The Relay Global Market to Reach $14.7 Billion by 2030: Increasing Power Demand and Investments in Smart Grid Infrastructure Presents Opportunities
DUBLIN, March 15, 2023 /PRNewswire/ -- The "Relay Market by Type (Electromechanical, Thermal, Reed, Time, PhotoMOSFET, Solid State, MEMS), Application, Voltage Range (Low, Medium, High), Mounting Type (Panel, PCB, DIN Rail, Plug-In) and Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
Electromechanical Relay: The largest-growing segment of the relay market
Based on the type of relay, the Electromechanical Relay is estimated to be the largest-growing market from 2022 to 2030. Rising energy prices are driving the demand for advanced electromechanical relays to reduce power consumption. The rising number of renewable energy projects is also fueling the demand for high-capacity electromechanical relays, thus positively impacting the growth of the global relay market.
Increasing demand for electromechanical relays due to their low cost, long operation life, less power consumption, and easy maintenance is augmenting the market growth. Companies such as Schneider Electric and ABB are engaged in providing electromechanical relays.
Automotive industry: The largest segment by application in the relay market
The Automotive segment, by application, is projected to hold the largest market share during the forecast period. Relays in automobiles enable a small current flow circuit to control and operate a higher current circuit in various applications. Common locations of relays include within the engine, lighting, steering, and air conditioner.
There are multiple applications of relays in automobiles for example, Door Lock, Power Window, Sunroof, Power & Heated Seat, EPS, Exterior Lighting, Fuel Injection, Air Conditioners, Starters, ABS, Traction Control Systems, Cooling Fan Control, Engine Management Modules. Therefore, relays will witness high demand during the forecast period.
High Voltage Relays: The fastest segment by voltage range in the relay market
The High Voltage segment, by voltage range, is projected to hold the fastest market share during the forecast period. New transmission line projects in the Asia Pacific will likely propel the high-voltage relays market.
Owing to their high voltage range (33 kV and above), high voltage relays are widely used in high voltage substations and other high voltage transmission infrastructure. The segment is expected to grow in the Asia Pacific region, where new transmission lines are being erected as a part of the Electricity for All Scheme.
Growth in North America and Europe is driven by the upgradation of existing transmission infrastructure to accommodate future hikes in renewable energy in the grid. Schweitzer Engineering, ABB, AMETEK, and Arcteq are some of the key manufacturers of high-voltage relay in the market.
Europe: The second largest-growing region in relay market
Europe is estimated to hold the second-largest market share in the relay market. The increased investment in renewables, in addition to the deployment of new power generation facilities, refurbishment of existing power plants, high demand for automobiles and home appliances, and the installation of new transmission and distribution infrastructure in the region is expected to drive the market for relays during the forecast period.
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SOURCE Research and Markets