing adoption of automation systems in the manufacturing and industrial sectors. The rise in automation requires reliable relay solutions to provide precise control and seamless integration into complex industrial processes, driving the demand for relays and contributing to a faster compound annual growth rate (CAGR) in this segment.
By Region, Asia Pacific will hold the highest market share by revenue in 2022, accounting for nearly two-fifths of the global relay market revenue, driven by rapid industrialization, manufacturing expansion and large investments in infrastructure projects in the region. relay market. Relay demand. Moreover, the growing adoption of automation technologies across various industries coupled with the growth of telecom networks and automotive manufacturing has further strengthened Asia Pacific’s dominance in the relay market.
The report provides a detailed analysis of these key players in the global Relays market. These players have adopted various strategies such as product launches, acquisitions and partnerships to increase their market share and maintain dominance in different regions. The report is significant in that it highlights the business performance, operating segments, product portfolios and strategic initiatives of market participants to showcase the competitive landscape.
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Post time: Jun-18-2024