Global Relay Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Relay Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A relay is an electrically operated switch. Many relays use an electromagnet to mechanically operate a switch, but other operating principles are also used, such as solid-state relays. Relays are used where it is necessary to control a circuit by a low-power signal (with complete electrical isolation between control and controlled circuits), or where several circuits must be controlled by one signal. The first relays were used in long distance telegraph circuits as amplifiers: they repeated the signal coming in from one circuit and re-transmitted it on another circuit. Relays were used extensively in telephone exchanges and early computers to perform logical operations.

Market Overview:

The latest research study on the global Relay market finds that the global Relay market reached a value of USD 7015.29 million in 2022. It’s expected that the market will achieve USD 9701.25 million by 2028, exhibiting a CAGR of 5.55% during the forecast period.

Increased demand for HVDC relays

The high-voltage DC relay is a unique relay product for new energy vehicles. It is used in a variety of functional modules such as battery disconnection control, fast charging, precharge, normal charging, isolation protection, and safety control of new energy vehicles.
New energy vehicles use high-voltage battery packs to provide energy, so the main circuit is characterized by DC and high voltage, and the generated arc is difficult to extinguish. The high-voltage DC relay has a strong arc extinguishing capability and is a new type of disconnector product developed by the new energy automobile industry. At present, the mainstream new energy passenger car models in the market adopt the mode of 2 main relays and multiple auxiliary relays (4-8 auxiliary relays are required according to different designs). The main relay is mainly used for battery disconnection control, and each vehicle is equipped with two; the auxiliary relay is used for charging and other links.

Development of the power industry

In the context of the advancement of the construction of the electric power Internet of things, the future electricity meter will add various functions such as energy efficiency management. With the increasing demand for smart meters, the demand for relays in the power industry is increasing. The expansion of the market size of these emerging application fields will promote the growth of the relay market. This will have higher requirements for the design and production of enterprises, and also provide new opportunities for leading enterprises with scale, capital and technical strength.

Fierce Competition

This industry is facing a fierce competition. Increases in buyers within the industry will pose a threat to existing market share.

Region Overview:

China is projected to account for a considerable share of the Relay market and is expected to become the largest region by 2028.

Company Overview:

Hongfa is one of the major players operating in the Relay market, holding a share of 16.55% in 2023.

Hongfa

Hongfa Technology Co Ltd. researches, manufactures and sells solar energy conversion materials, solar energy systems and a borosilicate glass material.

Omron

OMRON Corporation manufactures electronic components, equipment, and systems used for factory automation. The Company provides products and services in a variety of fields including industrial automation, electronic components, automotive electronics, social systems such as ticket gate machines and traffic control, and healthcare.

Segmentation Overview:

By type, SSR & Power Module segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Automotive segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Relay market covered in Chapter 3:

Songle Relay
Hongfa
Schneider Electric
Rockwell Automation
Hu Gong
Fujitsu
Teledyne
Sanyou
Eaton
Sharp
Hella
Delixi
Honeywell
Omron
ABB
Panasonic
Song Chuan
Ningbo Huike
Finder
Tianyi Electrical
Ningbo Forward
CHINT Electrics
Qunli Electric
Fuji Electric
TE Connectivity

In Chapter 4 and Chapter 14.2, on the basis of types, the Relay market from 2018 to 2029 is primarily split into:

Electromagnetic
SSR & Power Module
Combined Relay
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Relay market from 2018 to 2029 covers:

Automotive
Industrial
Communications
Household Appliance
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)