How Has the Relays Market Size Evolved in Recent Years?
The relays market has seen considerable growth due to a variety of factors.
• The size of the relays market has seen consistent growth over the past few years. The projections show an upsurge from $6.71 billion in 2024 to $6.92 billion in 2025, indicating a compound annual growth rate (CAGR) of 3.1%.
The historical growth can be accredited to factors such as the acceleration in renewable capacity additions, the implementation of the IEC 61850 standard for substation automation, the switch from electromechanical and static relays to numeric ones, supportive government measures, and economic development in emerging markets.
What Is The Expected Growth In The Relays Market Size?
The relays market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the relays market size to experience robust growth in the coming years. It is projected to reach $8.46 billion in 2029 with a compound annual growth rate (CAGR) of 5.2%.
The predicted growth within the forecast period can be ascribed to increased power usage, the introduction of intelligent power grids, the rising trend of electric vehicles, and an escalating adoption of vehicular safety technology. The forecast period will also see trends like investments in eco-efficient solutions to minimize environmental impact and achieve sustainability, putting money into electromagnetic relays for optimal resource utilization, the creation and promotion of specialized relays for certain industries, the development of multipurpose relays and an emphasis on merger and acquisition activities to expand market share by reaching a broader consumer base.
What Key Factors and Trends are Driving the Growth of the Relays Market?
The relays market is anticipated to be propelled by the escalating investments in solar energy projects around the world in the coming years. Relays play a crucial role in these projects as they help in cutting off high DC voltages. For instance, Wood Mackenzie Limited, an energy transition data company based in the US, reported that in Q3 of 2023, 6.5 GWdc of DC was installed in the US solar industry, signifying a 35% increase from the 4.8 GWdc in Q3 of 2022. Moreover, the total utility-scale solar installations in the US amounted to almost 17 GWdc in 2022 and increased to an estimated 23 GWdc in 2023. As such, the growth of the relays market is driven by the surge in investments in solar energy projects.
What Are The Primary Segments In The Global Relays Market?
The relays market covered in this report is segmented –
1) By Type: Latching Relay, Solid State Relay, Automotive Relay, Electromechanical Relay, Other Types
2) By Voltage: Relays < 60 Volts, Relays > 60 Volts
3) By Application: Military, Industrial Automation, Electronics, Others Applications
4) By End-User: Utilities, Industrial, Railways, Others End users
Subsegments:
1) By Latching Relay: Electromechanical Latching Relay, Solid State Latching Relay
2) By Solid State Relay: DC Solid State Relay, AC Solid State Relay
3) By Automotive Relay: General Purpose Automotive Relay, Miniature Automotive Relay, Heavy-Duty Automotive Relay
4) By Electromechanical Relay: Single Pole Relay, Double Pole Relay, Time Delay Relay
5) By Other Types: Reed Relay, Mercury Relay, Hybrid Relay
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Which Key Trends Are Driving Changes In The Relays Market Size?
The use of plug-in relays within the automotive industry is on the rise, thanks to their lightweight nature when compared to electromechanical relays. These types of relays can manage high-rated currents and operating voltages synonymous with those of electromechanical relays. They are commonly found in areas of vehicular applications such as electrically heated catalytic converters, heater systems, windscreen wipers, engines, pumps, and various body electronics like door locks and seat and window controls. For example, Omron produces plug-in automotive relays ranging from 20A to 70A that are specifically designed for use in automotive situations such as arter motors, heater systems, windscreen wipers, and any applications that need high continuous current switching.
Who Are the Key Players in the Relays Market?
Major companies operating in the relays market include:
• Siemens
• Schneider Electric
• TE Connectivity
• ABB Ltd.
• Eaton Corporation
• Toshiba
• Mitsubishi Electric Corporation
• Omron Corporation
• General Electric
• Fujitsu Ltd.
• Xiamen Hongfa Electroacoustic Co. Ltd
• Shanghai Hugong Auto-Electric Co. Ltd.
• Hitachi. Ltd.
• Areva T&D India Ltd.
• Alstom SA
• Song Chuan Group
• Guizhou Space Appliance Co. Ltd.
• Dongguan Sanyou Electrical Appliances Co. Ltd.
• Zhejiang HKE Relays Co. Ltd.
• Ningbo Forward Relays Co. Ltd.
• Audix Technology
• DARE Electronics. Inc.
• Leone Systems
• Ashida Electronics Pvt. Ltd.
• Control &Relays Electric Limited
• Mitsuba Corporation
• Tatsumi Industry
• Kamigumi CO
• Panasonic industries Devices
• Nissin Corp.
• Crydom Corp
• Crouzet
• Finder
• Wieland
• S&C Electric Company
• Powell Industries
• G&W Electric
• Abunayyan Holding Company
• Afcon
• Actom
• Matelec Group
• Egyptian German Electrical Manufacturing Co
What Is The Most Dominant Region In The Relays Market?
Asia-Pacific was the largest region in the relays market in 2024. North America was the second-largest region in the global relays market share. The regions covered in the relays market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
