Global Relays Market to Reach US$16.2 bn by 2021 owing to Growing Need for Solar Energy Projects

Transparency Market Research has published a new report on the global relays market. As per the report, the global relays market is predicted to expand at a 7.70% CAGR during the period from 2015 to 2021. The report, titled ‘Relays Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,’ states that the global relays market is predicted to progress from US$9.4 bn in 2014 to US$16.2 bn by 2021 owing to the increasing need of solar energy projects and the increasing demand for smart grids.

Relays are primarily used to control circuits by a low-power signal. Relays control many circuits by using a single signal. Relays are used across various applications such as military, automobiles, and industrial automation. They are mainly utilized to prevent faults and overload in circuits. When the current surpasses the threshold value, the armature gets activated by the coil, which operates to close the open contacts or open the closed contacts. Relays also allow one circuit to switch over another circuit by completely separating from the first circuit.

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The global relays market is primarily driven by the rising need for eco-friendly energy sources such as solar energy and wind energy. High-capacity power relays are utilized to safely cut off high DC voltages that are used in solar applications. Maintenance of panels, emergency response, and bypassing are the major reasons for which high DC voltages are cut-off from solar applications. Smart grids, in the recent past, have boosted growth opportunities in the global relays market.

The global relays market is segmented on the basis of geography, product type, and application. Based on product, the global relays market is classified into solid state relays, latching relays, overload protection relays, automotive relays, electromechanical relays, and others. In 2014, the global relays market was dominated by the electromechanical relays segment, followed by the automotive relays segment and the solid state relay segment.

Military, electronics, industrial automation, and others are some of the applications of relays. In 2014, the industrial automation segment held the highest share of 23.2% in the global relays market. The electronics segment was the second largest market in the global relays market, followed by the military segment. Growth of the industrial sector and the increasing need for automation in the industrial sector are two of the factors expected to majorly contribute towards the growth of the global relays market in the years to come.

Based on geography, the global relays market is divided into Asia Pacific, North America, Europe, and Rest of the World. In 2014, the global relays market was led by Asia Pacific. The Asia Pacific relays market is expected to maintain its dominant position in the next few years due to factors such as the increasing implementation of smart grids and the increasing demand for solar projects. In 2014, Europe accounted for 25.1% of the global relays market and is predicted to register healthy growth in the years to come. 

Some of the leading companies operating in the global relays market are Comus International Inc. (U.S.), Crydom Inc. (U.S.), Alstom S.A. (France), Omron Corp. (Japan), Fujitsu Ltd. (Japan), Coto Technology Inc. (U.S.), StandexMeder Electronics GmbH (Germany), Siemens AG (Germany), Schneider Electric SE (France), Teledyne Relays Inc. (U.S).