Industrial Relays Market: Introduction
- Relays are switches that open and close circuits electromechanically or electronically. Relays control one electrical circuit by opening and closing contacts in another circuit. Relays are utilized in a wide range of industries for various purposes. Relays are frequently utilized in control panels in industrial applications for different functions such as monitoring power or regulating a motor, valve, or other electrical devices in automation. Industrial relays are relays that are used in industrial applications to perform the functions mentioned above. The industrial relays market is estimated to expand significantly during the forecast period due to rapid industrialization in emerging economies.
Key Drivers and Opportunities of the Global Industrial Relays Market
- The industrial relays market is projected to driven by an increase in power consumption; implementation of smart power grids as developed and developing countries around the world invest in the construction of smart power grids; rise in adoption of electric vehicles; and increase in adoption of vehicular safety technology
- Relay manufacturers are progressively producing environment-friendly relays. Furthermore, manufacturers are emphasizing on investment in specialized and customized industrial relays for certain industries or projects, focusing on multifunctional industrial relay production and expansion into developing markets either directly or through distributors. Manufacturers can expand their customer base, revenue, and market share by investing in research & development and expanding into new geographies.
- Volatility in prices of raw material is expected to hinder the industrial relays market. The most common raw materials utilized in the production of industrial relays are copper, steel, iron, nickel, and silver. For instance, steel prices are highly volatile and are influenced by diverse variables. Furthermore, the negative impact of the COVID-19 pandemic as well as supply chain disruptions, due to the pandemic, are projected to hamper the market for industrial relays during the forecast period.
Asia Pacific to Hold Major Share of Global Industrial Relays Market
- In terms of geography, the industrial relays market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Asia Pacific is anticipated to account for a major share of the global industrial relays market during the forecast period. Emerging economies in Asia Pacific have been witnessing significant industrialization for the last few years, and this trend is anticipated to continue. Industrial relays are used in the industrial sector because of their important features to protect systems such as overload protection, over voltage protection, and short circuit protection. The market in Asia Pacific is expanding and becoming cost-effective due to recent innovation and developments being made in the region.
Key Players Operating in Global Industrial Relays Market
- ABB Ltd.
- Coto Corporation
- Crydom Inc.
- Eaton Corporation
- Fujitsu Ltd.
- Mitsubishi Electric Corporation
- Nissin Corporation
- Omron Corporation
- Schneider Electric SE
- Siemens AG
- TE Connectivity Company
Global Industrial Relays Market: Research Scope
Global Industrial Relays Market, by Product Type
- Electromagnetic Relays
- Solid State Relays
- Overload Protection Relays
- Polarized Relays
- Latching Relays
- Others (Reed Relays, Buchholz Relay, etc.)
Global Industrial Relays Market, by Voltage
- Up to 60 Volts
- 60 Volts to 120 Volts
- Above 120 Volts
Global Industrial Relays Market, by End-use Industries
- Electronics and Electricals
- Oil and Gas
- Power and Energy
- Others (Marine and Shipping, Aerospace, etc.)
Global Industrial Relays Market, by Price
Global Industrial Relays Market, by Distribution Channel
- Direct Sales Channel
- Indirect Sales Channel
Global Industrial Relays Market, by Region
- North America
- Rest of North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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