Relay Market Share, Size, Trends, Industry Analysis Report, By Voltage Range (Low, Medium, High); By Type; By Application; By Mounting Type; By Region; Segment Forecast, 2023 - 2032

Relay Market Share, Size, Trends, Industry Analysis Report, By Voltage Range (Low, Medium, High); By Type; By Application; By Mounting Type; By Region; Segment Forecast, 2023 - 2032

The global relay market size is expected to reach USD 16.43 billion by 2032, according to a new study by Polaris Market Research. The report “Relay Market Share, Size, Trends, Industry Analysis Report, By Voltage Range (Low, Medium, High); By Type; By Application; By Mounting Type; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The global power demand is anticipated to double by 2032, necessitating an investment of approximately USD 10 trillion to meet this projected demand. To address this, significant investments have been directed toward increasing power generation capacities in the Middle East, Asia Pacific, and Africa. Countries such as Egypt and Oman are focusing on conventional power generation, while China, India, and South Africa are investing in renewable power generation to keep pace with the growing power demand.

In the pursuit of reliable power supply and enhanced grid management, utilities worldwide are channeling investments into smart grid infrastructure. Major utility companies across the globe have announced their commitment to these investments, aiming to enhance grid monitoring and control through extensive data collection, peer-to-peer communication, and remote operation of grid components. Numerical relays play a crucial role in grid automation and digitization projects, as they can collect real-time grid parameters such as voltage and current, store this data, analyze it, and respond according to preset trip settings. With these capabilities and their cost-effectiveness, numerical relays offer significant growth opportunities within the global relay market.

The global relay market experienced a negative impact due to the emergence of COVID-19. The significant downturn in industries that are major users of various relay types contributed to the overall decline in the global relay market. Additionally, the pandemic led to the suspension of critical projects in the renewable energy sector, as many countries implemented lockdowns to combat the disease's spread during 2020 and early 2021. Nevertheless, industries in various regions are gradually reopening, alleviating supply chain challenges. Nonetheless, the disruptions caused by the pandemic are expected to continue influencing the market, at least in the short term.

Additionally, a study published in the National Library of Medicine in June 2021 highlighted the significant impact of coronary artery disease (CAD) on global health. CAD alone is responsible for approximately 610,000 deaths annually, accounting for an estimated one in four deaths and making it the foremost cause of mortality in the United States. With the incidence of CAD rising, there is a growing demand for effective Relay devices to address this pressing medical need. Consequently, this factor is projected to drive the demand for Relays throughout the forecast period.

Relay Market Report Highlights

In 2022, the Thermal relays segment dominated the revenue share. These relays act as a protective measure against overloads in motors and various electrical equipment or circuits. Overloads typically arise when these devices or circuits operate abnormally, leading to reduced motor speed, increased current in the winding, and elevated winding temperatures. If the overload duration is short, the current rise is moderate, and the motor winding temperature stays within acceptable levels, making the overload manageable. Thermal relays are specifically designed to address such overload conditions.

The Medium voltage segment claimed the leading market share throughout the projected period. Medium voltage relays are protective devices designed for voltage ranges between 1 kV and 33 kV. These relays are typically deployed in networks characterized by lower voltages and often find similar applications to high-voltage relays. They play a crucial role within distribution utilities, where their primary purpose is to safeguard distribution transformers, feeders, busbars, and various electrical components. Additionally, these relays are indispensable in energy-intensive sectors like mining, power generation, and the oil and gas industry.

The DIN Rail segment secured the dominant market share throughout the forecast period. DIN rail mounting provides a versatile solution, enabling the stacking of multiple timers on a single DIN rail, making it a valuable tool for a wide range of applications. DIN rail-mounted relays find extensive use in tasks such as commercial and cabinet timing, making them particularly vital for manufacturers of power distribution boards, industrial control cabinets, meter cabinets, and control panels. Furthermore, DIN rails serve a crucial role in linking various components to a single datalogger terminal, creating power distribution networks, and streamlining the installation of equipment like power supplies, conditioners, and circuit breakers.

In 2022, Asia Pacific claimed the largest market share. Looking ahead, the Asia-Pacific region is poised to maintain a significant market presence. This growth within the relay market in Asia-Pacific is primarily driven by the expanding capacity of renewable energy sources. Moreover, an upsurge in grid infrastructure projects and a strong commitment to substation automation in accordance with the IEC 61850 standard are expected to propel market expansion in the region. The burgeoning renewable energy sector in Asia-Pacific presents lucrative opportunities for relay manufacturers, as relays find extensive applications thanks to their ability to provide substantial contact gaps and robust switching capabilities.

The global key market players include ABB, Eaton Corporation, Electronic Relays India (ERI), GE, Omron, Phoenix Contact, Schneider Electric, SEL, Siemens, and TE Connectivity.

Polaris Market Research has segmented the Relay market report based on type, application, voltage range, mounting type, and region:

Relay, Type Outlook (Revenue - USD Billion, 2019 - 2032)

Electromechanical

Thermal

Reed

Time

MEMS Relay

Others

Relay, Application Outlook (Revenue - USD Billion, 2019 - 2032)

Automotive

Building Equipment

Renewables

Medical

Test & Measurements

Mining

Household Appliances

Food & Beverages

Industrial

Others

Relay, Voltage Range Outlook (Revenue - USD Billion, 2019 - 2032)

Low

Medium

High

Relay, Mounting Type Outlook (Revenue - USD Billion, 2019 - 2032)

DIN Rail

Panel

PCB

Plug-In

Others

Relay, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa