Global Relay Market Overview
According to a research report, the relay market size is estimated to be USD 9.0 billion by 2022 and is projected to reach USD 14.7 billion by 2030, at a CAGR of 6.3%. A relay is an electronic control device that has a control system (also called an input loop) and a controlled system (also called an output loop) and is usually used in automatic control circuits. It is an “automatic switch” that uses a smaller current to control a larger current. Relay plays the role of automatic adjustment, safety protection, and conversion circuit in the circuit.
Key Market Players
Panasonic Corporation (Japan), Xiamen Hongfa Electroacoustic Co., Ltd. (China), TE connectivity (Switzerland), Fuji Electric (Japan), and OMRON Industrial Automation (Japan) are the key players in the global relay market.
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This research report categorizes the relay market based on type, application, voltage-range, mounting type, and region.
By Type
- Electromechanical
- Thermal
- Reed
- Time
- PhotoMOSFET
- MEMS Relay
- Others
By Application
- Industrial
- Building Equipment
- Household Appliances
- Test & Measurements
- Energy & Infrastructure
- Mining
- Automotive
- Medical
- Food & Beverages
- Renewables
- Others
By Voltage Range
- Low
- Medium
- High
By Mounting Type
- Panel
- PCB
- DIN Rail
- Plug-In
- Others
By Region
- North America
- Asia Pacific
- Europe
- Rest of the World (RoW)
Renewables application is estimated to be the fastest growing market
Based on the application segment of relay systems, the Renewables sector is estimated to be the fastest growing market from 2020 to 2030. The current tendency of the electric power system is the adaptation of renewable energy sources. Mainly these are solar panels and wind farms. The use of renewable energy can decrease short-circuit currents. The integration of renewables in the power network will change the fault level and network topologies.
Asia Pacific likely to emerge as the largest and fastest relay market
Asia Pacific accounted for a 43.5% share of the relay market in 2022. Increasing T&D network expansion and industrialization projects in emerging countries such as India and Japan are some of the key growth drivers of the global relay market in this region. As per the Indian Electrical and Electronics Manufacturers Association (IEEMA), electricity generation capacity in India is expected to increase from 200 GW in 2010 to over 800 GW by 2032 to fulfill the increasing demand. Thus, there is a need for a huge investment of approximately USD 300 billion in the next 3-4 years. Also, India and other developing economies in the region are undertaking many smart grid and substation projects per the IEC 61850 standard to fulfill the growing demand for energy. This would create demand for global relays in the region.
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Recent Developments:
- In June 2022, TE Connectivity built a new building for Energy Industry Production in Mexico. The new building almost doubles TE’s production capacity for solar products, power grid connections, and cable accessories for the expanding renewable energy industry in the Americas. A more dependable and sustainable electricity grid is made possible by the goods produced at this site.
- In April 2022, Panasonic Corporation introduced PhotoMOS CC TSON 1 Form B semiconductor relays with a small TSON package, built-in capacitor coupled isolation driver IC, and an oscillation circuit. These relays require low current and flow voltage instead of current at its input side.
- In March 2022, Xiamen Hongfa Automotive Electronics Con., Ltd introduced the latching relay HF191F-L, which is used in the charging system of electric vehicle charging application. It is manufactured as per the IEC 62955 standard and has a current carrying capacity of up 500A.
- In January 2020, Fuji Electric Co., Ltd (Japan), acquired Consul Neowatt Power Solutions Private Limited (CNPS), a major power electronics manufacturer in the country. The company plans to expand its power electronics systems business in India.
