Industrial Relays Market to grow by USD 1.40 billion from 2022 to 2027; The enhanced reliability and durability of industrial relays to drive the growth- Technavio

NEW YORK, Nov. 23, 2023 /PRNewswire/ — The industrial relays market is expected to grow by USD 1.40 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 6.39% during the forecast period. The market is segmented by product (electromechanical relays, solid-state relays, hybrid relays, reed relays, and general-purpose relays), end-user (process industries and discrete industries), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

The enhanced reliability and durability of industrial relays is a key factor driving market growth. To reduce the need for regular replacements and repairs, manufacturers are developing industrial relays with a longer life. The long service life and minimizing disruption of industrial processes are provided by these Longlife Relays. There is a focus on minimizing interruptions and improving business continuity which might lead to an increase in demand for Industrial Relays.

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Key Highlights:

The report recognizes the following as some of the key players in the industrial relays market: ABB Ltd., Broadcom Inc., Coto Technology, Eaton Corp. Plc, Electroswitch Power Switches and Relays, Fujitsu Ltd., General Electric Co., IMO Precision Controls Ltd., Littelfuse Inc., Nissin Electric Co. Ltd., OMRON Corp., Panasonic Holdings Corp., Phoenix Contact GmbH and Co. KG, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, TE Connectivity Ltd., Teledyne Technologies Inc., WEG Equipamentos Eletricos S.A., and Standex International Corp.Industrial Relays Market is fragmented in nature.Market to observe 4.55% YOY growth in 2023.

Market Dynamics:

Major Trend

The emergence of digitalization and Industry 4.0 is a major trend in the market. Intelligent relays enabling data exchanges with other components of industrial automation ecosystems are increasingly needed as part of Industry 4.0.Moreover, digitalized industrial relays can contribute to energy-efficient operations through the optimization of power supply and reduction of energy waste during automated processes. 

Significant Challenge

The emergence of solid-state triac devices is a significant challenge restricting market growth.In synchronization with the waveform of the AC signal, silicon triac devices may be applied to interrupt current flow. A triac is a three-terminal Solid State Semiconductor device, allowing an alternating current to flow between two terminals as long as the third terminal triggers are in operation.In addition, in the future, there will be a possibility of replacing industry relay switches for safety functions in different industries with state-of-the-art triac devices.

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Keg Segments:

The electromechanical relays segment will account for a major share of the market’s growth during the forecast period. Electromechanical relays support a wide range of signal characteristics, from low voltage/current to high voltage/current, and frequencies from DC to GHz. Additionally, their robustness and ability to operate at signal levels over their rated values make electromechanical relays a superior choice over other relays in high-performance applications.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio