Electromechanical Relay Market is Expected to be Dominated by the Automotive Industry in the Forecast Period
Growing
number of renewable energy projects & technological advancements in
electricity generation process is fueling the market growth.
According to TechSci Research report, “Global Electromechanical Relay Market - By Region,
Competition Forecast & Opportunities, 2018-2028”, the global electromechanical relay market is expected to register
a 3.97% CAGR during the forecast period, 2024-2028. A growing number of
renewable energy projects are driving up the demand for high-capacity
electromechanical relays, which is helping to drive the expansion of the global
electromechanical relay (EMR) market.
Electromechanical relays are becoming more and more popular because of their
affordability, durability, low power requirements, and ease of maintenance.
The
market also witnesses a significant growth in the car manufacturing sector. Most
players employ relays in the car's fuse box. These relays are used to guard
against overload and failures in the circuits. In the growing economies of
Asia-Pacific, the electromechanical relay market is anticipated to expand
significantly. The market's expansion is also aided by government subsidies and
an increase in consumer demand for electronics.
Even
though electromechanical relays are known for their durability and longevity,
mechanical wear and contact corrosion over time result in a limited lifespan
for devices. Alternative relay technologies with longer lifespans, such as
solid-state relays, may be selected in applications that require exceptionally
long operating lives or those where failure might have serious consequences,
like aerospace or defence systems. These factors can limit the market growth in
the forecast period.
Browse over XX Market Data Figures spread
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Electromechanical Relay Market"
The global electromechanical
relay market is divided into type, application, end user, and region.
Based
on type, the market is segmented into general purpose relay, power relay,
contactor, time-delay relay, and others. Based on application, the market is
segmented into factory automation, temperature controllers, motor controls, and
others.
Based on end user industry,
the market is segmented into aerospace and defense, communication and
technology, HVAC, automotive, consumer electronics, and others. Due to the
widespread application of these electromechanical relays in the vehicle
manufacturing industry, which is now witnessing a clear boom in automobile
sales globally, the automotive segment has the largest share of the global
electromechanical market. Relays are typically used in machine fuse boxes by
vehicle manufacturers to guard against overloading and damaging circuits.
Following that, consumer
electronics have the highest CAGR in the market during the forecast period because
of people's growing interest in smart homes or automated homes, which need
smart components like relays and many other components to be built. These
components all contribute to the market's growth during the forecast period. The need for
electromechanical relays is being driven by the rising use of smart home
appliances, smart lighting systems, and home automation systems. With the help
of these relays, people may automate and regulate a variety of components of
their houses.
Additionally, modern technology and
immersive experiences are the driving forces behind the gaming and
entertainment industries. Gaming consoles, audio/video gear, virtual reality
systems, and home theatre systems all use electromechanical relays. The market
is expanding because of the usage of these relays for system protection, signal
switching, and power control. Due to modern technology advancements, consumer
electronic segment is growing with a high CAGR in the future.
Based on region, the
market is being dominated by
Asia-Pacific. Nations within the locale are undertaking numerous keen lattice
and substation ventures per the IEC 61850 standard to fulfill the developing
request for vitality. This would make demand for worldwide transfers within the
locale. For occurrence, Indonesia has granted different foundation ventures,
such as electric control plants beneath the Free Control Maker (IPP) plot and
toll streets in a few districts, with a contract worth USD 13.2 billion to
China. This would drive the worldwide hand-off advertise within the nation amid
the estimate period. Japan is progressively centering on expanding the share of
renewables in control era and due to the above initiatives, the Asia-Pacific
region will grow in the forecast period.
Major market players in the global electromechanical
relay market are: -
- Ashida
Electronics Pvt. Ltd
- DARE
Electronics, Inc
- Leone Systems
- TE
Connectivity Ltd
- Ashida
Electronics Pvt. Ltd
- Control
&Switchgear Electric Limited
- Eaton
Corporation
- Hitachi
Energy Ltd
- ABB
Ltd
- Siemens
AG
- General
Electric
- GE
Digital Energy
- ZETTLER
Group
- Mors
Smitt BV
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"The focus on energy efficiency and environmental
sustainability is increasing the adoption of electromechanical relays. These
relays have advantages such as low energy consumption, high efficiency, and the
ability to completely turn off power when not in use. Adoption of renewable
energy and growing demand of electricity are the main factors propelling the
market growth in the forecast period.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based Global management consulting
firm.
“Electromechanical
Relay Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028 Segmented By Type (General Purpose Relay, Power Relay,
Contactor, Time-Delay Relay, Others), By Application (Factory Automation,
Temperature Controllers, Motor Controls and Others), By End User Industry
(Aerospace and Defense, Communication and Technology, HVAC, Automotive,
Consumer Electronics, Others), By Region and Competition” has
evaluated the future growth potential of global electromechanical relay market
and provides statistics & information on market size, structure, and
future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and opportunities
of the global
electromechanical relay market.
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