LONDON, Sept. 10, 2020 (GLOBE NEWSWIRE) -- The growth of relays market can be attributed to growing adoption of the vehicular safety technology in the market. Automotive manufacturers are placing emphasis on vehicular safety technology driving the market. Due to increased safety and security features in vehicles, the average number of relays installed per vehicle is expected to increase. Enhanced safety components in automobiles such as anti-lock braking system (ABS), electronic brake force distribution (EBD) and airbags will increase the demand for relays in automotive industries. Therefore, increased demand for relays in vehicle safety systems is expected to drive the market for relays during the period.
However, the global relays market is expected to be severely affected by the outbreak of COVID-19. People will be economically impacted by the spread of COVID-19. The COVID-19 pandemic is affecting global economies and industries in more ways than one. Industries such as power, industrial manufacturers, and electronics have suffered a setback in their processes due to worldwide lockdown and travel restriction measures being put in place to prevent the spread of the virus. The coronavirus outbreak has caused a shortage in supply of raw materials and hampered production across many industries
As of May 2020, the number of people unemployed in the USA was at an all-time high of 36 million, fuelled by the pandemic. Such economic conditions and the rise in unemployment is expected to put a damper on the growth of the market.
The relays market consists of sales of relays and related services by entities (organizations, sole traders and partnerships) that produce relays that are used in various applications such as in industrial automation, electronics, automotive, military and aerospace and similar other applications.
Relays are electric switches that use electromagnetism to convert small electrical stimuli into larger currents. Relays make and break circuit contact with the help of a signal without any human involvement in order to switch it ON or OFF. They are used mostly to control a high-powered circuit using a low power signal.
The Business Research Company’s report titled Relays Market - By Type (Latching Relay, Solid State Relay, Automotive Relay, Electromechanical Relay, Others), By Application (Military, Industrial Automation, Electronics, Others), By Voltage (Relays < 60 Volts, Relays > 60 Volts), And By Region, Opportunities And Strategies - Global Forecast To 2023 covers major relays companies, relays market share by company and segments, relays manufacturers, global relays market outlook 2020, relays market size, global oral biologics market, and relays market forecasts.
The report also covers the global relays market and its segments. The relays market share is segmented by type, by application, by voltage. The relays market can be segmented by type into Latching Relay, Solid State Relay, Automotive Relay, and Electromechanical Relay. The automotive relays market was the largest segment of the relays market segmented by type, accounting for 38.9% of the total in 2019. Going forward automotive relays segment is expected to be the fastest growing segment in the relays market, at a CAGR of 4.8% during 2019-2023.
The automotive relay market consists of sales of automotive relays and related services by entities that manufacture automotive relays. Automotive relays are type of electromechanical operated switch that are used in vehicles including cars, trucks, vans, trailers and boats. Whereas Electromechanical relays are switches that are used to control high power electrical devices and are mostly used in applications such as general aviation, aerospace, and wireless technology industries.
The relays market is also segmented by application and by voltage. By application the relays market is also segmented into military, industrial automation, electronics and others. By voltage the relays market is also segmented into relays < 60 volts; and relays > 60 volts. The relays < 60 volts segment was the largest segment of the relays market segmented by voltage, accounting for 51.3% of the total in 2019.
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Relays Market - By Type (Latching Relay, Solid State Relay, Automotive Relay, Electromechanical Relay, Others), By Application (Military, Industrial Automation, Electronics, Others), By Voltage (Relays < 60 Volts, Relays > 60 Volts), And By Region, Opportunities And Strategies - Global Forecast To 2023 is one of a series of new reports from The Business Research Company that provide relays market overviews, analyze and forecast the relays market size and growth for the whole market, relays market segments and geographies, relays market trends, relays market drivers, relays market restraints, relays market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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