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.
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Panel Mounting Type is expected to result in the segment occupying majority of the relay market share
Panel mounted relays are designed to be easily mounted on flat panels or heat sinks with screws. Panel mounted relays are the most preferred as they can be plugged into a socket or mounted on a panel. This has resulted in the largest market share of 30.7% of the panel segment in the global relay market in 2021. The panel mount type design allows end-users easy access to set-point and various function changes. This is one of the key reasons for the highest CAGR of 5.4%, from 2020 to 2030, of the panel segment in the global relay market. Panel mounted relays are deployed in heating/air conditioning, heat pumps, waste treatment, medical equipment, access control, and water and air treatment. The overall growth of these application industries is expected to boost the panel mount segment of the relay market.
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.
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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.
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.
