Surface Mount Reed Relays Market to Reach $658.9 Million, Globally, by 2031 at 6.9% CAGR: Allied Market Research

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Mar 23, 2023, 11:00 ET

PORTLAND, Ore., March 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Surface Mount Reed Relays Market by Coil Voltage (3 Volt to 5 Volt, 6 Volt to 12 Volt, 24 Volt), by End User Industry (Telecommunications, Healthcare, Automotive electronics, Aerospace and defense, Industrial automation, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global surface mount reed relays industry generated $337.8 million in 2021, and is anticipated to generate $658.9 million by 2031, witnessing a CAGR of 6.9% from 2022 to 2031.

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Prime Determinants of Growth

The increasing adoption of automation technologies, growth in the renewable energy sector, and increase in demand for miniaturization for medical devices drive the growth of the global surface mount reed relays market. However, the low current ratings restrict the market growth. Moreover, an increase in the number of electric vehicle (EV) charging stations is expected to provide new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a positive impact on the global surface mount reed relays market, owing to increased demand for medical equipment, such as ventilators and monitoring devices, which often require low-power, high-reliability components like surface mount reed relays.
Additionally, the shift towards remote work and distance learning has led to increased demand for telecommunications equipment, which also often require surface mount reed relays for switching high-frequency signals with low insertion loss and high isolation.

The 24 Volt Segment to Maintain its Leadership Status Throughout the Forecast Period

Based on coil voltage, the 24 Volt segment held the highest market share in 2021, accounting for more than half of the global surface mount reed relays market, and is estimated to maintain its leadership status throughout the forecast period, due to the increasing demand for energy-efficient systems, the growing adoption of automation, the expansion of the industrial control systems market, and advancements in technology. However, the 3 Volt to 5 Volt segment is projected to manifest the highest CAGR of 8.16% from 2022 to 2031. With the increasing demand for compact and portable electronic devices, the need for smaller and more efficient components, such as surface mount reed relays, has also grown.

The Telecommunication Segment to Maintain its Leadership Status Throughout the Forecast Period

Based on end user industry, the telecommunication segment held the highest market share in 2021, accounting for more than one-thirds of the global surface mount reed relays market, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 8.28% from 2022 to 2031, driven by the increasing demand for reliable, compact, and energy-efficient switching solutions in telecommunication devices. The increasing popularity of wireless communication has created new opportunities for surface mount reed relays in telecommunication devices.

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Europe to Maintain its Dominance by 2031

Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for nearly one-third of the global surface mount reed relays market, and is likely to dominate the market during the forecast period. This region is expected to witness the fastest CAGR of 7.71% from 2022 to 2031. The demand for high-speed switching and low power consumption in electronic devices and the automotive industry is a key driver for the growth of the surface mount reed relay market, as these relays are used in various automotive applications, such as lighting, power windows, and HVAC systems. The growing demand for electric vehicles and hybrid electric vehicles is expected to create new opportunities for the surface mount reed relay market, as these vehicles require advanced electronic systems. These factors will eventually make Europe as fastest growing and largest region for surface mount reed relay market during the forecast period.

Leading Market Players: -

Comus international,
Coto Technology, Inc.,
Cynergy3(Sensata Technologies),
Misensor Tech Co., Ltd.,
Hasco Relays and Electronics International Corp.,
Pickering Electronics Limited,
Standex International Corporation,
Omron Technology,
KEMET Corporation (YAGEO Group),
Reed Relays and Electronics India Limited

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Key Benefits For Stakeholders:

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the surface mount reed relays market analysis and surface mount reed relays market outlook from 2021 to 2031 to identify the prevailing market opportunity.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global surface mount reed relays market trends, key players, market segments, application areas, and market growth strategies.

Surface Mount Reed Relays Market Key Segments:

Coil Voltage

6 Volt to 12 Volt
24 Volt
3 Volt to 5 Volt

End User Industry

Telecommunications
Healthcare
Automotive electronics
Aerospace and defense
Industrial automation
Others

By Region

North America (U.S., Canada, Mexico)
Europe (UK, Germany, France, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

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