Wilmington, Del., March 07, 2024 (GLOBE NEWSWIRE) — Allied Market Research has published a report titled “By Type (Protection Relays, Timing Relays, Monitoring & Control Relays, General Purpose Relays, etc.), Installation (DinRail, PCB Mount, Panel Mount, and Plug-in Module), and End Users (Automotive, Communication & Technology, Industrial Automation, Power Generation & Distribution, etc.)”. According to the report, the global relay market will be worth US$ 6.7 billion in 2022 and is expected to reach US$ 12.9 billion by 2032, registering a CAGR of 6.9% from 2023 to 2032.
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The relay market is expected to witness significant growth owing to the growth of telecommunication networks and the expansion of renewable energy projects and smart grid initiatives. Furthermore, the integration of relays with IoT platforms enabling remote monitoring, control, and automation is expected to provide lucrative growth opportunities for the market during the forecast period. On the contrary, rapid technological advancement requires continuous innovation and adaptation and gives rise to integration challenges, which limits the growth of the relay market.
Based on 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. Time relays dominate the market due to their crucial role in industrial automation, providing essential synchronization functions for coordination and efficiency. Their versatility, reliability, ease of integration, and cost-effectiveness meet the growing demand for accurate time control across industries.
Based on the mounting method, PCB fasteners captured the largest market share in 2022, accounting for nearly one-third of the global relay market revenue, and are expected to maintain their leading position throughout the forecast period. The PCB fasteners segment is expected to register the highest CAGR from 2023 to 2032, owing to the widespread adoption of PCB fasteners in small electronic devices, easy integration into PCBs, reliable performance, high efficiency, and continuous technological advancement. These factors give it a prominent place in meeting the changing needs of various industries.
By end-user, power generation and distribution held the largest market share 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 owing to the increasing adoption of automation systems in the manufacturing and industrial sectors. The growth in automation requires reliable relay solutions to ensure precise control and seamless integration into complex industrial processes, thereby driving the demand for relays and contributing to a faster CAGR in this segment.
At the regional level, Asia Pacific held the largest market share in 2022, accounting for nearly two-fifths of the global relay market revenue, owing to the region’s rapid industrialization, expanding manufacturing industries, and focus on infrastructure projects. Large investments are driving the demand for relays. In addition, the increasing adoption of automation technologies across industries, coupled with the growth of telecom networks and automobile manufacturing, further contributed to Asia Pacific’s dominance in the relay market.
The report provides a detailed analysis of the key players of the global Relay market. These players have adopted various strategies such as product launches, acquisitions, and partnerships to increase the market share and maintain dominance in different regions. The report helps highlight the business performance, operating segments, product portfolio, and strategic initiatives of the market players to demonstrate the competitive landscape.
The surface mount reed relay market is valued at US$ 337.8 million in 2021 and is expected to reach US$ 658.9 million by 2031, growing at a CAGR of 6.9% from 2022 to 2031.
The automotive relay market is valued at US$ 15.58 billion in 2021 and is expected to reach US$ 26.88 billion by 2031, growing at a compound annual growth rate of 5.8% from 2022 to 2031.
The solid state relay market is valued at US$1.1 billion in 2022 and is expected to reach US$2.1 billion by 2032, growing at a compound annual growth rate of 6.8% from 2023 to 2032.
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Post time: Nov-13-2024