- December 16, 2015
- Transparency Market Research
Global relays market was valued at US$9.41 bn in 2014, which is expected to reach US$16.24 bn by 2021, growing at a CAGR of 7.7% from 2015 to 2021
The global relays market was valued at US$9.41 bn in 2014 and is expected to reach US$16.24 bn by 2021. The market is predicted to grow at a 7.70% CAGR due to factors such as the increasing need for green energy and eco-friendly energy. Relays control several circuits by a single low power signal. The relays are primarily utilized to prevent circuits from faults and overload. Key players in the global relays market offer a wide variety of high-capacity power relays, which are used for cutting DC voltages in solar applications. The increasing demand for electricity around the world has led to the application of smart grids. Usage of multi-band wireless technology and increasing demand for smart grids have further generated more demand for relays. The increasing number of solar energy projects is expected to propel the global relays market during the period between 2015 and 2021.
Electrochemical Relays: The Fastest Developing Sector
The global relays market is segmented on the basis of geography, product type, and application. By product type, the global relays market is classified into electromechanical, latching, solid relays, overload protection, automotive, and other relays. In 2014, the electromechanical relay sector dominated the global relays market. This sector is expected to maintain its dominant position till 2021 owing to its reliability and easy setup. By application, the global relays market is divided into industrial automation, military, electronics, and others. In 2014, the industrial automation sector led the global relays market with a 23.2% market share. In 2014, the electronics and military sectors stood second and third in terms of market share, respectively. Growing need for automation and rapid growth of the industrial sector will drive the global relays market during the forecast period.
Implementation of Smart Grids to Drive Asia Pacific Relays Market
By geography, the global relays market is classified into Asia Pacific, Europe, North America, and Rest of the World. In 2014, the Asia Pacific relays market accounted for the highest market share. The Asia Pacific relays market is expected to expand rapidly by 2021 owing to factors such as the implementation of smart grids. In 2014, the Europe relays market accounted for a 25.1% market share and is predicted to register healthy growth till 2021.
The relatively short time relays take to wear out is expected to affect the smooth growth of the global relays market in the coming few years. However, the introduction of enhanced products from leading players will help the global relays market overcome the restraints. Some of the leading companies in the global relays market are Comus International Inc. (U.S.), Crydom Inc. (U.S.), Alstom S.A. (France), Omron Corp. (Japan), Fujitsu Ltd. (Japan), Teledyne Relays Inc. (U.S), Coto Technology Inc. (U.S.), StandexMeder Electronics GmbH (Germany), Siemens AG (Germany), and Schneider Electric SE (France). Expansion of the application areas is predicted to create new opportunities for the global relays market. Most of the leading players in the global relays market aim to introduce environment-friendly raw materials to enhance the production of relays. Products that are cadmium- and lead-free are expected to lead the global relay market.
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