Northbrook, IL 60062 -- (SBWIRE) -- 09/26/2023 -- According to a new market research report, the relay market is estimated to be USD 9.0 billion in 2022 to USD 14.7 billion by 2030, at a CAGR of 6.3% during the forecast period. Increasing investments in renewable energy resources, expansion of transmission & distribution networks, and increasing demand for control devices in end-user industries are the key factors driving the market growth.

Key Market Players:

The relay market is dominated by a few globally established players such as Panasonic Corporation (Japan), Xiamen Hongfa Electroacoustic Co., Ltd. (China), TE connectivity (Switzerland), Fuji Electric (Japan), and OMRON Industrial Automation (Japan). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global 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.

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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.

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