Global Relays Market: Snapshot
The implementation of smart power grids is one of the top priorities for most countries. It is catching on as a concept in developing economies at a rapid rate, and is already being implemented in several parts of developed countries. The scope of relays in an automated power grid is massive at they can help control all communication and distribution between the consumer and the supplier. This forms the key driver for all relay manufacturers around the world.
Additionally, players in the global relay market are also seeking greater opportunities in the field of wireless communication, where the high demand for multiband wireless tech has allowed for a wide-scale usage of mobile stations, relays, and cells. The demand for relays is also high in the solar power industry, where high capacity power relays are used to safely cut of DC voltages as required.
The market for relays is, however, currently restrained by the impact of their life spans on overall cost savings involves, and the large percentage of regional players in the mix leading to a more unorganized market.
The resultant of all the above factors of influence, and more, can be seen on the global relays market, which is progressing at a CAGR of 7.7% from 2015 to 2021. This market is expected to be valued at US$16.24 bn by the end of 2021.
Rapidly Growing Demand for Relays Expected in Automotive, Semiconductors, and Other Industrial Infrastructure
By 2021, US$5.87 bn is expected to be generated by relay manufacturers from industries of semiconductors, infrastructure, and automobiles. They are collectively expected to be the largest application segment for the relays market till 2021. A major part of this demand originates from the automotive industry, which is currently experiencing a positive upswing in car sales across the world. At the same time, industrial infrastructure in developing economies is also under a high level of expansion and upgrade, allowing relay sales to rise.
The key companies in the global relays market include Crydom Corp., Siemens AG, Omron Corp., Alstom SA, Coto Technology, Fujitsu Ltd., StandexMeder Electronics GmbH, Teledyne Relays Inc., Schneider Electric SE, and Comus International.
This post was originally published on The Market Plan