Global Relays Market Report 2021-2030: Increasing Investments in Solar Snergy Projects Globally is Expected to Drive the Market

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Jun 08, 2021, 08:30 ET

DUBLIN, June 8, 2021 /PRNewswire/ -- The "Relays Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.

Major players in the relays market are Omron, Crydom Corp, Comus International, Eaton, TE Connectivity, Fujitsu, Fuji Electric, ABB, Teledyne and Hongfa.

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. 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, solar energy attracted the highest capacity investments globally at $133.5 billion.

The Middle East Solar Industry Association (MESIA) expects solar energy projects 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 especially for solar applications.

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.

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.

In June 2019, TE Connectivity (TE), a consumer electronics company, acquired the Kissling group of companies for an undisclosed amount. The acquisition will enable TE to expand its portfolio of specialty relays and switches to support the needs of industrial and commercial transportation customers. Kissling group is a provider of high- power relays and ruggedized switches that are used in various applications such as commercial vehicle, transportation, industrial, military, aviation industries and others.

Key Topics Covered:

1. Executive Summary

2. Relays Market Characteristics

3. Relays Market Trends and Strategies

4. Impact of COVID-19 on Relays

5. Relays Market Size and Growth
5.1. Global Relays Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Relays Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market

6. Relays Market Segmentation
6.1. Global Relays Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

Latching Relay
Solid State Relay
Automotive Relay
Overload Protection Relay
Electromechanical Relay
Others

6.2. Global Relays Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

Military
Industrial Automation
Electronics
Others

6.3. Global Relays Market, Segmentation by Voltage, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

Low
Medium
High

6.4. Global Relays Market, Segmentation by End-User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

Utilities
Industrial
Railways
Others (Airports, Hospitals, Commercial Complexes and Data Centers)

7. Relays Market Regional and Country Analysis
7.1. Global Relays Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Relays Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

Companies Mentioned