Global Relays Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
12 Oct, 2021
The relays market consists of sales of relays which are electromagnetic switches used to turn on or turn off a circuit electronically or electromechanically. They operate by opening one electrical circuit and closing contacts in another circuit. Relays include PCB power relays, signal relays and plugin relays.
Global Relays Market Size And Drivers:
The global relays market is expected to grow from $26.36 billion in 2020 to $28.53 billion in 2021 at a compound annual growth rate (CAGR) of 8.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $34.86 billion in 2025 at a CAGR of 5%. Increasing investments in solar energy projects globally is expected to drive the relays market in the forecast period.
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Trends In The Global Relays Market
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.
Global Relays Market Segments:
The global relays market is further segmented –
By Type: Latching Relay, Solid State Relay, Automotive Relay, Overload Protection Relay, Electromechanical Relay, Others
By Application: Military, Industrial Automation, Electronics, Others
By Voltage: Low, Medium, High
By End-User: Utilities, Industrial, Railways, Others (Airports, Hospitals, Commercial Complexes and Data Centers)
By Geography: The global relays market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global Relays Market At:
https://www.thebusinessresearchcompany.com/report/relays-global-market-reportRelays Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides relays market overviews, analyzes and forecasts market size and growth for the global relays market, relays market share, relays market players, relays market segments and geographies, relays market’s leading competitors’ revenues, profiles and market shares. The relays market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.