Global Relays Market Forecast to 2030


Posted October 31, 2020 by Kavita

This report describes and evaluates the global relays market. It covers 2015 to 2019, termed the historic period, and 2019 to 2023 termed the forecast period
 
Bharat Book Bureau Provides the Trending Market Research Report on “Relays Global Market Opportunities And Strategies To 2030: COVID-19 Impact and Recovery” under Consumer Goods Category. The report offers a collection of superior Market 2030 research, Market 2030 analysis competitive intelligence and Market 2030 reports.

This report describes and evaluates the global relays market. It covers 2015 to 2019, termed the historic period, and 2019 to 2023 termed the forecast period, along with further forecasts for the periods 2023-2025 and 2025-2030.

Relays Global Market Opportunities And Strategies To 2030: COVID-19 Impact and Recovery

Including: By Type: Latching Relays; Solid State Relays; Automotive Relays; Electromechanical Relays; Others

By Application: Military; Industrial Automation; Electronics; Others

By Voltage: Relays < 60 Volts; Relays > 60 Volts

Covering: Siemens; Schneider Electric; TE Connectivity; ABB Ltd.; Eaton Corporation


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This report describes and evaluates the global relays market. It covers 2015 to 2019, termed the historic period, and 2019 to 2023 termed the forecast period, along with further forecasts for the periods 2023-2025 and 2025-2030.

The global relays market reached a value of nearly $29,265.8 million in 2019, having increased at a compound annual growth rate (CAGR) of 6.0% since 2015. The market is expected to decrease from $29,265.8 million in 2019 to $27,416.7 million in 2020 at a rate of -6.3%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 9.8% from 2021 and reach $34,423.4 million in 2023.

Growth in the historic period resulted from increase in renewable capacity additions, adoption of IEC61850 standard for substation automation, replacement of electromechanical and static relays with numeric relays, favorable government initiatives and economic growth in emerging markets. Factors that negatively affected growth in the historic period were political uncertainties and geopolitical tensions, and lack of investment in grid stability in developing countries.

Going forward, rise in power consumption; implementation of smart power grids; increasing adoption of electric vehicles; and growing adoption of the vehicular safety technology will drive the market for relays. Factors that could hinder the growth of the relays market in the future include volatility in raw material prices, high operating temperatures and COVID-19 outbreak.

The relays market is segmented by type into latching relays, solid state relays, automotive relays, electromechanical relays, and others. The automotive relays market was the largest segment of the relays market segmented by type, accounting for 38.9% of the total in 2019. Going forward automotive relays segment is also expected to be the fastest growing segment in the relays market, at a CAGR of 4.8% during 2019-2023.

The relays market is also segmented by application into military, industrial automation, electronics and others. The others segment was the largest segment of the relays market segmented by application, accounting for 46.4% of the total in 2019. Going forward, industrial automation segment is expected to be the fastest growing segment in the relays market, at a CAGR of 4.9% during 2019-2023.

The relays market is also segmented by voltage into relays < 60 volts; and relays > 60 volts. The relays < 60 volts segment was the largest segment of the relays market segmented by voltage, accounting for 51.3% of the total in 2019. Going forward, relays < 60 is also expected to be the fastest growing segment in the relays market, at a CAGR of 6.0% during 2019-2023.

The coronavirus outbreak has negatively impacted the global relays market Companies in the relay market are facing difficulties in continuing business operations and maintaining sustenance in the wake of a global pandemic. Productions of short-term electronic components such as relays are suffering from supply chain disruptions and logistical issues. The demand for relay devices has also taken a hit as electricity consumption in industrial and commercial industries reduced due to factory closures. Industrial factories consume more than 41% of electricity for operating machinery, followed by 25% for domestic and 18% for agricultural purposes. The closure of manufacturing facilities translates to reduced consumption of electricity, which in turn has reduced demand for relays. According to the director of Indian relay products company, HONGFA Group, the global relay market is being negatively impacted by the pandemic, with the Indian relay market experiencing negative growth between 20% - 25% in the first quarter of 2020.

Asia Pacific was the largest region in the global relays market, accounting for 46.6% of the total in 2019. It was followed by North America, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the relays market will be Eastern Europe, and Middle East, where growth will be at CAGRs of 9.1% and 8.2% respectively. These will be followed by Africa, and Asia Pacific, where the markets are expected to grow at CAGRs of 6.9% and 4.2% respectively.

The relays market is highly fragmented, with a large number of small players. The top ten competitors in the market made up to 14.8% of the total market in 2019. Major players in the market include Siemens AG, Schneider Electric, TE Connectivity, ABB Ltd. and Eaton Corporation.

The top opportunities in the relays market segmented by type will arise in the automotive relays market segment, which will gain $2,334.8 million of global annual sales by 2023. The top opportunities in the relays market segmented by application will arise in the others segment, which will gain $2,106.5 million of global annual sales by 2023. The top opportunities in the relays market segmented by voltage will arise in the relays < 60 volts segment, which will gain $3,936.3 million of global annual sales by 2023.The relays market size will gain the most in the China at $1,538.2 million.

Market-trend-based strategies for relays market include investing in in eco-efficient solutions for minimizing the impact on the environment and attaining sustainability, investing in electromagnetic relays to ensure optimum utilization of resources, developing and promoting specialized relays for specific industries, developing multipurpose relays and focusing on mergers and acquisition activities to increase market share by having access to a wider consumer base.

To take advantage of the opportunities, the recommends the relays companies to focus on investing in eco-efficient relays, focus on investing in manufacturing of multipurpose relays, adoption of mergers and acquisitions strategies, focus on investing in electromagnetic relays, expanding in emerging markets, focus on competitive pricing and leveraging social media.

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Contact Email [email protected]
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Country India
Categories Consumer
Tags Relays market outlook , Relays market trends , Relays market by product , Relays market by region
Last Updated October 31, 2020