Wilmington, Delaware, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "HVAC Relay Market by Type (Electromagnetic Relay, Solid-state Relay, Thermal Relay, and Hybrid Relay) and Application (Automotive, Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the HVAC relay market was valued at $3.9 billion in 2023, and is estimated to reach $7.1 billion by 2033, growing at a CAGR of 6.2% from 2024 to 2033.
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Prime Determinants of Growth
The stringent energy efficiency regulations and standards are driving the adoption of advanced HVAC systems with efficient relay technologies. These regulations aim to reduce energy consumption and operational costs, which is driving the demand for HVAC relays. As businesses and homeowners seek to comply with these standards, the market for energy-efficient HVAC relays is expected to develop, promoting more sustainable and cost-effective heating, ventilation, and air conditioning solutions. However, the rising demand for eco-friendly and sustainable products drives manufacturers to develop HVAC relays that meet these criteria. These environmentally conscious innovations often come with higher production costs. This cost increase potentially hampers the overall demand for HVAC relays, as consumers and businesses are hesitant to invest in more expensive components despite their environmental benefits. Moreover, regular maintenance and the replacement of aging HVAC systems drive a consistent demand for HVAC relays. These relays are crucial for ensuring system efficiency and reliability, playing a vital role in the proper functioning of HVAC units. As systems age and require upgrades or replacements, the need for high-quality relays becomes essential to maintain optimal performance, making them a steady component in the HVAC industry.
Report Coverage & Details
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $3.9 billion |
| Market Size in 2033 | $7.1 billion |
| CAGR | 6.20% |
| No. of Pages in Report | 320 |
| Segments Covered | Type, Application, and Region. |
| Drivers | Rising production of heating & ventilation devices. |
| Rapid urbanization and ongoing infrastructure projects. | |
| Restraint | Operational challenges such as malfunctioning and damage. |
| Opportunities | Innovations in relay technology, including smart and energy-efficient models. |
| Rising disposable income leads to an increase in purchase of air conditioners. |
Based on type, the electromagnetic relay sub-segment is expected to grow faster in terms of CAGR during the forecast period.
This growth is attributed to its robust performance, reliability, and ability to handle high current loads, making it ideal for HVAC systems. The increasing demand for efficient and durable components in heating, ventilation, and air conditioning applications drives the adoption of electromagnetic relays. In addition, advancements in technology and the expansion of the HVAC industry globally further boost the market potential for electromagnetic relays in this sector.
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Based on application, the commercial sub-segment is anticipated to grow faster in terms of CAGR during the forecast period.
This accelerated growth is driven by an increase in demand for efficient and reliable heating, ventilation, and air conditioning systems in commercial buildings. As businesses prioritize energy efficiency and advanced climate control, the adoption of sophisticated HVAC relays is becoming more prevalent. This sub-segment expansion is further supported by technological advancements and stringent regulatory standards, which necessitate the use of high-performance components to ensure optimal functionality and sustainability in commercial HVAC systems.
Based on region, North America is projected to grow faster in terms of CAGR during the forecast period.
Stricter environmental restrictions and rising energy prices are driving this substantial rise in demand for energy-efficient HVAC systems in North America. Significant technological advancements and the adoption of smart home technologies further expand this growth. The region's strong economic stability and substantial investments in infrastructure development also contribute to the market's upward trajectory. Moreover, the rising emphasis on retrofitting and upgrading existing HVAC systems in residential and commercial buildings enhances market potential. Prominent industry players in North America are continuously innovating to offer advanced HVAC relay solutions, catering to the evolving needs of consumers.
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Players Operating in the Market
- TE Connectivity Limited
- General Electric
- ABB Ltd.
- Littlefuse Inc.
- Hitachi Ltd.
- Mitsubishi Electric Corporation
- Rockwell Automation, Inc.
- Toshiba Corporation
- Schneider Electric
- Eaton Corporation Plc
- OMRON Corporation
The report provides a detailed analysis of these key players in the global HVAC relay market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.
Market Developments
- In May 2024, Omron Electronic Components Europe introduced the G6QE-1A4 relay, offering an enhanced voltage rating of up to 480 VAC, ideal for commercial HVAC applications. With a 36 A AC load capacity and low coil-holding voltage, it ensures reliable, efficient high-capacity switching, boosting performance and energy efficiency.
- In December 2023, Daikin Airconditioning India Pvt. Ltd., a subsidiary of Daikin Industries, Ltd., inaugurated a new air conditioning manufacturing facility in Sri City, Andhra Pradesh. This third Indian factory boosts production capacity, addressing rising local demand and promoting sustainable growth with energy-efficient products.
The report is further valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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