PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1585122
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1585122
The relay market is expected to grow from an estimated USD 10.12 billion in 2024 to USD 15.20 billion by 2030, at a CAGR of 7.0% during the forecast period. The increasing pace of electrification of transport systems both rail and EV, along with installation of proper charging infrastructure demonstrates how critical high performance relays would be in the market. Advanced relays are optimized for efficient power management to achieve high-performance operation and safety in an electric system; smooth energy transfer, protection against faults, and maximum reliability in electrical networks are some of the advantages. As demand for electrified transportation continues to increase, innovative relay technologies will play a critical role in supporting these transitions while at the same time improving operational efficiency and advancing sustainability goals across the transportation sector.
Scope of the Report | |
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Years Considered for the Study | 2020-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Units Considered | Value (USD Million/Billion) |
Segments | Relay Market by mounting type, end use, application, type, voltage range, and region. |
Regions covered | North America, Europe, Asia Pacific, and Rest Of World |
"Automotive, by application, is expected to be the largest segment from 2024 to 2030."
The demand for automotive relays is being driven immensely by the shift towards electric and hybrid vehicles. Relays continue playing a vital role in managing many components of such vehicles, ranging from power train control and management systems to managing electronics through various battery management systems. This trend in itself brings improvements in performance and efficiency of the vehicle, providing safety and enabling greater reliability due to complex electronic systems now involved. With increased reliance on electric drive systems, the function of relays-synonymous with an interface for communication of different electrical circuits-is more important and thus crucial in the future of automotive technology.
"Industrial, by verticals, is expected to be the fastest-growing market from 2024 to 2030"
Demand for the product The raised level of automation in sectors such as manufacturing and energy is what drives demand for relays at a rather high scale. Companies wish to increase efficiency by reducing human error, and this calls for totally automated systems that put to use relays in controlling machines and processes. In such an automated system, relays have a particular role as they ensure smooth communication of signals from different constituents of the system, hence higher response and reliability. Besides, the drive towards smart manufacturing, as well as the implementation of Industry 4.0 principles, further necessitates and speeds up the adoption of sophisticated relay technologies. This shift in production processes would not only maximize efficiency but aid in ensuring safe and efficient energy management in industries as well.
"China to grow at a highest CAGR for Asia Pacific relay market."
Rapid growth in emerging economies such as India and China contributes largely to the increase in demand for relay systems in a number of sectors. There are industrial applications coupled with residential requirements. Should these economies continue further to expand infrastructure and manufacturing capabilities, then the necessity of dependable and effective electrical systems becomes critical. Relays are very crucial for smooth operation, protection of equipment, and management of power distribution, both in expansion industrial environments with conditions of high demand and in the continued growth of residential developments. This is continuous with urbanization, increases in energy consumption, and smart cities continuing to fuel advanced relay technologies usage.
In-depth interviews have been conducted with chief executive officers (CEOs), Directors, and other executives from various key organizations operating in the relay market.
By Company Type: Tier 1- 60%, Tier 2- 25%, and Tier 3- 15%
By Designation: C-level Executives - 35%, Director Level- 25%, and Others- 40%
By Region: North America - 25%, Europe - 25%, Asia Pacific - 30%, Rest of world - 20%
Note: Other designations include sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined based on their total revenue as of 2023. Tier 1: USD 1 billion and above, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: <USD 500 million.
The relay market is dominated by a few major players that have a wide regional presence. The leading players in the relay market are Panasonic Holdings Corporation (Japan), HONGFA (China), TE Connectivity (Switzerland), OMRON Corporation (Japan), and GE Vernova Inc. (US), among others. The major strategy adopted by the players includes new product launches, joint ventures, acquisitions, and expansions.
The report defines, describes, and forecasts the relay market by mounting type, voltage range, type, application, verticals, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, agreements. new product launches, mergers and acquisitions, and recent developments associated with the relay market. Competitive analysis of upcoming startups in the relay market ecosystem is covered in this report.
Reasons to buy this report The report will help the market leaders/new entrants relay market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.