Stimulated by Solar Energy Projects, Relays Market to reach US$16.24 bn globally by 2021

According to a new market report published by Transparency Market Research “Relays Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,” the relays market was valued at US$9.41 bn in 2014, which is expected to reach US$16.24 bn by 2021, growing at a CAGR of 7.7% from 2015 to 2021.

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The relays market is primarily driven by the rising demand for solar projects globally. With the increasing need of eco-friendly and green energy, for example, solar energy and wind energy, the demand for relays is showing tremendous growth in the global market. High capacity power relays are used to cut off safely the high DC voltages used in solar applications. The main reason for cutting the panels includes emergency response, bypassing and maintenance of the panels efficiently. In addition, multi band wireless technology is also an important factor in driving the growth of relays globally. Moreover, smart grids have also created healthy growth in relays market. Rising demand for electricity led to the implementation of smart grids. These grids need to be protected from overload of current or any faults, which is possible if relays are used in the grids.

The relays market is segmented on the basis of product type into: latching relays, solid state relay, automotive relay, overload protection relay, electro mechanical relays and others. Among these, electromechanical relay held the largest market share followed by automotive relays, solid state relay, overload protection relays, latching relay and others as of 2014. Demand for electromechanical relay is high as they are more reliable and easy to setup.

The relays market is further segmented on the basis of application into: military, industrial automation, electronics and others. The industrial automation held the highest market share in 23.2% in 2014. The industrial automation is followed by electronics, military and others segment. Exponential growth in the industrial sector and increasing need for automation in this sector are the major factors driving the global relays market.

Geographically, the market is segmented into North America, Europe, Asia Pacific and Rest of the World. In 2014, Asia Pacific held the largest market share in global relays market. The factors responsible for the growth in relays market include the increasing demand for solar projects and implementation of smart grids. China, India and Japan are the leading countries in Asia Pacific relays market contributing to generate maximum market revenue. Moreover, the Asia Pacific relays market is followed by Europe, North America and Rest of the World. In 2014, Europe accounted for the market share of 25.1% and is expected to witness healthy growth during the forecast period.

Some of the leading players in the global relays market include Comus International Inc. (U.S.), Coto Technology Inc. (U.S.), Crydom Inc. (U.S.), StandexMeder Electronics GmbH (Germany), Alstom S.A. (France), Siemens AG (Germany), Omron Corp. (Japan), Schneider Electric SE (France), Fujitsu Ltd. (Japan) and Teledyne Relays Inc. (U.S) among others. The report provides estimates in terms of revenue (USD Billion) from 2015 to 2021 by studying the global relays market.

Browse the full Relays Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021 report at http://www.transparencymarketresearch.com/relays-market.html

The global relays market has been segmented as follows:

Global Relays Market: By Product Type
 

• Latching relay
• Solid state relay
• Automotive relay
• Overload protection relay
• Electromechanical relay
• Others

Global Relays Market: By Application
 

• Military
• Industrial automation
• Electronics
• Others

The report provides a cross sectional analysis of all the above segments with respect to the below mentioned regions.

Global Relays Market: By Geography/ Country

• North America
• U.S.
• Canada
• Rest of North America
• Europe
• U.K.
• Italy
• Spain
• France
• Germany
• Rest of Europe
• Asia Pacific
• India
• China
• Japan
• Rest of Asia Pacific
• Rest of the World
• Latin America
• Middle East
• Rest of Rest of the World

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