Global Electromechnical Relay Market was valued US$ 6.85 Bn in 2017 and is expected to reach US$ 9.78Bn by 2026 at a CAGR of 4.55 % during the forecast period.
Increasing awareness about benefits offered by electromechanical relays, cost-effective and easy maintenance, and wide range of applications are major factors for increasing growth of global electromechanical relay. The sales of the electromechanical relay are increasing because solar technologies are using relays to protect the circuits from damage and overload, and demand for solar applications are surging day to day, indicating the increasing adoption of powerful electromechanical relays particularly in the automotive industry, industrial sectors and home appliances. Increasing demand for consumer electronic products provides a great opportunity for this market. On the other hand emergence of SSR hamper the market growth of electromechanical relay.
Heavy-duty relays are mainly utilized for industrial applications such as machine control. Aerospace relays are manufactured in compliance with the standards such as M83536, MIL-PRF-39016, and M83726 for defense and aerospace applications.
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The market also witnesses a significant growth in the car manufacturing sector. Most of the players use relays in the fuse box of the cars. These relays are used to prevent the circuits from overload and faults. Government subsidies and a rise in demand for consumer electronic products also contribute toward the growth of the market.
The Asia Pacific occupies the significant share in the electromechanical relays market. The market is expected to increase its revenue because of the increasing adoption of electromechanical relays because of their superior performance, high efficiency. This is primarily due to the rapid rate of industrialization and the introduction of modern power distribution and networking practices. Several transmission and distribution systems in the Asia Pacific are currently under overhaul, which is creating additional demand for relays and other smart grid components. The region also has improvements in solar, wind, and tidal energy, increasing the need for larger power grids and therefore, relays and other components.
Prominent players in the global electromechanical relay market are DARE Elec-tronics, Inc., Leone Systems, TE Connectivity Ltd., Ashida Electronics Pvt. Ltd. Omron, Eaton Corporation, Hitachi, Ltd., ABB Ltd., Siemens AG, and General Electric, Mitsubishi Electric, and others. Product launches, partnerships, and expansion are some of the strategies adopted by players to increase their market share. For instance, in February 2016, DARE Electronics released a new 6PDT re-lay. This relay is manufactured for an aviation company this relay is incorporated with a 26.5 VDC coil, Armel Electronics socket p/n HRS-6JV2, and it meets the requirements of MIL-R-5757/1.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding dynamics, structure by analyzing the market segments by type, service, components, and region and, project the global market size. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Electromechanical Relay market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
Scope of Global Electromechanical Relay Market
Global Electromechanical Relay Market, By Type
• Heavy Duty and High Voltage Relays
• Aerospace/MIL-SPEC Relays
• Industrial Automation
• Asia Pacific
• Middle East & Africa
• South America
• Leone Systems
• TE Connectivity Ltd.
• Ashida Electronics Pvt. Ltd
• Control &Switchgear Electric Limited
• Eaton Corporation
• Hitachi Ltd.
• ABB Ltd.
• Siemens AG
• General Electric
• GE Digital Energy
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