Dublin, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The "Global 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 - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global reed relay market is projected to reach USD 1,125.0 million by 2030, from an estimated value of USD 352.4 million in 2022; growing at a CAGR of 15.6%, from 2022 to 2030.
Reed relays meet the low-level voltage switching needs that all other relay types do not. They offer high-voltage and high RF switching. Likewise, the reed relay can switch very low voltages and currents over its long lifetime. Therefore, these relays, if properly designed, stand up to the high demands of modern electronics.
The growth of the reed relay market is expected to be driven by increasing digitization and automation in the consumer electronics industry, the modernization of electric vehicles, and exceptional features such as high switching frequency and resistance to shock and vibration.
Renewables: The fastest growing segment of the reed relay market
By application, the renewables segment is estimated to be the fastest growing segment of the reed relay market from 2022 to 2030. A global tendency towards efficient energy consumption and the expansion of renewables has boosted interest in energy storage solutions.
Renewable energy technology projects are typically large-scale, but they are also suited to rural and remote areas and developing countries, where energy is often crucial in human development. In most countries, photovoltaic solar or onshore wind is the cheapest new-build electricity. Reed relays find extensive application in renewable energy storage systems, and an increase in the adoption of renewable energy technologies is expected to drive their fast growth.
200-250 V power rating: The largest segment by voltage range in the reed relay market
The 200-250 V segment, by voltage range, is projected to hold the highest market share during the forecast period. Reed relays of this voltage rating can carry current at 2.5 A resulting in a power rating of 50 W. They are designed to stand up and save space in cases where the printed circuit board is limited. The multiple switching features offer high-voltage switching elements and require a much lower level of power to actuate them than other traditional types of relays, thus boosting their demand in the reed relay market.
China: The fastest-growing geography in the reed relay market
China is estimated to grow at the fastest rate in the global reed relay market during the forecast period. Geography is the key production base of relays in the world, with its output holding more than 50% of the global total. The Chinese government's active support has increased the number of value-addition industries, translating into the country's overall industrial growth in sectors such as telecommunication, wind & solar power, petrochemical processing, automotive, and steel. Moreover, the total electricity consumption in China increased by 6.6% in 2020 because of the growth in industrial power consumption. All these factors are expected to increase the demand for reed relays in the geography.
Report Metrics
| Report Attribute | Details |
| No. of Pages | 206 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $352 Million |
| Forecasted Market Value (USD) by 2030 | $1125 Million |
| Compound Annual Growth Rate | 15.6% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Increasing Adoption of EVs
- Rising Investments in Renewables
- Growing Medical and Instrumentation Industry
Restraints
- Lower Current Rating Compared with Emr and Ssr
- Reed Relays Result in Failures Such as Missing and Sticking
Opportunities
- Rising Number of EV Charging Stations
Challenges
- Lack of Investments by Governments in Grid Stability
Companies Mentioned
- ABB
- Aleph
- American Relays Inc.
- Bright Toward Industrial Co. Ltd. (Toward Relays)
- Celduc
- Comus
- Cosmo Electronics
- Coto Technology, Inc.
- Hvp High Voltage Products GmbH
- Littelfuse, Inc.
- Pickering Electronics Ltd.
- Sanyu Electric, Inc.
- Schneider Electric
- Siemens
- Standex Electronics, Inc.
- Te Connectivity
For more information about this report visit https://www.researchandmarkets.com/r/gx0fu9-reed-relay?w=12
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