Relays Market – Detailed Analysis of Current Industry Figures with Forecasts Growth By 2021
Relays are the electrically operated switch among which most of the relays uses electromagnet to operate the switch mechanically but other principles are also used for operation of relays. These are used to control circuit by low power signal. It also controls several circuits by one single signal. Relays are used in various applications which include telecommunications, automobiles, industrial automation, military and many more. They are used to prevent electrical circuits from overload, faults or damages. All the relays are powered by DC and AC current. When the applied current exceeds the threshold value, the armature is activated by the coil which operates either to open the closed contacts or close the open contacts.
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Rising demand for relays in smart grids is one of the important drivers, driving the growth of relays market globally. Smart grid technologies are increasing at a rapid pace as the demand for automated power grid is rising. This is an electricity grid which is used to deliver electricity by using 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 a proxy for the macro based station which enables to extend coverage and quality of services for 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 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 on the basis of product type which includes latching relay, solid state relay, automotive relay, overload protection relay, electromechanical 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, industrial automation, electronics 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 relays market is facing challenges from the local players which are acting as the major restraint in the market.
Major industry participants include Comus International Inc. (U.S.), Coto Technology Inc. (U.S.), Crydom Inc. (U.S.), StandexMeder Electronics GmbH (Germany), Alstom S.A. (France), Siemens AG (Germany), Omron Corp. (Japan), Schneider Electric SE (France), Fujitsu Ltd. (Japan) and Teledyne Relays Inc. (U.S) among others.
Table of Content
2. Executive Summary
3. Global Relays Market Overview
4. Global Relays Market Revenue, By product types, 2014 – 2021 (US$ Billion)
5. Global Relays Market Revenue, By application, 2014 – 2021 (US$ Billion)
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