Dublin, Nov. 05, 2020 (GLOBE NEWSWIRE) -- The "Relays Global Market Opportunities and Strategies to 2030: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
This report describes and evaluates the global relays market. It covers 2015 to 2019, termed the historic period, and 2019 to 2023 termed the forecast period, along with further forecasts for the periods 2023-2025 and 2025-2030.
The global relays market reached a value of nearly $29,265.8 million in 2019, having increased at a compound annual growth rate (CAGR) of 6.0% since 2015. The market is expected to decrease from $29,265.8 million in 2019 to $27,416.7 million in 2020 at a rate of -6.3%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 9.8% from 2021 and reach $34,423.4 million in 2023.
Growth in the historic period resulted from an increase in renewable capacity additions, adoption of IEC61850 standard for substation automation, replacement of electromechanical and static relays with numeric relays, favorable government initiatives and economic growth in emerging markets. Factors that negatively affected growth in the historic period were political uncertainties and geopolitical tensions, and lack of investment in grid stability in developing countries.
Going forward, rise in power consumption; implementation of smart power grids; increasing adoption of electric vehicles; and growing adoption of the vehicular safety technology will drive the market for relays. Factors that could hinder the growth of the relays market in the future include volatility in raw material prices, high operating temperatures and COVID-19 outbreak.
The relays market is segmented by type into latching relays, solid-state relays, automotive relays, electromechanical relays, and others. The automotive relays market was the largest segment of the relays market segmented by type, accounting for 38.9% of the total in 2019. Going forward, the automotive relays segment is also expected to be the fastest-growing segment in the relays market, at a CAGR of 4.8% during 2019-2023.
The relays market is also segmented by application into military, industrial automation, electronics and others. The others segment was the largest segment of the relays market segmented by application, accounting for 46.4% of the total in 2019. Going forward, the industrial automation segment is expected to be the fastest-growing segment in the relays market, at a CAGR of 4.9% during 2019-2023.
The relays market is also segmented by voltage into relays & less Than; 60 volts, and relays > 60 volts. The relays & less Than; 60 volts segment was the largest segment of the relays market segmented by voltage, accounting for 51.3% of the total in 2019. Going forward, relays & less Than; 60 is also expected to be the fastest-growing segment in the relays market, at a CAGR of 6.0% during 2019-2023.
The coronavirus outbreak has negatively impacted the global relays market. Companies in the relay market are facing difficulties in continuing business operations and maintaining sustenance in the wake of a global pandemic. Productions of short-term electronic components such as relays are suffering from supply chain disruptions and logistical issues. The demand for relay devices has also taken a hit as electricity consumption in industrial and commercial industries reduced due to factory closures.
Key Topics Covered:
1. Relays Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6.1.1. Segmentation By Geography
6.1.2. Segmentation By Type
6.1.3. Segmentation By Application
6.1.4. Segmentation By Voltage
7. Relays Market Characteristics
7.1. Market Definition
7.2. Market Segmentation By Type
7.2.1. Latching Relay
7.2.2. Solid State Relay
7.2.3. Automotive Relay
7.2.4. Electromechanical Relay
7.3. Market Segmentation By Application
7.3.2. Industrial Automation
7.4. Market Segmentation By Voltage
7.4.1. Relays & less Than; 60 Volts
7.4.2. Relays > 60 Volts
8. Relays Market Trends And Strategies
8.1. Development Of Eco-Efficient Relays
8.2. Increased Use Of Electromagnetic Relays
8.3. Specialized Relays In Specific Projects
8.4. Increasing Popularity Of Multipurpose Relays
8.5. Increase In Merger and Acquisition Activity
9. COVID Impact On The Relays Market
9.1. Lack Of Demand Due To Reduced Electricity Consumption
9.2. Impact On Relay Manufacturing Companies - Case Study On Omron
10. Global Relays Market Size And Growth
10.1. Market Size
10.2. Historic Market Growth, 2015 - 2019, Value ($ Million)
10.2.1. Drivers Of The Market 2015 - 2019
10.2.2. Increase In Renewable Capacity Additions
10.2.3. Adoption Of IEC 61850 Standard For Substation Automation
10.2.4. Replacement Of Electromechanical And Static Relays With Numeric Relays
10.2.5. Favorable Government Initiatives
10.2.6. Economic Growth in Emerging Markets
10.2.7. Restraints On The Market 2015 - 2019
10.2.8. Political Uncertainties And Geopolitical Tensions
10.2.9. Lack Of Investment In Grid Stability In Developing Countries
10.3. Forecast Market Growth, 2019 - 2023, 2025F, 2030F Value ($ Million)
10.3.1. Drivers Of The Market 2019 - 2023
10.3.2. Rise In Power Consumption
10.3.3. Implementation Of Smart Power Grids
10.3.4. Increasing Adoption Of Electric Vehicles
10.3.5. Growing Adoption Of The Vehicular Safety Technology
10.3.6. Restraints On The Market 2019 - 2023
10.3.7. Volatility In Raw Material Prices
10.3.8. COVID-19 Outbreak
11. Global Relays Market Segmentation
11.1. Global Relays Market, Segmentation By Type, Historic And Forecast, 2015 - 2019, 2023F, 2025F, 2030F, Value ($ Million)
11.1.1. Automotive Relay
11.1.2. Latching Relay
11.1.3. Electromechanical Relay
11.1.4. Other Relays
11.1.5. Solid State Relay
11.2. Global Relays Market, Segmentation By Application, Historic And Forecast, 2015 - 2019, 2023F, 2025F, 2030F, Value ($ Million)
11.2.2. Industrial Automation application
11.2.3. Electronics application
11.3. Global Relays Market, Segmentation By Voltage, Historic And Forecast, 2015 - 2019, 2023F, 2025F, 2030F, Value ($ Million)
11.3.1. Relays &lessThan; 60 Volts
11.3.2. Relays > 60 Volts
12. Relays Market, Regional And Country Analysis
12.1. Global Relays Market, By Region, Historic and Forecast, 2015 - 2019, 2023F, 2025F, 2030F, Value ($ Million)
12.2. Global Relays Market, By Country, Historic and Forecast, 2015 - 2019, 2023F, 2025F, 2030F, Value ($ Million)
Abunayyan Holding Company
Areva T&D India Ltd.
Ashida Electronics Pvt. Ltd.
Control &Relays Electric Limited
DARE Electronics, Inc.
Dongguan Sanyou Electrical Appliances Co., Ltd
German Electrical Manufacturing Co.
Guizhou Tiani Electrical Appliances Co.
Mitsubishi Electric Corporation
Ningbo Forward Relays Co., Ltd.
Panasonic Electric group
S&C Electric Company
Shanghai Hugong Auto-Electric Co., Ltd.
Song Chuan Group
Xiamen Hongfa Electroacoustic Co., Ltd
Zhejiang HKE Relays Co., Ltd.
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