Specified Relays Market Size Worth USD 9.95 Billion in 2032 | Emergen Research

Vancouver, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The global specified relays market size reached USD 6.52 Billion in 2022 and is expected to register a revenue CAGR of 4.3% during the forecast period, according to latest analysis by Emergen Research. Growing technological advancements is the primary factors driving market revenue growth. Integration of smart features, such as microcontrollers and communication interfaces, enables intelligent relays which can provide advanced diagnostics, remote monitoring, and communication capabilities, contributing to improved control and maintenance hence contributing to market revenue growth. Specified relays are increasingly being designed to integrate with Internet of Things (IoT) platforms, allowing for remote monitoring, control, and data analytics. This connectivity enhances efficiency and enables predictive maintenance.

Growing adoption of Industry 4.0 principles and automation across industries is another factor driving market revenue growth. As manufacturing processes become more automated, there is a higher need for relays that offer precision, connectivity, and compatibility with advanced automation systems. Relays eliminate the need for expensive and space-consuming high-amperage wire and switches. Switching to relays in electrical systems, lower the size or weight of a casing and allow manufacturers to incorporate more functionality into the same space hence driving market revenue growth.

However, specified relays are often more expensive than general-purpose relays, which is a key factor hindering market revenue growth. Moreover, maintenance of specified relays requires specialized knowledge and skills, and sourcing replacement parts might be more difficult compared to widely used relays which is also hampering market revenue growth.

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Scope of Research

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Major Companies and Competitive Landscape

The global specified relays market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:

• OMRON Corporation.
• ABB.
• Schneider Electric.
• Schneider Electric
• Siemens
• TE Connectivity
• Eaton
• Honeywell International Inc
• Mitsubishi Electric Corporation
• Fuji Electric Co., Ltd
• Rockwell Automation
•  Littelfuse, Inc
• Panasonic Holdings Corporation
• FINDER S.p.A
• Zettler Group
• HONGFA
• Carlo Gavazzi Holding AG
• Guardian Electric Manufacturing
• Pilz GmbH & Co. KG
• Celduc Relais
• COTO TECHNOLOGY.

Strategic Development

• On 17 October 2023, Relay Payments, a FinTech firm focused on modernizing payments for the logistics and trucking industries, launched RelayDirect, an automated freight payments platform for brokers. The technology is designed to help brokers manage their payment processes by automating carrier and factor payments, offering flexible payment options, improving cash flow, and reducing administrative hassles.

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Some Key Highlights From the Report

• Electromagnetic relays segment accounted for the largest market share in terms of revenue in 2022. Rising demand for electromagnetic relays as they are utilized in applications where one or more circuits must be controlled by a single power supply circuit is a key factor driving revenue growth of the segment. Relays are used to connect low-power input to high-power output in numerous applications. For instance, an electromagnetic relay, are used to control the flow of power to a motor, allowing it to start and stop in response to a controller signal. Electromagnetic relays are also utilized in protection circuits, where they interrupt the flow of electricity in the case of an overcurrent or other fault condition which as a result aids in the prevention of electrical equipment damage and mishaps hence contributing to revenue growth of the segment.
• Solid state relays segment accounted for the significant market share in terms of revenue in 2022. Rising demand for solid state relays as they are ideal for railway and rolling stock applications because they are stress and vibration resistant and perform well in tough situations which is a key factor driving revenue growth of the segment. The switching speed of solid state relay devices is one of their primary advantages. SSRs can switch in microseconds since there are no mechanical parts to move hence boosting revenue growth of the segment. The faster solid-state switching speed is useful in a wide range of applications, particularly if timing is important or high frequencies are required.

• The Asia Pacific market accounted for the largest revenue share in 2022. Growing demand for specified relays as they are designed to meet precise specifications, ensuring accurate control and switching in various applications which is a key factor driving market revenue growth. Moreover, the surge in electric vehicle production and infrastructure necessitates relays for charging stations, battery management systems, and control electronics which is another factor contributing to market revenue growth.
• On 3 May 2023, OMRON, the world's largest single-brand relay maker, announced the release of the G2RV-ST, their latest industrial 6mm electromechanical relay. This revolutionary design provides machine manufacturers and panel builders with the right alternative for tiny panels and equipment while maintaining the durability and dependability necessary for industrial applications. The G2RV-ST relay is a 6mm compact relay with an industrial pin that comes pre-assembled. Its revolutionary form makes wire inserting simple, owing to an angled inclination and wire diameters of 2.5 mm2.

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Emergen Research has segmented global specified relays market on the basis of type of relay, application, voltage range, functionality, and region:

• Type of Relay Outlook (Revenue, USD Billion; 2019–2032)

• • Electromagnetic Relays
  • Solid State Relays
  • Hybrid Relays
  • Overload Protection Relay

• Application Outlook (Revenue, USD Billion; 2019–2032)

• • Automotive Relays
  • Industrial Relays
  • Communication Relays
  • Power System Relays
  • Aerospace Relays

• Voltage Range Outlook (Revenue, USD Billion; 2019–2032)

• • Low Voltage Relays
  • Medium Voltage Relays
  • High Voltage Relays

• End-Use Outlook (Revenue, USD Billion; 2019–2032)

• • Protective Relays
  • Control Relays
  • Monitoring Relays

• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Benelux
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Turkey
    • Rest of MEA

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