Relays Market Size, Share & Industry Analysis, By Type (Time Relays, Measuring and Monitoring Relays, Control & Protection Relays, Others), By Voltage Type (Low Voltage, Medium Voltage, Medium Voltage), By End-User (Utility and Grid, Industrial, Commercial, Others) And Regional Forecast, 2024-2032

Relays solve the purpose of switching the current from high current to low current within the circuit, and also serves the protection & controlling of a device for various equipment, circuits, and electrical networks of the power system. The first relays were extensively used in telephones, long-distance telegraph circuits for performing logical operations. The consumption of relays is relatively low due to less concentration in manufacturing & downstream industries and the global economy but is expected to grow in the forecast period.

Based on the type, the market is segmented into measuring and monitoring relays, control & protection relays, time relays, and others. The control and protection relays dominate the global relays market due to their vast usage in distribution and grids, transmission, and various applications because of their fast operation, power supply usage, and reliability advantages compared to other types.

Based on the voltage type, the market is segmented into low voltage, medium voltage, and high voltage. The low voltage segment is anticipated to dominates the market due to the wide range of usage in applications like motors, commercial buildings, and utilities. The segment is driven by the increasing focus on commercial and industrial activities specifically in the Asia Pacific region.

Based on the end-user, the market is segmented into utility, industrial, commercial, and others.  The utility segment is anticipated to dominate the market, owing to the major use of protective relays for major applications. The grid expansion and new distribution projects focus more on the replacement of old relays with advanced relays and implementing quality of power for the smart grid, directly implementing the relays market.

One of the major drivers for the global relays market is the rising power demand across every sector. Relays manufacturers are offering solar compactable relays systems due to increasing demand from solar energy projects and impacts the relays market.

Using the relays for switching high to low current requires a level of amperages, which might get exceeds due to the capacity of wiring and acts as market restraints for relays.

Key Market Driver -

The increasing power demand along with rise in investments of renewable energy sources.

Key Market Restraint -

The capacity of wiring while switching the current hinders the relays market.

Key players covered:

Some of the major companies that are present in the global relay market are ABB, Siemens, Eaton Corporation, Schneider Electric, TE Connectivity, Omron, GE, SEL, Phoenix Contact, and Electronic Relays India (ERI.)

Regional analysis:

The relay market has been studied across North America, Europe, Asia Pacific, Latin America, the Middle East & Africa. The Asia Pacific is expected to dominate the most significant market in terms of demand for relays due to the higher demand for electric power in nations like India, China, and Indonesia, leading to increased electricity connectivity and distribution network across the region.  Following Asia-Pacific, North America & Europe have been more focused on renewable energy projects and energy-efficient sectors; to connect the main grid with the renewable energy source countries in North America are investing in support electrification and transportation across the region which increased the demand for relays. Latin America relays market is anticipated to grow in the coming years due to foreign investment in infrastructure and expansion plans for electric network and power grids installation to support electrification transportation across the region. In the Middle East and Africa, there has been development and investment on large scale, the region is the largest oil exporters and is expanding the grid infrastructure which is expected to be significant drivers for the relays market.

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Segmentation

Key Industry Developments

• On December 02 2019: Omron Corporate has released the first MOS – FET relay module globally. This relay is in “T-type” circuit structure with solid state relays which constitutes them for reducing and maintaining the frequencies of test equipment’s and improve the productivity of the equipment.


• On November 02, 2020: TE connectivity has acquired the DRI Relays. This acquisition has lead the DRI Relays to provide a strong and complex strategies for TE’s aerospace, defence and marine business