A recent report published by
Infinium Global Research on the relay market provides an in-depth analysis of segments
and sub-segments in the global as well as regional relay market. The study also
highlights the impact of drivers, restraints, and macro indicators on the
global and regional relay market over the short term as well as long term. The
report is a comprehensive presentation of trends, forecast and dollar values of the global relay market. According to the report, the global relay market is
projected to grow at a CAGR of 3.40% from approx. USD 27 billion in 2020 to upto USD 33 billion in 2026 during the forecast period of 2020-2026.
Transforming a small electrical
input into a high-current output is no easy feat, but this task is essential to
efficiently operate a wide range of standard appliances and vehicles. Numerous
circuits achieve these conversions through the usage of relays, which are
crucial in all kinds of electronic equipment. Further, relays are electric
switches that use electromagnetism to convert small electrical inducements into
larger currents. These changes occur when electrical inputs trigger
electromagnets to either form or break existing circuits. By leveraging weak
inputs to power stronger currents, relays efficiently act as either a switch or
an amplifier for the electric circuit, rely on the desired application.
Moreover, relays are highly versatile components that are just as effective in
multifaceted circuits as in simple ones. They can be utilized in the place of other
forms of switches, or they can be precisely designed based on factors such as
required amperage.
Additionally, the current concern
over the spread of coronavirus is also expected to have a negative impact on
the relay market. The manufacturing facilities of the semiconductor industry
have temporarily shut, leading to a significant stoppage in production. The
COVID-19 outburst could result in intermission across the ecosystem with
countless supply chain contributors shifting their production facilities outside
China, subsequently reducing their over-dependence on China. Likewise, the
lockdowns enforced by the numerous governments in the wake of the novel
coronavirus contagion have not only affected manufacturing but also dragged
consumer demand for semiconductor devices and equipment. Moreover, the COVID-19 the epidemic which recently spread across Asian countries, particularly in China
and India, has highly impacted the growth of the relay market.
The popularity of relays is
gaining traction owing to its numerous benefits such as robust design, the long
operational life of approximately 50 million to 500 million, low operating
noise, and fewer maintenance costs. In addition, the rising automation in the
consumer electronics sector coupled with modernization in the design of
electrical vehicles are also some of the factors identified which are aiding
the growth of the relays market. Furthermore, the usage of relays in various
vending machines, elevator control systems, medical equipment, display units,
security systems, and instrumentation systems is heightening the growth of the
relay market. Moreover, the relays offer vigorous features, for example, high
switching frequency and resistance to shock and vibration which is further
boosting the growth of the relay market. Conversely, some restraints are
limiting the growth of the global relays market. Some type of relays requires
transient reverse recovery time when closed as it generates high heat and
electrical noise which further leads to the deployment of the heat sink to
achieve the thermal load.
Among the geographies, Asia
Pacific region is expected to hold the largest share in the global relay
market. The dominance of this region can be accredited to the factors such as
the growth of the automotive industry, building equipment, manufacturing
industries, and food and beverage industries in the Asia Pacific region.
Countries such as India, China, Japan, and other emerging countries are a
lucrative market for the growth of relay manufacturers. The regional growth is
owing to the penetration of automobiles in developing economies such as China
and the adoption of safety standards is anticipated to drive the market in
several Asian countries.
The report on the global relay market
covers segments such as type, and application. On the basis of type, the
sub-markets include electromagnetic, SSR and power module, combined relay, and
others. On the basis of application, the sub-markets include automotive,
industrial, communications, household appliance, and others.
The report provides profiles of
the companies in the market such as Omron, TE Connectivity, Panasonic, Fujitsu,
Teledyne, ABB, Schneider Electric, Eaton, Honeywell, and Fuji Electric.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of the relay market. Moreover, the study highlights current market trends
and provides forecast from 2020-2026. We also have highlighted future trends in
the market that will affect the demand during the forecast period. Moreover,
the competitive analysis given in each regional market brings an insight into
the market share of the leading players.