Registering a CAGR of 6% over the forecast period of 2022-2027, the relay market is anticipated to reach the market value of US$ 2,791.7 million in the year 2027 from US$ 2.79 billion in the year 2021.
A relay is an electrically operated switch that comprises of a set of input terminals for multiple or single control signals and a set of operating contract terminals. The switch may possess any number of contacts in multiple contact forms like break contacts, combinations and make contacts. Relays are used where several circuits must be controlled by one signal or where it is necessary to control a circuit by an independent low-power signal.
In terms of product, Electromechanical Relay is the largest segment, with a share about 55%. And in terms of application, the largest application is Home Appliance, followed by Automobile.
A relay is an electric device that senses defect in the voltage of the electric system and activates a circuit if specified abnormal conditions continue. Relays have predefined logic to respond to the input change in input current in a prescribed manner and cause abrupt changes such as circuit break or power switch off in the associated electrical controlled circuits. Relays detect abnormalities such as voltage dips, power loss or overvoltages in the input electric current and activate an alarm to minimize system damage. Relays perform as primary circuit protection on distributed networks and secondary protection on generators, transformers and motors. Thereby, relays avoid major flashovers, accidents and other incidents by tripping over the circuit or activating a circuit breaker in the connected electric system in case of an abnormal electric current.
The global relays market reached a value of nearly $29,265.8 million in 2019, having increased at a compound annual growth rate (CAGR) of 6.0% since 2015. The market is expected to decrease from $29,265.8 million in 2019 to $27,416.7 million in 2020 at a rate of -6.3%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 9.8% from 2021 and reach $34,423.4 million in 2023.
Increasing Penetration of Automated Systems Driving the Adoption of Electronics in Automobiles Globally
The automotive industry is transitioning from hardware- to software-enabled vehicles, and the average software and electronics content per vehicle is increasing rapidly. The integration of new functions and features into the car are often enabled by electronics. Thus, there is increasing penetration of electronics into major application fields, including powertrain, safety management, body, and convenience or infotainment.
Both government involvement and consumers’ demand for greater automatic control of systems have been resulting in the increased usage of electronics in vehicles. Electronics are giving new opportunities to improve energy efficiency and emission reduction as several functions can be consolidated into fewer and smaller electronic control super units, thereby reducing the weight. The high penetration rate of automobile electronics across all different vehicle classes is being influenced by three major aspects, namely productivity, quality, and innovation.
Top Key players in the Relay Market have been identified through secondary research, and their market shares have been determined through primary and secondary research. Global Relay key players include Xiamen Hongfa Electroacoustic, Omron, TE Connectivity, Panasonic, Song Chuan Precision, etc. Global top five manufacturers hold a share about 45%. The global Relay Market is fragmented with a large number of small players operating worldwide. The companies referred in the market research report includes Omron, TE Connectivity, Panasonic, Fujitsu, Teledyne, ABB, Schneider Electric, Eaton, Honeywell, Fuji Electric, Sharp, Rockwell Automation, Finder, Hella, Hongfa, Song Chuan, Sanyou, Ningbo Forward, CHINT Electrics, Delixi, Hu Gong, Songle Relay, Tianyi E and others.
Global Relay Market research provides detailed Analytical Insights of global market size, regional and country-level scope, segmentation wise growth, global share, Competition Scenario, sales analysis, impact global market players on domestic players, value chain optimization, trade regulations, Latest developments, future opportunities, product launches, expanding marketplaces, and New technological innovations.
The relay Market is segmented based on the type, applications, companies, and regions.
By Type, Relay Market has been segmented into
By Application, Relay Market has been segmented into,
The rising electricity demand in the Asia Pacific region with the increasing population has been the driving factor for the growth of the relay market in the region. The growing infrastructure taking place with the rising urbanization has also augmented the growth of the market in the region. China, India, Japan, South Korea have been the dominating players in the region. In North America and Europe, the increasing transmission grids and upgradation of the existing electric infrastructure have been the driving factors for the market. The adoption of solar energy in Europe and Latin America has been on the rise in recent years which will ultimately act as the growth factor for the relay market in the regions.
The report offers an in-depth assessment of the growth and other aspects of the Relay Market in important regions, including the U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, Taiwan, Southeast Asia, Mexico, and Brazil, etc. Key regions covered in the report are North America, Europe, Asia-Pacific and Latin America.
Relay Market highlights the potential growth opportunities in upcoming years, while reviewing the market drivers, restraints, growth indicators, challenges, market dynamics, competitive landscape and other key aspects in the global market. The Global Relay Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry. This Research Study compares the markets of Pre COVID-19 and Post COVID-19 with the impact of COVID-19 on the regional economy.
Report Attributes
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Report Details |
Forecast Period 2022 to 2027 CAGR |
CAGR of 6% during the review period (2022 to 2027). |
By Type |
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By Application |
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By Companies
| Omron, TE Connectivity, Panasonic, Fujitsu, Teledyne, ABB, Schneider Electric, Eaton, Honeywell, Fuji Electric, Sharp, Rockwell Automation, Finder, Hella, Hongfa, Song Chuan, Sanyou, Ningbo Forward, CHINT Electrics, Delixi, Hu Gong, Songle Relay, Tianyi E |
Regions Covered
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Countries Covered |
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Base Year
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2022 |
Historical Year
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2017 to 2021 |
Forecast Year
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2022 to 2027 |
Customization Available
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Yes, the report can be customized as per your needs |
The key insights of the report have been presented through the frameworks of Major Mergers & Acquisitions, Technological Innovations, and Role of Manufacturers during COVID19 Pandemic. Additionally, the major opportunities, trends, drivers and challenges of the industry has been analyzed in the report.
All our reports are customizable to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
What is the study period of this market?
The Relay Market is studied from 2017 - 2027.
What is the growth rate of Relay Market?
The Relay Market is growing at a CAGR of 6% over the next 5 years.
Who are the key players in Relay Market?
Omron, TE Connectivity, Panasonic, Fujitsu, Teledyne, ABB, Schneider Electric, Eaton, Honeywell, Fuji Electric, Sharp, Rockwell Automation, Finder, Hella, Hongfa, Song Chuan, Sanyou, Ningbo Forward, CHINT Electrics, Delixi, Hu Gong, Songle Relay, Tianyi E
What region does this Relay Market report covers?
North America (the United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
What are the significant types of Relay Market?
Automotive, Industrial, Communications, Household Appliance, Others
What are the major end-use applications of Relay Market?
Electromagnetic, SSR & Power Module, Combined Relay, Others
SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
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