Electromechanical Relays Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024

Description

The Global Electromechanical Relays Market reached USD 7.1 billion in 2023 and is projected to grow at 3.6% CAGR from 2024 to 2032. This growth is largely driven by the increasing adoption of electric vehicles (EVs) and advanced driver-assistance systems (ADAS), particularly within the automotive sector. The demand for electromechanical relays in automotive applications has significantly surged as manufacturers focus on delivering reliable components to meet the sector's evolving technological needs. Power relays, designed to manage high current loads, play a pivotal role in areas such as power distribution, motor controls, and renewable energy systems. Their capability to handle higher power levels makes them indispensable across industries like manufacturing and utilities.

The expansion of renewable energy projects and ongoing infrastructure development further contribute to the rising demand for reliable power relays, underscoring their importance in supporting sustainable energy initiatives. Automotive relays, essential for controlling various electrical functions within vehicles, have seen a marked increase in demand. These relays regulate operations such as engine management systems, lighting, and power windows. The growing market for EVs and ADAS has accelerated the need for compact, durable relays that meet the stringent reliability standards required by the automotive industry.

As electric vehicles become more prevalent, the importance of automotive relays will continue to rise, fueling market growth. In terms of application, the switching segment of the electromechanical relays market is vital for managing electrical circuits in a range of applications, such as household appliances and industrial equipment. These relays provide dependable on/off control, enhancing both energy efficiency and operational safety. As automation and smart home technologies become more widespread, the demand for reliable switching solutions steadily increases, driving growth within this segment.

Market Scope
Start Year	2023
Forecast Year	2024-2032
Start Value	$7.1 Billion
Forecast Value	$9.7 Billion
CAGR	3.6%

U.S. electromechanical relays market accounted for a 77% share in 2023. The demand for electromechanical relays is supported by robust activity in the automotive, aerospace, and industrial automation sectors. Moreover, initiatives aimed at modernizing power infrastructure and expanding renewable energy usage have increased the demand for reliable relay systems. However, competition from solid-state relays poses a challenge to the traditional relay market.

Product Code: 11916

Chapter 1 Methodology & Scope

1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Industry synopsis, 2021-2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
- 3.1.1 Factor affecting the value chain
- 3.1.2 Profit margin analysis
- 3.1.3 Disruptions
- 3.1.4 Future outlook
- 3.1.5 Manufacturers
- 3.1.6 Distributors
3.2 Supplier landscape
3.3 Profit margin analysis
3.4 Key news & initiatives
3.5 Regulatory landscape
3.6 Impact forces
- 3.6.1 Growth drivers
  - 3.6.1.1 Increasing demand in the automotive industry
  - 3.6.1.2 Rising investments in power infrastructure
  - 3.6.1.3 Advancements in industrial automation
  - 3.6.1.4 Growing demand in consumer electronics
- 3.6.2 Industry pitfalls & challenges
  - 3.6.2.1 Competition from solid-state relays (SSRs)
  - 3.6.2.2 Limited lifespan and maintenance requirements
3.7 Growth potential analysis
3.8 Porter's analysis
3.9 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates & Forecast, By Type of Relay, 2021-2032 (USD Billion)

5.1 Key trends
5.2 General purpose relays
5.3 Power relays
5.4 Automotive relays
5.5 Time-delay relays
5.6 Reed relays
5.7 Latching relays
5.8 Contactor relays

Chapter 6 Market Estimates & Forecast, By Contact Arrangement, 2021-2032 (USD Billion)

6.1 Key trends
6.2 SPST (Single pole single throw)
6.3 SPDT (Single pole double throw)
6.4 DPST (Double pole single throw)
6.5 DPDT (Double pole double throw)

Chapter 7 Market Estimates & Forecast, By Coil Voltage, 2021-2032 (USD Billion)

7.1 Key trends
7.2 Low voltage (Up to 110V)
7.3 Medium voltage (110V - 500V)
7.4 High voltage (Above 500V)

Chapter 8 Market Estimates & Forecast, By Mounting Type, 2021-2032 (USD Billion)

8.1 Key trends
8.2 PCB mount
8.3 Panel mount
8.4 DIN rail mount
8.5 Socket mount
8.6 Through-hole mount

Chapter 9 Market Estimates & Forecast, By Region, 2021-2032 (USD Billion)

9.1 Key trends
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Russia
9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 Australia
9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
9.6 MEA
- 9.6.1 South Africa
- 9.6.2 Saudi Arabia
- 9.6.3 UAE

Chapter 10 Company Profiles

10.1 ABB Ltd.
10.2 Broadcom Inc.
10.3 CHINT Group
10.4 Coto Technology
10.5 Danfoss Group
10.6 Eaton Corporation
10.7 Finder S.p.A.
10.8 Fujitsu Ltd.
10.9 General Electric (GE)
10.10 Hella KGaA Hueck & Co.
10.11 Legrand SA
10.12 Littelfuse, Inc.
10.13 Mitsubishi Electric Corporation
10.14 Omron Corporation
10.15 Panasonic Corporation
10.16 Phoenix Contact GmbH & Co. KG
10.17 Rockwell Automation, Inc.
10.18 Schneider Electric
10.19 Schweitzer Engineering Laboratories (SEL)
10.20 Sensata Technologies
10.21 Siemens AG
10.22 TE Connectivity
10.23 TECO Electric & Machinery Co., Ltd.

Electromechanical Relays Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032