NEW YORK, United States, July 03, 2024 (GLOBE NEWSWIRE) — The global relay market size is expected to grow from USD 9.86 billion in 2023 to USD 19.5 billion by 2033, registering a CAGR of 7.06% during the forecast period.
The relay market involves the production, distribution, and use of relays, which are solid-state or electromagnetic devices that regulate the flow of electrical current in an electrical circuit. Because they act as switches, allowing low-power signals to control high-power electrical devices, these devices are critical in a variety of applications. Relays are widely used in various fields such as telecommunications, automotive systems, electronics, and industrial automation. In the industrial sector, relays are essential for automating manufacturing processes. They can effectively control machines and equipment, and improve the accuracy and reliability of operations. Relay’s target market is businesses looking to improve efficiency by implementing advanced control systems in their operations. Relays are commonly used in telecommunications infrastructure for routing, switching, and amplifying signals. For example, relays are used in base stations, network switching equipment, and communication towers. Relays have a variety of applications in data centers, including controlling cooling systems, distributing power, and providing power to backup systems. Advanced relay functions may require advanced semiconductors, specialized sensors, or complex integrated circuits to activate them. These components may be more expensive than the typical components used in simple relays.
Explore key industry insights presented in 225 pages with 110 tables and charts of market data from “Global COVID-19 Relays Market Size, Share, and Impact Analysis by Type (Time Relays, Measurement & Control Relays, Control & Protection Relays, Others), by Voltage Type (Low Voltage, Medium Voltage, and High Voltage), by End User (Utility & Grid, Industrial, Commercial, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa). Analysis and Forecast 2023-2033″.
The timing relay segment is expected to hold the largest share of the global relay market during the forecast period. Based on type, the global relay market is segmented into timing relays, measurement and control relays, control and protection relays and others. Timing relays are expected to hold the largest share of the global relay market during the forecast period. Timing relay segment holds the largest market share owing to its versatility, key role in automation and control, durability, ease of integration, affordable pricing and growing demand for accurate time control.
The medium voltage segment is expected to hold the largest market share during the forecast period. Based on voltage type, the global relay market is segmented into low voltage, medium voltage, and high voltage. Among these, the medium voltage segment is expected to hold the largest market share during the forecast period. These relays are typically used in low voltage networks and generally have the same functionalities as high voltage relays. They are widely used in power distribution facilities and play a vital role in protecting other electrical components such as distribution transformers, feeders, and busbars. Additionally, these relays are critical for energy-intensive industries such as mining, power generation, and oil & gas production.
The utility segment is expected to dominate the market during the forecast period. Based on the end user, the global relay market is segmented into utility and grid, industrial, commercial, and others. The utility segment is expected to dominate the market during the forecast period. Relays are critical for the continuous reliable operation of power systems as they monitor grid stability, distribute power efficiently, protect and regulate power systems, and prevent equipment failures.
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Asia Pacific is expected to account for the major share of the global relay market during the forecast period.
The growing capacity of renewable energy sources is driving the growth of the relay market in the Asia Pacific region. In addition, the increased focus on substation automation as per IEC 61850 standards and the increase in grid construction projects are expected to boost the market growth in this region. Relays are often used in a wide range of applications as they can provide large contact gaps and high switching capacity. Thus, there is a huge potential for relay manufacturers to leverage the expanding renewable energy sector in the region. Moreover, both local industries and federal agencies have invested heavily in expanding this industry.
North America is expected to witness the highest growth rate during the forecast period. A significant factor driving the growth of the North American relay market is the growing demand for reliable and efficient power transmission and distribution networks. Relays are in high demand as they are essential for maintaining grid stability and protecting equipment from electrical disturbances. This demand is a result of the region’s aging power infrastructure and increasing focus on grid modernization. The growth of the relay market is also significantly influenced by the growing automotive industry in North America.
The report provides a proper analysis of the key organizations/companies operating in the global market and a comparative assessment based on their product offering, business profile, geography, corporate strategies, segment market shares, and SWOT analysis. The report also provides a comprehensive analysis of the latest company news and developments including product developments, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and more. This enables one to assess the overall competition in the market. The major vendors in the global Relays market are Siemens AG, Schneider Electric SE, ABB Ltd., Honeywell International Inc., Eaton Corporation, Omron Corporation, Tyco Electronics Inc., Rockwell Automation Inc., Mitsubishi Electric Corporation, General Electric Company, Fujitsu Limited, Phoenix Contact Ltd., Panasonic Corporation, Littelfuse AG, Crouzet, and others.
Market Segmentation This study forecasts revenue from 2023 to 2033 at the global, regional and country levels. Spherical Insights has segmented the global relay market based on the following segments:
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Post time: Mar-14-2025