Global Relays Market to Post CAGR of 7.7% till 2021 as Demand for Green Energy Strengthens
Driven primarily by the mounting number of solar energy projects worldwide, the global relays market will post a healthy CAGR of 7.7% between 2015 and 2021, says Transparency Market Research (TMR) in its latest report. The report, titled ‘Relays Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,’ will rise from its 2014 valuation of US$9.41 bn to US$16.24 bn by 2021, states TMR. By meticulously segmenting the market on the basis of criteria such as product type, application, and geography, the report analyzes the performance of sub-markets within the global relays market. The increasing use of relays in smart grids will fuel the global market for relays to a great extent.
Browse the full Relays Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021 report at https://www.transparencymarketresearch.com/relays-market.html
Because relays offer certain advantages over semiconductors, especially in terms of resistance to nuclear radiation, they are finding uses in nuclear reactors and radioactive waste handling machinery. The proliferation of solar energy projects, however, will be a high-impact driver for the global relays market. According to the TMR report, the more the installation of alternative energy projects, the higher will be the demand for relays in the energy sector. Thus, solar, wind, and nuclear energy projects will all push the growth of the global relays market.
The report segments the global relays market on the basis of geography into: Europe, North America, Asia Pacific, and Rest of the World. Asia Pacific represented the largest market for relays worldwide in 2014. Buoyed by the growing hunger for energy in emerging economies in APAC, the demand for alternative energy is rising rapidly. To satiate this need for energy in the industrial, commercial, and residential sectors, more alternative energy projects are being commissioned. The APAC relays market will consequently log a CAGR of 7.3% through the report’s forecast period, say TMR analysts.
Classified on the basis of product type, the relays market is composed of the following segments: Solid state relay, latching relay, overload protection relay, automotive relay, and electromechanical relay. With a share of more than 21.0% in 2014, the electromechanical relays segment was the largest in the global relays market by product type. The report further segments the market on the basis of application into: industrial automation, military, electronics, and others. Of these, the use of relays in industrial automation applications was the highest. The industrial automation segment accounted for 23.2% of the relays market by application in 2014.
With the presence of a large number of local players, entering the relays market is a strategic challenge for large companies. Nevertheless, large companies are making a mark with product differentiation and by endeavoring to build a robust sales and service network. Market players that currently boast an appreciable share in the market’s revenue are: Coto Technology Inc. (U.S.), Comus International Inc. (U.S.), StandexMeder Electronics GmbH (Germany), Crydom Inc. (U.S.), Siemens AG (Germany), Alstom S.A. (France), Schneider Electric SE (France), Omron Corp. (Japan), Teledyne Relays Inc. (U.S), and Fujitsu Ltd. (Japan). These players have been profiled in the report on the relays market.
The relays market has been segmented as:
Global Relays Market: By Product Type
- Latching relay
- Solid state relay
- Automotive relay
- Overload protection relay
- Electromechanical relay
Global Relays Market: By Application
- Industrial automation
Global Relays Market, by Geography:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of RoW
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