The global power relays market share is expected to grow high in the upcoming years and exhibiting a CAGR of 5.5%.
The market size is thereby expected to enlarge revealing lucrative opportunities for key players. The market growth attributes to the constant demand for electric power for industrial applications and growing importance of electrical grids. The market share is expected to have a significant growth in the coming years basis the innovation adopted for production of electricity and electrical grids. Production and distribution of feeder systems are likely to fuel the market demand in the coming years therein eliminating the chances of damage.
Power relays cater to a wide variety of digital and analog devices. Mostly, these are capable to power domestic and commercial applications such as home appliances, industrial equipment and so on. Based on their functionality, the classification include electromagnetic, high voltage and solid state. Typically, the power relays are mainly used for load control applications. Therefore, a relay is a switching device to change the state of electric device from one to another. An interesting fact about relays is, there is no electrical circuit beneath the device but it is externally linked through magnetic and mechanical basis.
Some typical commercial application of relays include modems, audio amplifiers, solenoid of automobile, circuit breakers, traffic control system, telecommunications, lighting control systems, electric motor controllers, heating systems, and drilling machine and tools.
Growing demand for renewable form of electricity along with installation of grid connections are likely to be witnessed all across the globe. The demand for protective relaying devices are widely used for different applications that can automatically prevent power failures and power quality issues. The design being robust and powerful to sustain any power failure and results in constant power supply to end-user applications. The increase in number of transmission lines and distribution networks is expected to result in setting up substations that amplifies the power supply.
Importance of power relays in communication devices to drive the market growth
The power relay market is significantly driven by growing need for continuous power in the communication devices. Ultimately, the significance of communication devices in further applications is likely to encourage a superior market growth. Increase in infrastructure projects worldwide and growing demand for energy consumption is likely to result in a huge market growth. Also, the high adoption of risk mitigation techniques to curb power failure issues have turned on the market opportunities. Technological innovation such as use of sensors and ICs are expected to supplement the commercial use of power relays for modern communication devices.
High installation costs are likely to restrict the market growth
The market witness bottlenecks owing to the surge in installation costs and maintenance. Growing consumption of electricity in the commercial segment also attributes to demand for high capacity power relays. In addition, the growth is limited on the basis of low capacity for noise cancellation and high switching time. Also, the devices being sensitive to dust and other elements in environment and are prone to high damage. These features are likely to prevent the use of power relays in high-end appliances.
The power relays market is classified into type and application. The type segment is further bifurcated into 12V DC and 24V DC. 12V DC type is fast growing owing to the increase in demand from end-users. It has been widely used in the automotive sector for lighting purpose.
Application is further categorized as IT, automotive, electrical, and others. Automotive is the leading segment attributing to the encouraging growth and favorable market conditions for the auto industry. Moreover, the segment growth is likely to have a significant impact on the entire market attributing to the innovation by major players.
The power relays market is segmented as North America, Europe, Asia Pacific, Middle-East, and Africa. Europe is the leading market for power relays attributing to the significance of electrical device in the residential and industrial sector. Moreover, the technological improvements have been encouraging the market development in the regional markets.
Asia Pacific is the second leading market for power relays attributing to the ongoing developments in the semiconductor industry. Digitization and enhancements to the chip industry are some of the major features of the regional market growth. In addition, high digital awareness and extensive use of gadgets have been supplementing the market development in the regional markets.
North America and Europe are expected to gain a significant traction attributing to the significance of technical infrastructure, availability of manpower and talent.
The power relays market report include major players such as Fujitsu, Rockwell Automation, Omron, Schneider Electric, Hengstler, HONGFA, Teledyne Relays, CHINT, NTE Electronics, Phoenix Contact, Weidmuller, Siemens, Xinling Electric, TE Connectivity, and Panasonic. The key players are likely to adopt strategic collaborations for market positioning.
List Of Key Companies Profiled: