Harrisburg, NC -- (SBWIRE) -- 10/21/2020 -- The Relays Market report is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The global relays market was worth $13.9 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 4.15% and reach $16.3 billion by 2023
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In 2019, Asia Pacific was the largest region in the relays market.
The relays market covered in this report is segmented by type into latching relay, solid state relay, automotive relay, overload protection relay, electromechanical relay, and others. The relays market in this report is segmented by application into military, industrial automation, electronics, and others.
Increasing investments in solar energy projects globally is expected to drive the relays market in the forecast period. Relays are used in solar energy projects to cut off high DC voltages. According to the Global Trends In Renewable Energy Investment 2019 report by the UNEP, in 2018, solar energy attracted the highest capacity investments globally at $133.5 billion. The Middle East Solar Industry Association (MESIA) expects solar energy projetcs worth over $15 billion to start operations in the Middle East in the next five years. With increasing demand from solar energy projects, relay manufacturers are now offering relays compatible with solar energy systems. For instance, Fujitsu is offering relays designed specially for solar applications.
High power consumption by relays and the presence of alternatives such as optocouplers (opt-isolators) is acting as a restraint on the relays market. Relays are used to turn on or turn off a circuit electronically or electromechanically. Relays pose a problem in cases where power consumption needs to be kept minimum. For instance, to switch on a small LED light, the power consumed by the relay could be more than the power consumed by the light. Also, PV solar systems may require larger solar panels and battery to compensate for the excess power consumption by relays. This increases costs and limits the usage of relays in such applications.
Plug-in relays are increasingly being used in the automotive sector due to their light weight compared to electromechanical relays. These relays can handle high-rated current and operating voltage similar to that of electromechanical type relays. Plug-in relays are being used in automobile applications such as electrically heated catalytic converters, heater controls, windscreen wipers, motors and pumps, and body electronics, such as door locks, seat controls, window lifters and others. For instance, Omron's plug-in automotive relays that range from 20A to 70A are used in automotive applications such as arter motors, heater controls, windscreen wipers and any applications that require high continuous current switching.
Scope of the Report:
Markets Covered: 1) By Type: Latching Relay; Solid State Relay; Automotive Relay; Overload Protection Relay; Electromechanical Relay; Others 2) By Application: Military; Industrial Automation; Electronics; Others
Companies Mentioned: Omron; Crydom Corp; Comus International; Eaton; TE Connectivity
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita, Relays indicators comparison.
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Influence of the Relays Market Report:
-Comprehensive assessment of all opportunities and risks in the Relays market.
-The detailed study of business strategies for the growth of the Relays market-leading players.
-Conclusive study about the growth plot of the Relays market for forthcoming years.
-In-depth understanding of Relays market-particular drivers, constraints, and major micro markets.
-Favorable impression inside vital technological and market latest trends striking the Relays market.
What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global Relays Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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