Need of Solar Projects Drives Worldwide Market of Relays
Relays are the switch that is operated electrically. The majority of the relays use electromagnet to run the switch automatically however different principles are also used for operation of relays. These are used to control the circuits with less power signal. In addition, it controls numerous circuits by one individual signal. Relays are used in various applications which include automobiles, telecommunications, military, industrial automation and many more. They are used to avoid electrical circuits from faults, overload and damages.
Worldwide Market Description of Relays:
Growing requirement for relays in smart grids is a significant driver, fuelling the expansion of relays market. Smart grid technologies are escalating rapidly as the requirement for automated power grid is increasing. This is an electricity grid which is used to deliver electricity by means of two way technologies. It helps to enable communication between utility and consumers. Smart grids provide better control over energy cost and more reliable supply of energy for consumers. The relays are used in all the applications of smart grid which enables the protection of equipment from current overloading and fluctuation. Moreover, multi band wireless technology is also an important driver of this market. It functions as an alternative for the macro based station which enables to expand quality of services and coverage in residential market. In addition, demand of solar projects is also one of the major factors behind the growth of relays market globally. The reason behind the increasing need of solar energy is the need for eco-friendly and green energy, i.e. solar energy. High capacity power relays are used for solar application which is likely to cut off safely the high DC voltages.
The Global relays market is facing challenges due to the involvement of local players. Local manufacturers offer products at reasonable costs. They also provide quality products that are similar to those offered by the leading market players. Furthermore, short life span of relays is set to adversely affect the relays market. The relays wear out quickly due to incorrect application and environmental issues. The relays should be capable of meeting higher temperature which are exposed for longer heating times. .Expansion in application areas is expected to create opportunities in the market. Automotive and signal relays are anticipated to offer ample opportunities for the market during the forecast period. Leading players are estimated to expand the application of relays in automotives, microelectronic technology, etc.
The relays market in this report has been geographically segregated into four regions: North America, Europe, Asia-Pacific and Rest of the World. Moreover, the market is segmented based on product type which includes automotive relay, electromechanical relay, latching relay, overload protection relay, solid state relay and others. The electromechanical relays had highest market share of 21.33% in 2014. The relays market is further segmented based on its applications that include military, electronics, industrial automation and others. The application of relays in industrial automation held the highest market share of 23.2% in 2014.
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Asia Pacific held the largest market size for relays market globally as of 2014. Asia Pacific market is growing at a CAGR of 7.3% during the forecast period. Demand of solar projects is one of the major factors responsible for the growth in the relays market in this region. Moreover, electromechanical relays witnessed highest market share of 21.2% in 2014. During the forecast period, electronics sector in terms of application dominated the relays market. The relay market is facing challenges from the local players which are acting as the major restraint in the market.
Major industry participants include Alstom S.A. (France), Comus International Inc. (U.S.), Crydom Inc. (U.S.), Coto Technology Inc. (U.S.), Omron Corp. (Japan), StandexMeder Electronics GmbH (Germany), Schneider Electric SE (France), Siemens AG (Germany), Teledyne Relays Inc. (U.S) and Fujitsu Ltd. (Japan) among others.