The relay market is estimated to be USD 9.0 billion in 2022 to USD 14.7 billion by 2030, at a CAGR of 6.3% during the forecast period. Increasing investments in renewable energy resources, expansion of transmission & distribution networks, and increasing demand for control devices in end-user industries are the key factors driving the market growth.
The relay market is dominated by a few globally established players such as Panasonic Corporation (Japan), Xiamen Hongfa Electroacoustic Co., Ltd. (China), TE connectivity (Switzerland), Fuji Electric (Japan), and OMRON Industrial Automation (Japan). 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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Panasonic Corporation (Japan) held the majority of the global relay market share in 2021. Panasonic Corporation has been providing solutions to more than 100 countries worldwide and has more than 300 manufacturing facilities across the globe. Panasonic Corporation is focusing on expanding a smart plant (in which the company will manufacture a wide range of power distribution products) in India. Xiamen Hongfa Electroacoustic Co., Ltd. (China) followed in second place as the company mainly focuses on the manufacturing of a wide range of relays, including industrial, power, high power metering, automotive, high-frequency, HVDC, and signal relay and providing it to various industries such as industrial control, automotive, construction equipment, telecommunication, home appliances, and medical care. TE connectivity (Switzerland) is considered to have the third largest share in the relay market. TE Connectivity provides a wide range of relays under all three business segments, including transportation, industrial, and communication solutions. All three segments offer terminals and connector systems and components, antennas, sensors, heat shrink tubing, interventional medical components, wire, and cable. The company provides its products to a wide range of markets, including oil & gas, marine, rail, defense & military, automotive, aerospace, medical, industrial machinery, home appliances companies, and many more.
Fuji Electric is one of the leading manufacturers of electrical equipment, pressure transmitters, flow meters, and other equipment. Fuji Electric has a sales network across 121 locations, with its products being sold in more than 102 countries. The company focuses on increasing its R&D expenditure, likely strengthening its Power Electronic Systems Energy business segment. Some of its major subsidiaries include Fuji Electric (Europe), Fuji Electric (America), and Fuji Electric (China).
Another vital player in the relay market is Omron Corporation (Japan). Omron Corporation provides relays under its industrial automation business segment. Under the same segment, Omron Corporation offers products and connected solutions such as semiconductors, digital equipment, EVs and rechargeable batteries, and high-quality devices and modules, including relays, switches, connectors, and sensors. The segment mainly focuses on providing services and manufacturing products for industries such as digital, food and daily goods, logistics, medical, and robotics. The industrial automation business segment accounted for a 55.0% share of the revenue in 2021.
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
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