Relay Market

Relay Market by Type (Electromechanical, Thermal, Reed, Time, PhotoMOSFET, Solid State, MEMS), Application, Voltage Range (Low, Medium, High), Mounting Type (Panel, PCB, DIN Rail, Plug-In) and Region - Global Forecast to 2030

Report Code: EP 8558 Feb, 2023, by marketsandmarkets.com

[243 Pages Report] The relay market is expected to grow from an estimated USD 9.0 billion in 2022 to USD 14.7 billion by 2030, at a CAGR of 6.3% during the forecast period. The Increasing demand for control devices in end-user industries and rising investments in renewable energy resources are likely to propel the growth of the relay market.

Relay Market

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Impact of COVID-19

COVID-19 has slowed the growth of the relay market, as countries were forced to implement lockdowns during the first half of 2020.

The relay market includes major Tier I and II suppliers such as Panasonic Corporation, Xiamen Hongfa Electroacoustic Co Ltd, TE connectivity, Fuji Electric, and OMRON Industrial Automation. These suppliers have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, and RoW. COVID-19 has impacted their businesses as well.

  • In 2020, the company's overall revenue declined by USD 1.8 billion, which is around 27% compared with 2019; the growth of its key customers was affected by disruptions in the global supply chain due to the spread of COVID-19.
  • TE Connectivity witnessed disruptions in its supply chain due to the COVID-19 crisis, and the volatility in energy and raw material costs during this period posed a serious threat to it. Moreover, TE Connectivity has a restrained presence in Asia and Australia.

Relay market Dynamics

Driver: Rising investments in renewable energy resources

Globally, developed and developing countries are moving away from conventional fossil fuel-based power generation towards renewable energy. This trend is driven, in part, by the rising concern for climate change. According to the Intergovernmental Panel on Climate Change (IPCC), the energy supply sector is the single largest contributor to global greenhouse gas emissions. Renewable power generation technologies, often called clean energy technologies, are increasingly preferred over conventional technologies. According to the International Renewable Energy Agency (IRENA), renewables accounted for 62% of the total new power generation capacity added in 2018, up from 39% in 2009. The investments are expected to increase globally to meet electrification targets and climate control targets. According to IRENA's projections, renewable energy could account for 57% of the global power supply by 2030.

Restraint: Increasing competition from the unorganized sector

Major relay manufacturers are facing tough competition from unorganized market players supplying cheap and low-quality products. These include local and grey market players. The local players sell goods manufactured in-house under their local brand names, whereas the grey market refers to the import and sale of goods by unauthorized dealers. These market players from the unorganized sector overpower the big players with price competitiveness and the local supply networks maintained by them, which are difficult to achieve for the global players. The growth in relay sales in the grey market degrades the brand names of the market leaders as cheap-quality goods are sold under their names. The increasing sales of both local and grey market players reduce the opportunities for global players to increase their revenues and market share.

Opportunity: Increasing power demand and investments in smart grid infrastructure

The current global power demand is expected to double by 2030. The annual growth rate of electricity generation (gross) is projected to be 2.4% by 2040. The capacity required to meet the projected demand would involve an investment of around USD 10 trillion. Substantial investments have been made, especially in the Middle East, Asia Pacific, and Africa, to augment power generation capacities. Investments in conventional power generation in Middle Eastern countries, such as Egypt and Oman, and renewable power generation investments in the Asia Pacific and African countries, such as China, India, and South Africa, have been planned to meet the increasing power demand. To cater to the increasing consumer demand reliably and to have full-fledged control of the grid, utilities globally have been investing in smart grid infrastructure. All major utilities around the world have announced investments in smart grid infrastructure. These investments aim to improve grid monitoring and control through extensive data collection, peer-to-peer communication between intelligent electronic devices, and remote operation of grid elements. Numerical relays possess the ability to collect voltage, current, and other real time grid parameters. They can also store, analyze, and act according to the pre-set trip settings. Due to these features and relatively low-cost, numerical relays are installed as part of grid automation and digitization projects. These increased investments in smart grid infrastructure present immense growth opportunities to the global relay market.

Challenge:  Cybersecurity of time relays

Cybersecurity is a term primarily used with respect to computers and the internet. Computers or microprocessor-based devices are now commonly used for control and automation functions, apart from traditional data processing. Computers are used in several daily activities—financial, manufacturing, scientific, and safety-related applications. Technical misuse and abuse have become a serious concern in all areas that feature the use of computers. The power industry has been taking advantage of the tremendous potential offered by computers and microprocessor-based technologies. Protection & control devices, Supervisory Control and Data Acquisition (SCADA), remote control and monitoring, and other applications incorporate such technologies. This leads to concerns over the security of electronic communication paths of time relays. These cybersecurity issues must be addressed by the power industry and are, hence, a challenge to the growth of the global relay market.

Relay Market Ecosystem

Relay Market Size, and Share

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The thermal relay segment by type holds the second largest segment in 2021

 Thermal relays are used for overload protection of motors and other electrical equipment or circuits. The motor encounters overload if the machine or circuit is abnormal. This will further lead to decrease in speed of motor, increase of current in the winding, and increase of winding temperature of the motor. If the overload time is short, overload current is small, and the motor winding does not exceed the allowable temperature rise, the overload is allowed. Such overloads can be handled by integrating thermals relays. Asia Pacific is expected to be the largest and fastest growing market for thermal relays.

Industrial segment by phase is estimated to be the second largest segment for relay market

Uninterrupted delivery of power to machines is essential for all industries. Any interruption or breakdown can result in significant losses. Relays are used in industries to prevent damage to expensive instruments caused by overload, over temperature, overcurrent, jams and undercurrent, high resistance winding faults, current and voltage unbalance, phase loss, and phase reverse. Relays feature advanced technologies such as integrated protection, metering, data logging, and remote communication. These advanced technologies not only help protect expensive industrial instruments but also contribute toward maximizing their operating life and efficiency. Asia Pacific is the largest consumer of industrial protection relays, with construction spending increasing in countries such as India, China, and Japan. 

Medium Voltage relays are expected to hold the third largest share in the global relay market

The medium voltage, by voltage range, is projected to hold the third largest market share during the forecast period. Medium voltage relays are protection devices with a voltage range from 1 kV to 33 kV. They are generally used in networks that have lower voltages, and often have the same applications as that of high voltage relays. Medium voltage relays find application mainly in distribution utilities, where they are used in distribution transformers, feeders, busbars, and other electrical devices. They are also used in energy-intensive industries like mining, power generation, and oil & gas. Owing to their wide application in distribution infrastructure, the segment is expected to grow in both developing and developed regions of the world, with the largest markets in Asia Pacific, North America, and Europe. Schneider Electric, ABB, and AMETEK are some of the key manufacturers in this segment.

DIN Rail segment by mounting type is the second fastest segment for relay market

DIN rail mounting allows end-users to stack multiple timers on one DIN rail. Commercial and cabinet timing are the key applications of DIN rail mounting relays. The key end-users of DIN rail relays are manufacturers of power distribution boards, industrial control cabinets, meter cabinets, and control panels, among others. Additionally, DIN rails are used to connect different components to a single datalogger terminal, to create a power bus, or to install equipment such as power supplies, conditioners, or breakers. The rising demand for industrial devices is the key factor driving the growth of the DIN rail segment in the relay market.

The increasing population and growing urbanization will spur the use of various electric components such as circuit breakers, fused terminal blocks, wire connections, and many more, which will consequently boost the demand for DIN rail mounted relays in the Asia Pacific.

Asia Pacific is expected to account for the largest and fastest market size during the forecast period.

Asia Pacific accounted for a 43.5% share of the relay market in 2021. The region has been segmented, by country, into China, India, Japan, and the Rest of Asia Pacific. Countries in the region are undertaking many smart grid and substation projects per the IEC 61850 standard to fulfill the growing demand for energy. This would create demand for global relays in the region.

For instance, Indonesia has awarded various infrastructure projects, such as electric power plants under the Independent Power Producer (IPP) scheme and toll roads in some regions, with a contract worth USD 13.2 billion to China. This would drive the global relay market in the country during the forecast period.

Japan is increasingly focusing on increasing the share of renewables in power generation. According to the Government of Japan, the country looks to double its solar and wind generation capacity to between 127.1 gigawatts and 141.2 gigawatts by fiscal 2030. Apart from this, Japan’s medical device market is among the world’s largest. Japan’s Ministry of Health, Labor and Welfare (MHLW) data shows that the Japanese market for medical devices in 2020 was around USD 38 billion. This presents ample opportunities for the growth of the relay market in the country and in the region as a whole.

Relay Market Size, and Share

Key Players

Key Players include Panasonic Corporation (Japan), Xiamen Hongfa Electroacoustic Co., Ltd. (China), TE connectivity (Switzerland), Fuji Electric (Japan), and OMRON Industrial Automation (Japan).

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Scope of the Report

Report Metric

Details

Market Size available for years

2020–2030

Base year considered

2021

Forecast period

2022–2027

Forecast units

Value (USD Million/ Billion)

Segments covered

By Type, by Application, by Voltage-Range, by Mounting Type

Geographies covered

Asia Pacific, North America, Europe, and Rest of the World (RoW)

Companies covered

Panasonic Corporation (Japan), Xiamen Hongfa Electroacoustic Co., Ltd. (China), TE connectivity (Switzerland), Fuji Electric (Japan), OMRON Industrial Automation (Japan), Schneider Electric (France), Littelfuse, Inc. (US), Sensata Technologies (US), Fujitsu (Japan), Hasco (US), Carlo Gavazzi (US), COMUS International (Switzerland), Teledyne Defense Electronics (US), Bright Toward Industrial Co., Ltd. (Taiwan), Cosmo Electronics (Taiwan), Relpol S.A. (Poland), WAGO (Germany), CELDUC (US), Standex Electronics, Inc. (US), Cabur (Italy),Comat Releco (Switzerland),

This research report categorizes the relay market based on type, application, voltage-range, mounting type, and region.

By Type
  • Electromechanical
  • Thermal
  • Reed
  • Time
  • PhotoMOSFET
  • MEMS Relay
  • Others
By Application
  • Industrial
  • Building Equipment
  • Household Appliances
  • Test & Measurements
  • Energy & Infrastructure
  • Mining
  • Automotive
  • Medical
  • Food & Beverages
  • Renewables
  • Others
By Voltage Range
  • Low
  • Medium
  • High
By Mounting Type
  • Panel
  • PCB
  • DIN Rail
  • Plug-In
  • Others
By Region
  • North America
  • Asia Pacific
  • Europe
  • Rest of the World (RoW)

Recent Developments

  • In June 2022, TE Connectivity built a new building for Energy Industry Production in Mexico. The new building almost doubles TE's production capacity for solar products, power grid connections, and cable accessories for the expanding renewable energy industry in the Americas. A more dependable and sustainable electricity grid is made possible by the goods produced at this site.
  • In April 2022, Panasonic Corporation introduced PhotoMOS CC TSON 1 Form B semiconductor relays with a small TSON package, built-in capacitor coupled isolation driver IC, and an oscillation circuit. These relays require low current and flow voltage instead of current at its input side.
  • In March 2022, Xiamen Hongfa Automotive Electronics Con., Ltd introduced the latching relay HF191F-L, which is used in the charging system of electric vehicle charging application. It is manufactured as per the IEC 62955 standard and has a current carrying capacity of up 500A.
  • In January 2020, Fuji Electric Co., Ltd (Japan), acquired Consul Neowatt Power Solutions Private Limited (CNPS), a major power electronics manufacturer in the country. The company plans to expand its power electronics systems business in India.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 26)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
    1.3 INCLUSIONS AND EXCLUSIONS 
           1.3.1 RELAY MARKET, BY VOLTAGE RANGE
           1.3.2 MARKET, BY TYPE
           1.3.3 MARKET, BY APPLICATION
           1.3.4 MARKET, BY MOUNTING TYPE
           1.3.5 MARKET, BY REGION
    1.4 MARKET SCOPE 
           1.4.1 MARKET SEGMENTATION
           1.4.2 REGIONAL SCOPE
    1.5 YEARS CONSIDERED 
    1.6 CURRENCY CONSIDERED 
    1.7 LIMITATIONS 
    1.8 RECESSION IMPACT 
    1.9 STAKEHOLDERS 
 
2 RESEARCH METHODOLOGY (Page No. - 32)
    2.1 RESEARCH DATA 
           FIGURE 1 RELAY MARKET: RESEARCH DESIGN
    2.2 MARKET BREAKDOWN AND DATA TRIANGULATION 
           FIGURE 2 DATA TRIANGULATION
           2.2.1 SECONDARY DATA
                    2.2.1.1 Key data from secondary sources
           2.2.2 PRIMARY DATA
                    2.2.2.1 Breakdown of primaries
                    2.2.2.2 Key data from primary sources
                               FIGURE 3 BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION,  AND REGION
                               FIGURE 4 MAIN METRICS CONSIDERED WHILE ANALYZING AND ASSESSING DEMAND  FOR RELAYS
    2.3 MARKET SIZE ESTIMATION 
           2.3.1 BOTTOM-UP APPROACH
                    FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
           2.3.2 TOP-DOWN APPROACH
                    FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
           2.3.3 DEMAND-SIDE ANALYSIS
                    2.3.3.1 Regional analysis
                    2.3.3.2 Country-level analysis
                    2.3.3.3 Demand-side assumptions
                    2.3.3.4 Demand-side calculations
           2.3.4 SUPPLY-SIDE ANALYSIS
                    FIGURE 7 KEY STEPS CONSIDERED FOR ASSESSING SUPPLY OF RELAYS
                    FIGURE 8 GLOBAL RELAY MARKET: SUPPLY-SIDE ANALYSIS
                    2.3.4.1 Supply-side calculations
                    2.3.4.2 Supply-side assumptions
           2.3.5 FORECAST
 
3 EXECUTIVE SUMMARY (Page No. - 42)
    TABLE 1 RELAY MARKET SNAPSHOT 
    FIGURE 9 ELECTROMECHANICAL SEGMENT TO DOMINATE MARKET, BY TYPE, DURING FORECAST PERIOD 
    FIGURE 10 AUTOMOTIVE SEGMENT TO HOLD LARGEST SIZE OF MARKET DURING FORECAST PERIOD 
    FIGURE 11 LOW SEGMENT TO CAPTURE LARGEST SHARE OF MARKET,  BY VOLTAGE RANGE, DURING FORECAST PERIOD 
    FIGURE 12 PANEL SEGMENT TO LEAD MARKET, BY MOUNTING TYPE, DURING FORECAST PERIOD 
    FIGURE 13 ASIA PACIFIC DOMINATED MARKET IN 2021 
 
4 PREMIUM INSIGHTS (Page No. - 47)
    4.1 ATTRACTIVE OPPORTUNITIES FOR RELAY MARKET PLAYERS 
           FIGURE 14 INCREASING DEMAND FOR CONTROL DEVICES IN END-USER INDUSTRIES LIKELY TO DRIVE RELAY MARKET DURING 2022–2030
    4.2 ASIA PACIFIC: MARKET, BY TYPE AND COUNTRY, 2021 
           FIGURE 15 ELECTROMECHANICAL AND REST OF ASIA PACIFIC SEGMENTS HELD LARGEST SHARE OF ASIA PACIFIC RELAY MARKET IN 2021
    4.3 MARKET, BY REGION 
           FIGURE 16 RELAY MARKET IN ASIA PACIFIC TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD
    4.4 MARKET, BY TYPE 
           FIGURE 17 ELECTROMECHANICAL SEGMENT TO ACCOUNT FOR LARGEST MARKET  SHARE IN 2030
    4.5 MARKET, BY APPLICATION 
           FIGURE 18 AUTOMOTIVE SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2030
    4.6 MARKET, BY VOLTAGE RANGE 
           FIGURE 19 LOW (UP TO 1 KV) SEGMENT TO ACCOUNT FOR LARGEST MARKET  SHARE IN 2030
    4.7 MARKET, BY MOUNTING TYPE 
           FIGURE 20 PANEL SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2030
 
5 MARKET OVERVIEW (Page No. - 51)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 21 MARKET DYNAMICS FOR RELAY MARKET
           5.2.1 DRIVERS
                    5.2.1.1 Rising investments in renewable energy generation
                               FIGURE 22 GLOBAL RENEWABLE CAPACITY ADDITION, 2019–2024 (GW)
                    5.2.1.2 Increasing demand for control devices in end-user industries
                               FIGURE 23 INDUSTRIAL CONTROL & FACTORY AUTOMATION MARKET, 2016–2022
           5.2.2 RESTRAINTS
                    5.2.2.1 Volatility in raw material prices
                    5.2.2.2 Increasing competition from unorganized sector
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Increasing power demand and investments in smart grid infrastructure
                               FIGURE 24 INVESTMENTS IN ELECTRICITY NETWORKS, BY REGION, 2016–2021
                    5.2.3.2 Rising demand for HVAC applications
           5.2.4 CHALLENGES
                    5.2.4.1 Cybersecurity issues associated with time relays
                    5.2.4.2 Lack of investment by governments in grid stability
    5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 
           5.3.1 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR GLOBAL RELAY MARKET
                    FIGURE 25 REVENUE SHIFTS FOR RELAY PROVIDERS
    5.4 MARKET MAP 
           FIGURE 26 MARKET MAP: GLOBAL RELAY MARKET
           TABLE 2 RELAY MARKET: ROLE IN ECOSYSTEM
    5.5 VALUE CHAIN ANALYSIS 
           FIGURE 27 VALUE CHAIN ANALYSIS: GLOBAL RELAY MARKET
           5.5.1 RAW MATERIAL PROVIDERS/SUPPLIERS
           5.5.2 COMPONENT MANUFACTURERS
           5.5.3 RELAY MANUFACTURERS/ASSEMBLERS
           5.5.4 DISTRIBUTORS
           5.5.5 END USERS
           5.5.6 POST-SALES SERVICE PROVIDERS
    5.6 TECHNOLOGY ANALYSIS 
           5.6.1 MICROPROCESSOR-BASED DIGITAL RELAYS
    5.7 PRICING ANALYSIS 
           5.7.1 AVERAGE SELLING PRICE OF RELAYS
                    TABLE 3 AVERAGE SELLING PRICE OF RELAYS, 2021
    5.8 KEY CONFERENCES AND EVENTS, 2022–2024 
           TABLE 4 GLOBAL RELAY MARKET: DETAILED LIST OF CONFERENCES AND EVENTS
    5.9 TARIFFS, CODES, AND REGULATIONS 
           5.9.1 TARIFFS RELATED TO RELAYS
                    TABLE 5 IMPORT TARIFFS FOR HS 853690 LOW-VOLTAGE PROTECTION EQUIPMENT, 2019
                    TABLE 6 IMPORT TARIFFS FOR HS 8535 HIGH-VOLTAGE PROTECTION EQUIPMENT, 2019
    5.10 TRADE ANALYSIS 
           5.10.1 TRADE DATA RELATED TO ELECTRICAL APPARATUS FOR SWITCHING OR PROTECTING ELECTRICAL CIRCUITS WITH VOLTAGE EXCEEDING 1,000 VOLTS
           5.10.2 IMPORT SCENARIO
                    TABLE 7 IMPORT SCENARIO FOR HS CODE: 8535, BY COUNTRY, 2019–2021 (USD)
           5.10.3 EXPORT SCENARIO
                    TABLE 8 EXPORT SCENARIO FOR HS CODE: 8535, BY COUNTRY, 2019–2021 (USD)
           5.10.4 TRADE DATA RELATED TO ELECTRICAL APPARATUS FOR SWITCHING OR PROTECTING ELECTRICAL CIRCUITS WITH VOLTAGE NOT EXCEEDING 1,000 VOLTS
           5.10.5 IMPORT SCENARIO
                    TABLE 9 IMPORT SCENARIO FOR HS CODE: 853690, BY COUNTRY, 2019–2021 (USD)
           5.10.6 EXPORT SCENARIO
                    TABLE 10 EXPORT SCENARIO FOR HS CODE: 853690, BY COUNTRY, 2019–2021 (USD)
           5.10.7 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 11 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 12 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 13 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 14 REST OF WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.10.8 CODES AND REGULATIONS RELATED TO RELAYS
                    TABLE 15 RELAY MARKET: CODES AND REGULATIONS
    5.11 PATENT ANALYSIS 
                    TABLE 16 RELAY MARKET: INNOVATIONS AND PATENT REGISTRATIONS, JANUARY 2021–MAY 2022
    5.12 PORTER’S FIVE FORCES ANALYSIS 
                    FIGURE 28 PORTER’S FIVE FORCES ANALYSIS FOR RELAY MARKET
                    TABLE 17 RELAY MARKET: PORTER’S FIVE FORCES ANALYSIS
           5.12.1 THREAT OF SUBSTITUTES
           5.12.2 BARGAINING POWER OF SUPPLIERS
           5.12.3 BARGAINING POWER OF BUYERS
           5.12.4 THREAT OF NEW ENTRANTS
           5.12.5 INTENSITY OF COMPETITIVE RIVALRY
    5.13 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.13.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 29 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS
                    TABLE 18 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS
    5.14 BUYING CRITERIA 
                    FIGURE 30 BUYING CRITERIA FOR TOP THREE APPLICATIONS
                    TABLE 19 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS
    5.15 CASE STUDY ANALYSIS 
           5.15.1 RELIANCE UPGRADES TO MORE ROBUST RELAYS FOR CRITICAL APPLICATIONS
                    5.15.1.1 Problem statement
                    5.15.1.2 Solution
           5.15.2 LITTELFUSE ARC-FLASH RELAY REDUCES CRITICAL ISSUES WITH ELECTRICAL HAZARDS IN PLANT
                    5.15.2.1 Problem statement
                    5.15.2.2 Solution
 
6 RELAY MARKET, BY TYPE (Page No. - 85)
    6.1 INTRODUCTION 
           FIGURE 31 RELAY MARKET SHARE (VALUE), BY TYPE, 2021
           TABLE 20 RELAY MARKET, BY TYPE, 2020–2030 (USD MILLION)
    6.2 ELECTROMECHANICAL 
           6.2.1 LOW COST, LONG LIFE, LOW POWER CONSUMPTION, AND EASY MAINTENANCE TO DRIVE ELECTROMECHANICAL RELAY MARKET
                    TABLE 21 ELECTROMECHANICAL: RELAY MARKET, BY REGION, 2020–2030 (USD MILLION)
    6.3 THERMAL 
           6.3.1 ASIA PACIFIC PROJECTED TO BE LARGEST AND FASTEST-GROWING MARKET FOR THERMAL RELAYS
                    TABLE 22 THERMAL: RELAY MARKET, BY REGION, 2020–2030 (USD MILLION)
    6.4 REED 
           6.4.1 TREND OF MINIATURIZATION AND AUTOMATION TO CONTRIBUTE TO REED RELAY MARKET GROWTH
                    TABLE 23 REED: RELAY MARKET, BY REGION, 2020–2030 (USD MILLION)
    6.5 TIME 
           6.5.1 GROWING INVESTMENTS IN POWER GENERATION SECTOR TO SUPPORT MARKET GROWTH
                    TABLE 24 TIME: RELAY MARKET, BY REGION, 2020–2030 (USD MILLION)
    6.6 SOLID STATE (PHOTO METAL-OXIDE-SEMICONDUCTOR FIELD EFFECT TRANSISTOR {MOSFET} RELAY) 
           6.6.1 GROWING MODERNIZATION OF ELECTRIC CARS TO FUEL SOLID-STATE RELAY MARKET
                    TABLE 25 SOLID STATE: RELAY MARKET, BY REGION, 2020–2030 (USD MILLION)
    6.7 OTHERS 
           TABLE 26 OTHERS: RELAY MARKET, BY REGION, 2020–2030 (USD MILLION)
 
7 RELAY MARKET, BY VOLTAGE RANGE (Page No. - 91)
    7.1 INTRODUCTION 
           FIGURE 32 RELAY MARKET SHARE (VALUE), BY VOLTAGE RANGE, 2021
           TABLE 27 RELAY MARKET, BY VOLTAGE RANGE, 2020–2030 (USD MILLION)
    7.2 LOW 
           7.2.1 EXTENSIVE USE OF LOW-VOLTAGE RELAYS FOR INDUSTRIAL AND COMMERCIAL APPLICATIONS LIKELY TO BOOST MARKET
                    TABLE 28 LOW: RELAY MARKET, BY REGION, 2020–2030 (USD MILLION)
    7.3 MEDIUM 
           7.3.1 INCREASED ELECTRICITY DISTRIBUTION NETWORK UPGRADES TO DRIVE DEMAND FOR MEDIUM-VOLTAGE RELAYS
                    TABLE 29 MEDIUM: RELAY MARKET, BY REGION, 2020–2030 (USD MILLION)
    7.4 HIGH 
           7.4.1 NEW TRANSMISSION LINE PROJECTS IN ASIA PACIFIC TO PROPEL MARKET FOR HIGH-VOLTAGE RELAYS
                    TABLE 30 HIGH: RELAY MARKET, BY REGION, 2020–2030 (USD MILLION)
 
8 RELAY MARKET, BY REGION (Page No. - 95)
    8.1 INTRODUCTION 
           FIGURE 33 REGIONAL SNAPSHOT: ASIA PACIFIC RELAY MARKET TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
           FIGURE 34 GLOBAL RELAY MARKET SHARE (VALUE), BY REGION, 2021
           TABLE 31 GLOBAL RELAY MARKET, BY REGION, 2020–2030 (USD MILLION)
    8.2 ASIA PACIFIC 
           FIGURE 35 ASIA PACIFIC: RELAY MARKET SNAPSHOT
           8.2.1 RECESSION IMPACT: ASIA PACIFIC
           8.2.2 BY TYPE
                    TABLE 32 ASIA PACIFIC: RELAY MARKET, BY TYPE, 2020–2030 (USD MILLION)
           8.2.3 BY APPLICATION
                    TABLE 33 ASIA PACIFIC: MARKET, BY APPLICATION, 2020–2030 (USD MILLION)
                    TABLE 34 ASIA PACIFIC: MARKET, BY AUTOMOTIVE APPLICATION,  2020–2030 (USD MILLION)
                    TABLE 35 ASIA PACIFIC: MARKET, BY RENEWABLES APPLICATION,  2020–2030 (USD MILLION)
           8.2.4 BY VOLTAGE RANGE
                    TABLE 36 ASIA PACIFIC: MARKET, BY VOLTAGE RANGE, 2020–2030 (USD MILLION)
           8.2.5 BY MOUNTING TYPE
                    TABLE 37 ASIA PACIFIC: MARKET, BY MOUNTING TYPE, 2020–2030 (USD MILLION)
           8.2.6 BY COUNTRY
                    TABLE 38 ASIA PACIFIC: MARKET, BY COUNTRY, 2020–2030 (USD MILLION)
                    8.2.6.1 China
                               8.2.6.1.1 Increased industrial activities and growth in manufacturing sector to drive market
                               TABLE 39 CHINA: MARKET, BY APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 40 CHINA: MARKET, BY AUTOMOTIVE APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 41 CHINA: MARKET, BY RENEWABLES APPLICATION, 2020–2030 (USD MILLION)
                    8.2.6.2 India
                               8.2.6.2.1 Heightened demand from power generation and manufacturing sectors to propel market
                               TABLE 42 INDIA: MARKET, BY APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 43 INDIA: MARKET, BY AUTOMOTIVE APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 44 INDIA: MARKET, BY RENEWABLES APPLICATION, 2020–2030 (USD MILLION)
                    8.2.6.3 Japan
                               8.2.6.3.1 Growth of EV automotive sector to boost market
                               TABLE 45 JAPAN: MARKET, BY APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 46 JAPAN: MARKET, BY AUTOMOTIVE APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 47 JAPAN: MARKET, BY RENEWABLES APPLICATION, 2020–2030 (USD MILLION)
                    8.2.6.4 Rest of Asia Pacific
                               TABLE 48 REST OF ASIA PACIFIC: MARKET, BY APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 49 REST OF ASIA PACIFIC: MARKET, BY AUTOMOTIVE APPLICATION,  2020–2030 (USD MILLION)
                               TABLE 50 REST OF ASIA PACIFIC: MARKET, BY RENEWABLES APPLICATION,  2020–2030 (USD MILLION)
    8.3 EUROPE 
           FIGURE 36 EUROPE: MARKET SNAPSHOT
           8.3.1 RECESSION IMPACT: EUROPE
           8.3.2 BY TYPE
                    TABLE 51 EUROPE: MARKET, BY TYPE, 2020–2030 (USD MILLION)
           8.3.3 BY APPLICATION
                    TABLE 52 EUROPE: MARKET, BY APPLICATION, 2020–2030 (USD MILLION)
                    TABLE 53 EUROPE: MARKET, BY AUTOMOTIVE APPLICATION, 2020–2030 (USD MILLION)
                    TABLE 54 EUROPE: MARKET, BY RENEWABLES APPLICATION, 2020–2030 (USD MILLION)
           8.3.4 BY VOLTAGE RANGE
                    TABLE 55 EUROPE: MARKET, BY VOLTAGE RANGE, 2020–2030 (USD MILLION)
           8.3.5 BY MOUNTING TYPE
                    TABLE 56 EUROPE: MARKET, BY MOUNTING TYPE, 2020–2030 (USD MILLION)
           8.3.6 BY COUNTRY
                    TABLE 57 EUROPE: MARKET, BY COUNTRY, 2020–2030 (USD MILLION)
                    8.3.6.1 UK
                               8.3.6.1.1 Increasing demand from medical device manufacturing companies to push market growth
                               TABLE 58 UK: MARKET, BY APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 59 UK: MARKET, BY AUTOMOTIVE APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 60 UK: MARKET, BY RENEWABLES APPLICATION, 2020–2030 (USD MILLION)
                    8.3.6.2 Germany
                               8.3.6.2.1 Intensifying focus on grid expansion to drive market
                               TABLE 61 GERMANY: MARKET, BY APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 62 GERMANY: MARKET, BY AUTOMOTIVE APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 63 GERMANY: MARKET, BY RENEWABLES APPLICATION, 2020–2030 (USD MILLION)
                    8.3.6.3 Poland
                               8.3.6.3.1 Investments in automotive sector to accelerate market growth
                               TABLE 64 POLAND: MARKET, BY APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 65 POLAND: MARKET, BY AUTOMOTIVE APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 66 POLAND: MARKET, BY RENEWABLES APPLICATION, 2020–2030 (USD MILLION)
                    8.3.6.4 France
                               8.3.6.4.1 Investments in renewable power projects to support relay market growth
                               TABLE 67 FRANCE: MARKET, BY APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 68 FRANCE: MARKET, BY AUTOMOTIVE APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 69 FRANCE: MARKET, BY RENEWABLES APPLICATION, 2020–2030 (USD MILLION)
                    8.3.6.5 Italy
                               8.3.6.5.1 Increased production of household appliances to generate demand for relays
                               TABLE 70 ITALY: MARKET, BY APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 71 ITALY: MARKET, BY AUTOMOTIVE APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 72 ITALY: MARKET, BY RENEWABLES APPLICATION, 2020–2030 (USD MILLION)
                    8.3.6.6 Rest of Europe
                               TABLE 73 REST OF EUROPE: MARKET, BY APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 74 REST OF EUROPE: MARKET, BY AUTOMOTIVE APPLICATION,  2020–2030 (USD MILLION)
                               TABLE 75 REST OF EUROPE: MARKET, BY RENEWABLES APPLICATION,  2020–2030 (USD MILLION)
    8.4 NORTH AMERICA 
           8.4.1 RECESSION IMPACT: NORTH AMERICA
           8.4.2 BY TYPE
                    TABLE 76 NORTH AMERICA: MARKET, BY TYPE, 2020–2030 (USD MILLION)
           8.4.3 BY APPLICATION
                    TABLE 77 NORTH AMERICA: MARKET, BY APPLICATION, 2020–2030 (USD MILLION)
                    TABLE 78 NORTH AMERICA: MARKET, BY AUTOMOTIVE APPLICATION,  2020–2030 (USD MILLION)
                    TABLE 79 NORTH AMERICA: MARKET, BY RENEWABLES APPLICATION,  2020–2030 (USD MILLION)
           8.4.4 BY VOLTAGE RANGE
                    TABLE 80 NORTH AMERICA: MARKET, BY VOLTAGE RANGE, 2020–2030 (USD MILLION)
           8.4.5 BY MOUNTING TYPE
                    TABLE 81 NORTH AMERICA: MARKET, BY MOUNTING TYPE, 2020–2030 (USD MILLION)
           8.4.6 BY COUNTRY
                    TABLE 82 NORTH AMERICA: MARKET, BY COUNTRY, 2020–2030 (USD MILLION)
                    8.4.6.1 US
                               8.4.6.1.1 Modernization of electric infrastructure to induce demand for relays
                               TABLE 83 US: MARKET, BY APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 84 US: MARKET, BY AUTOMOTIVE APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 85 US: MARKET, BY RENEWABLES APPLICATION, 2020–2030 (USD MILLION)
                    8.4.6.2 Canada
                               8.4.6.2.1 Investments in electricity utility upgrades to augment market growth
                               TABLE 86 CANADA: MARKET, BY APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 87 CANADA: MARKET, BY AUTOMOTIVE APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 88 CANADA: MARKET, BY RENEWABLES APPLICATION, 2020–2030 (USD MILLION)
                    8.4.6.3 Mexico
                               8.4.6.3.1 Demand from industrial sector to contribute to growth of Mexican relay market
                               TABLE 89 MEXICO: MARKET, BY APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 90 MEXICO: MARKET, BY AUTOMOTIVE APPLICATION, 2020–2030 (USD MILLION)
                               TABLE 91 MEXICO: MARKET, BY RENEWABLES APPLICATION, 2020–2030 (USD MILLION)
    8.5 REST OF THE WORLD 
           8.5.1 RECESSION IMPACT: REST OF THE WORLD
           8.5.2 BY TYPE
                    TABLE 92 REST OF THE WORLD: MARKET, BY TYPE, 2020–2030 (USD MILLION)
           8.5.3 BY APPLICATION
                    TABLE 93 REST OF THE WORLD: MARKET, BY APPLICATION, 2020–2030 (USD MILLION)
                    TABLE 94 REST OF THE WORLD: MARKET, BY AUTOMOTIVE APPLICATION,  2020–2030 (USD MILLION)
                    TABLE 95 REST OF THE WORLD: MARKET, BY RENEWABLES APPLICATION,  2020–2030 (USD MILLION)
           8.5.4 BY VOLTAGE RANGE
                    TABLE 96 REST OF THE WORLD: MARKET, BY VOLTAGE RANGE, 2020–2030 (USD MILLION)
           8.5.5 BY MOUNTING TYPE
                    TABLE 97 REST OF THE WORLD: MARKET, BY MOUNTING TYPE,  2020–2030 (USD MILLION)
 
9 COMPETITIVE LANDSCAPE (Page No. - 132)
    9.1 OVERVIEW 
    9.2 STRATEGIES ADOPTED BY KEY PLAYERS 
           TABLE 98 OVERVIEW OF KEY STRATEGIES DEPLOYED BY TOP PLAYERS, APRIL 2019–APRIL 2022
    9.3 MARKET SHARE ANALYSIS OF TOP FIVE PLAYERS 
           TABLE 99 MARKET: DEGREE OF COMPETITION
           FIGURE 37 MARKET SHARE ANALYSIS, 2021
    9.4 REVENUE ANALYSIS OF TOP FIVE MARKET PLAYERS 
           FIGURE 38 TOP PLAYERS IN MARKET, 2017–2021
    9.5 COMPANY EVALUATION QUADRANT 
           9.5.1 STARS
           9.5.2 PERVASIVE PLAYERS
           9.5.3 EMERGING LEADERS
           9.5.4 PARTICIPANTS
                    FIGURE 39 COMPETITIVE LEADERSHIP MAPPING: MARKET, 2021
           9.5.5 COMPETITIVE BENCHMARKING
                    TABLE 100 MARKET: DETAILED LIST OF KEY START-UPS/SMES
                    TABLE 101 MARKET: DETAILED COMPETITIVE BENCHMARKING OF KEY PLAYERS  (START-UPS/SMES)
    9.6 RELAY MARKET: COMPANY FOOTPRINT 
           TABLE 102 COMPANY FOOTPRINT: BY APPLICATION
           TABLE 103 COMPANY FOOTPRINT: BY MOUNTING TYPE
           TABLE 104 COMPANY FOOTPRINT: BY VOLTAGE RANGE
           TABLE 105 COMPANY FOOTPRINT: BY TYPE
           TABLE 106 COMPANY FOOTPRINT: BY REGION
           TABLE 107 OVERALL COMPANY FOOTPRINT
    9.7 COMPETITIVE SCENARIOS AND TRENDS 
           TABLE 108 MARKET: PRODUCT LAUNCHES, MAY 2018 – APRIL 2022
           TABLE 109 MARKET: DEALS, NOVEMBER 2019–JUNE 2022
           TABLE 110 MARKET: OTHER DEVELOPMENTS, JANUARY 2022–JUNE 2022
 
10 COMPANY PROFILES (Page No. - 150)
(Business overview, Products/Solutions/Services offered, Recent Developments, MNM view)*
     10.1 KEY PLAYERS 
             10.1.1 PANASONIC CORPORATION
                       TABLE 111 PANASONIC CORPORATION: COMPANY OVERVIEW
                       FIGURE 40 PANASONIC CORPORATION: COMPANY SNAPSHOT
                       TABLE 112 PANASONIC CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 113 PANASONIC CORPORATION: PRODUCT LAUNCHES
             10.1.2 TE CONNECTIVITY
                       TABLE 114 TE CONNECTIVITY: COMPANY OVERVIEW
                       FIGURE 41 TE CONNECTIVITY: COMPANY SNAPSHOT (2021)
                       TABLE 115 TE CONNECTIVITY: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 116 TE CONNECTIVITY: PRODUCT LAUNCHES
                       TABLE 117 TE CONNECTIVITY: DEALS
                       TABLE 118 TE CONNECTIVITY: OTHERS
             10.1.3 XIAMEN HONGFA ELECTROACOUSTIC CO., LTD.
                       TABLE 119 XIAMEN HONGFA ELECTROACOUSTIC CO., LTD.: BUSINESS OVERVIEW
                       FIGURE 42 XIAMEN HONGFA ELECTROACOUSTIC CO., LTD: COMPANY SNAPSHOT (2021)
                       TABLE 120 XIAMEN HONGFA ELECTROACOUSTIC CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 121 XIAMEN HONGFA AUTOMOTIVE ELECTRONICS CON, LTD.: PRODUCT LAUNCHES
                       TABLE 122 XIAMEN HONGFA AUTOMOTIVE ELECTRONICS CON., LTD.: DEALS
             10.1.4 OMRON CORPORATION
                       TABLE 123 OMRON CORPORATION: COMPANY OVERVIEW
                       FIGURE 43 OMRON CORPORATION: COMPANY SNAPSHOT (2021)
                       TABLE 124 OMRON CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 125 OMRON CORPORATION: PRODUCT LAUNCHES
             10.1.5 FUJI ELECTRIC
                       TABLE 126 FUJI ELECTRIC: COMPANY OVERVIEW
                       FIGURE 44 FUJI ELECTRIC: COMPANY SNAPSHOT (2021)
                       TABLE 127 FUJI ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 128 FUJI ELECTRIC: DEALS
                       TABLE 129 FUJI ELECTRIC: DEALS
             10.1.6 ABB
                       TABLE 130 ABB: BUSINESS OVERVIEW
                       FIGURE 45 ABB: COMPANY SNAPSHOT (2021)
                       TABLE 131 ABB: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 132 ABB: PRODUCT LAUNCHES
                       TABLE 133 ABB: DEALS
                       TABLE 134 ABB: OTHERS
             10.1.7 SCHNEIDER ELECTRIC
                       TABLE 135 SCHNEIDER ELECTRIC: BUSINESS OVERVIEW
                       FIGURE 46 SCHNEIDER ELECTRIC: COMPANY SNAPSHOT (2021)
                       TABLE 136 SCHNEIDER ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 137 SCHNEIDER ELECTRIC: OTHERS
             10.1.8 STANDEX ELECTRONICS
                       TABLE 138 STANDEX ELECTRONICS.: BUSINESS OVERVIEW
                       FIGURE 47 STANDEX ELECTRONICS, INC.: COMPANY SNAPSHOT (2021)
                       TABLE 139 STANDEX ELECTRONICS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 140 STANDEX ELECTRONICS: DEALS
             10.1.9 LITTELFUSE, INC.
                       TABLE 141 LITTELFUSE, INC.: COMPANY OVERVIEW
                       FIGURE 48 LITTELFUSE, INC.: COMPANY SNAPSHOT (2021)
                       TABLE 142 LITTELFUSE, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 143 LITTELFUSE, INC.: PRODUCT LAUNCHES
                       TABLE 144 LITTELFUSE, INC.: DEALS
                       TABLE 145 LITTELFUSE, INC.: OTHERS
             10.1.10 SENSATA TECHNOLOGIES
                       TABLE 146 SENSATA TECHNOLOGIES: COMPANY OVERVIEW
                       FIGURE 49 SENSATA TECHNOLOGIES: COMPANY SNAPSHOT (2021)
                       TABLE 147 SENSATA TECHNOLOGIES: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 148 SENSATA TECHNOLOGIES: PRODUCT LAUNCHES
                       TABLE 149 SENSATA TECHNOLOGY: DEALS
             10.1.11 FUJITSU
                       TABLE 150 FUJITSU: BUSINESS OVERVIEW
                       FIGURE 50 FUJITSU: COMPANY SNAPSHOT (2021)
                       TABLE 151 FUJITSU: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 152 FUJITSU: PRODUCT LAUNCHES
             10.1.12 HASCO
                       TABLE 153 HASCO: BUSINESS OVERVIEW
                       TABLE 154 HASCO: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             10.1.13 BRIGHT TOWARD INDUSTRIAL CO., LTD.
                       TABLE 155 BRIGHT TOWARD INDUSTRIAL CO., LTD.: COMPANY OVERVIEW
                       TABLE 156 BRIGHT TOWARD INDUSTRIAL CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             10.1.14 COSMO ELECTRONICS
                       TABLE 157 COSMO ELECTRONICS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             10.1.15 CELDUC
                       TABLE 158 CELDUC: COMPANY OVERVIEW
                       TABLE 159 CELDUC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 160 CELDUC: OTHERS
             10.1.16 RELPOL S.A.
                       TABLE 161 RELPOL S.A.: COMPANY OVERVIEW
                       TABLE 162 RELPOL S.A.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
     10.2 OTHER PLAYERS 
             10.2.1 CARLO GAVAZZI
             10.2.2 COMUS INTERNATIONAL
             10.2.3 TELEDYNE DEFENSE ELECTRONICS
             10.2.4 WAGO
             10.2.5 CARLO GAVAZZI
*Details on Business overview, Products/Solutions/Services offered, Recent Developments, MNM view might not be captured in case of unlisted companies.
 
11 APPENDIX (Page No. - 234)
     11.1 INSIGHTS FROM INDUSTRY EXPERTS 
     11.2 DISCUSSION GUIDE 
     11.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     11.4 CUSTOMIZATION OPTIONS 
     11.5 RELATED REPORTS 
     11.6 AUTHOR DETAILS 

This study involved major activities in estimating the current size of the relay market. Comprehensive secondary research was done to collect information on the market, peer market, and parent market. The next step involved was the validation of these findings, assumptions, and market sizing with industry experts across the value chain through primary research. The total market size was estimated through country-wise analysis. Then, the market breakdown and data triangulation were performed to estimate the market size of the segments and sub-segments. 

Secondary Research

The secondary research involved the use of extensive secondary sources, directories, and databases, such as Hoover’s, Bloomberg BusinessWeek, Factiva, and OneSource, to identify and collect information useful for a technical, market-oriented, and commercial study of the global market. The other secondary sources comprised press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturers, associations, trade directories, and databases.

Primary Research

The relay market comprises several stakeholders, such as product manufacturers, service providers, distributors, and end-users in the supply chain. The demand-side of this market is characterized by industrial end-users. Moreover, the demand is also fueled by the growing demand of automotive sector. The supply side is characterized by rising demand for contracts from the industrial sector, and mergers & acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Primary data has been collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, various departments within organizations, such as sales, operations, and administration, were covered to provide a holistic viewpoint in our report.

After interacting with industry experts, brief sessions were conducted with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report.

The breakdown of primary respondents is given below:

Relay Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The bottom-up approach has been used to estimate and validate the size of the relay market.

  • In this approach, the relay production statistics for each product type have been considered at a country and regional level.
  • Extensive secondary and primary research has been carried out to understand the global market scenario for various types of relays.
  • Several primary interviews have been conducted with key opinion leaders related to relay system development, including key OEMs and Tier I suppliers.
  • Qualitative aspects such as market drivers, restraints, opportunities, and challenges have been taken into consideration while calculating and forecasting the market size.

Global Relay Market Size: Bottom-Up Approach

Relay Market Size, and Share

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Data Triangulation

The overall market size is estimated using the market size estimation processes as explained above, followed by splitting of the market into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the market ecosystem.

Report Objectives

  • To define, describe, and forecast the size of the market by type, by application, by voltage range, by mounting type, and region, in terms of value
  • To estimate and forecast the global market for various segments with respect to 4 main regions, namely, North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW), in terms of value
  • To provide comprehensive information about the drivers, restraints, opportunities, and industry-specific challenges that affect the market growth
  • To provide a detailed overview of the relay value chain, along with industry trends, use cases, security standards, and Porter’s five forces
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and contribution to the total market
  • To analyze the opportunities in the market for stakeholders by identifying high-growth segments and detail the competitive landscape for market players
  • To strategically profile key players and comprehensively analyze their market rankings and core competencies
  • To analyze competitive developments, such as joint ventures, mergers and acquisitions, contracts, and agreements, and new product launches, in the relay market
  • To benchmark players within the market using the proprietary competitive leadership mapping framework, which analyzes market players on various parameters within the broad categories of business strategy excellence and strength of product portfolio
  • This report covers the relay market size in terms of value.

Available Customization

With the given market data, MarketsandMarkets offers customizations based on the company’s specific needs. The following customization options are available for the report:

Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

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Report Code
EP 8558
Published ON
Feb, 2023
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