Global Relays Market: Industrial Automation Provides Growth with Demand to Reduce Human Intervention on Shop Floors, finds TMR
The global relays market has been foreseen by the analysts at Transparency Market Research (TMR) to hold a fragmented nature at large. This could be on account of a significant count of regional companies existing in developing markets for relays. There were three manufacturers that had secured a substantial share for relays in the latest past, viz. Siemens AG, Schneider Electric (SE), and Omron Corp. Other manufacturers operating in the market have been anticipated to take to different strategies for sustaining an exponential share in the coming years. Of these, the introduction of novel brands, strategic partnerships, and mergers and acquisitions could hold a prime importance.
According to a market research report authored by TMR, the global relays market has been forecasted to advance at a CAGR of 7.7% between 2015 and 2021 to attain a valuation of US$16.24 bn by the final forecast year. By application, industrial automation could earn a larger revenue of US$3.60 bn by 2021. By region, Asia Pacific has been projected to showcase a higher valuation of US$7.15 bn by the same year.
Advanced Relays Improve Performance of Smart Grids on Several Parameters
The world relays market has been prognosticated to gain a whole lot of demand in the next few years with the lead taken by industrial automation on the back of the increasing need to lessen human involvement on shopping floors globally. However, one of the primary driving factors for the market could be the aggressively rising demand for smart grids on a global platform. With the help of technologically sophisticated relays, smart grids have been envisaged to exhibit a fine level of reliability, power stability, and efficiency. Relays could also improve sustainability in power grids. Generally, manufacturers have been envisioned to stay consistently demanded in the power sector, owing to the ability of relays to prevent fluctuations and overloads even in regular power grids.
Global Players Lose Local Consumers as Regional Players Serve with Low Price
With a massive count of regional players catering to the specific demands of local industries, the international relays market may not bode well for global companies. Besides enjoying the advantage of geographical proximity, local players could have an upper hand in the market due to their lower-grade products offered at cheaper prices. Relays offered by global brands, on the other hand, could be comparatively costlier. Furthermore, technologies offered by local players could be more or less similar to those offered by internationally prominent companies. This has been predicted to choke product innovation and the overall growth of the market.
Nevertheless, global players have been prophesied to create opportunities with their higher quality relays, which local companies may not be able to achieve because of lack of skilled workforce, access to advanced technology, and financial backing. Companies could also attract more end users with the involvement of environment-friendly materials during the manufacture of relays. Global players have been expected to expand their presence in regional markets to counter challenges put forth by local companies. Popular products such as signal and automotive relays could create strong prospects in the market to cash in on. Moreover, leading regions such as Asia Pacific have been expected to add to the demand for relays with the surging adoption of solar power projects and implementation of smart grids.
The information presented in this review is based on a TMR report, titled, “Relays Market (Product - Latching Relay, Solid State Relay, Automotive Relay, Overload Protection Relay, and Electromechanical Relay; Application - Military, Industrial Automation, and Electronics) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021.”
The global relays market has been segmented as presented below:
Global Relays Market: By Product
- 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 (APAC)
- Rest of APAC
- Rest of the World (RoW)
- Latin America
- Middle East
- Rest of RoW
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