Global Relays Market Study, 2015-2019 & 2020-2030 - Increasing Investments in Solar Energy Projects is the Key Growth Driver

DUBLIN, Jan. 16, 2020 /PRNewswire/ -- The "Relays Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.

The global relays market was worth $13.9 billion in 2019. It is expected to grow at a CAGR of 4.15% and reach $16.3 billion by 2023. In 2019, Asia-Pacific was the largest region in the relays market.

This report covers global market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider relays market, and compares it with other markets.

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 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 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.

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.

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

Key Topics Covered

1. Executive Summary

2. Relays Market Characteristics

3. Relays Market Size And Growth
3.1. Global Relays Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Relays Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market

4. Relays Market Segmentation
4.1. Global Relays Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

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

4.2. Global Relays Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

• Military
• Industrial Automation
• Electronics
• Others

5. Relays Market Regional And Country Analysis
5.1. Global Relays Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Relays Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

Companies Mentioned

• Omron
• Crydom Corp.
• Comus International
• Eaton
• TE Connectivity
• Fujitsu
• Fuji Electric
• ABB
• Teledyne
• Hongfa
• Ningbo Forward
• Sharp
• Delixi
• Song Chuan
• Hella
• Rockwell Automation
• Sanyou
• Finder
• Hu Gong
• Ningbo Huike
• Qunli Electric
• Songle Relay
• Tianyi Electrical
• Coto Technology
• StandexMeder Electronics GmbH

For more information about this report visit https://www.researchandmarkets.com/r/3n143h

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