The reed relay market is estimated to be USD 352 million in 2022 to USD 1,125 million by 2030, at a CAGR of 15.6% during the forecast period. Increasing adoption of EVs, rising investments in renewables, and growing demand from medical and instrumentation industry are the key factors driving reed relay market growth.
The reed relay market is dominated by a few globally established players such as ABB (Switzerland), Standex International Corporation (US), Siemens (Germany), Schneider Electric (France), and TE Connectivity, COTO Technology (US), Pickering Electronic Ltd (UK), General Electric (Switzerland), and Towards Relays (Taiwan). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.
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Pickering Electronics Ltd (UK) held the majority of the global reed relay market share in `2021. Its key strength lies in making investments such as Pickering Electronics and Pickering Interfaces are a part of the Pickering Group of Companies, which has invested in redeveloping its worldwide headquarters and manufacturing center in the UK. Pickering is also investing in a new 3000 m2 facility in the Czech Republic. The Czech plant already manufactures several of Pickering Interface's extensive switching and simulation products for PXI, LXI, and PCI applications, including value-added assemblies such as cable and connector solutions.
The company is likely to make agreements and expand its reed rekay business. For instance, Pickering Electronics Ltd has expanded its partnership agreement with Singapore-based company Wiselink. Pickering Electronics Ltd has signed a partnership agreement in December 2020 with Wiselink and it is renewed in July 2021. This is a distributor partnership agreement with Wiselink, covering Singapore, Malaysia, and Thailand. Wiselink works as a supply channel partner with Over 35 suppliers, as well as more than 2,500 OEM and CEM customers in a variety of industries.
Another important player in reed relay market is Standex International Corporation. It is a US conglomerate that offers products and solutions to industries through digital solutions. The company operates through five business segments: Electronics, Engraving, Engineering Technologies, Specialty Solutions, and Scientific. The company offers reed relays through its Electronics segment.
Under the same segment, Standex International Corporation also offers various types of electronic components including magnetic reed switches, reed relays, and reed sensors. The company provides these electronic components to different end-users including military and aerospace, medical, general industrial, automotive, home appliances, HVAC/R, utility metering, lighting, security, space, and green markets, including solar, electric cars, smart meters, and more. Through the Electronics segment, the company manufactures components and value-added solutions using both sensing and switching technologies as well as magnetic power conversion components and assemblies. Through this segment, the company competes based on customer intimacy by engineering, designing, and manufacturing innovative solutions.
Reed Relay Market by Voltage (200 V, 200 V–500 V, 500 V–1 Kv, 1 kV–7.5 kV, & 7.5 kV–10 kV, & Above 10 kV), Application (Industrial, Household Appliances, Test & Measurement, Mining, Automotive, EV, Medical, Renewables), & Geography - Global Forecast to 2030
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