New York, March 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Relays Global Market Report 2022" - https://www.reportlinker.com/p06247482/?utm_source=GNW
29 billion in 2021 to $6.77 billion in 2022 at a compound annual growth rate (CAGR) of 7.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8.38 billion in 2026 at a CAGR of 5.5%.
The relays market consists of sales of relays which are electromagnetic switches used to turn on or turn off a circuit electronically or electromechanically.They operate by opening one electrical circuit and closing contacts in another circuit.
Relays include PCB power relays, signal relays and plugin relays.
The main types of relays are latching relay, solid-state relay, automotive relay, overload protection relay, electromechanical relay and others.Latching relay refers to a relay that retains its contact position after the control power has been removed.
Latching relays enable a customer to control a circuit with a single pulse to the relay control circuit.Relays are operated in various voltages including low, medium and high.
The relays are used for military, industrial automation, electronics, and other applications by utilities, industrial, railways and other end-users.
Asia Pacific was the largest region in the relays market in 2021.North America was the second-largest region in the relays market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing investments in solar energy projects globally is expected to drive the relays market in the forecast period.Relays are used in solar energy projects to cut off high DC voltages.
According to the Global Trends in Renewable Energy Investment 2019 report by the UNEP, solar energy attracted the highest capacity investments globally at $133.5 billion. The Middle East Solar Industry Association (MESIA) expects solar energy projects worth over $15 billion to start operations in the Middle East in the next five years. With increasing demand from solar energy projects, relay manufacturers are now offering relays compatible with solar energy systems. For instance, Fujitsu is offering relays designed especially for solar applications.
High power consumption by relays and the presence of alternatives such as optocouplers (opt-isolators) is acting as a restraint on the relays market.Relays are used to turn on or turn off a circuit electronically or electromechanically.
Relays pose a problem in cases where power consumption needs to be kept minimum.For instance, to switch on a small LED light, the power consumed by the relay could be more than the power consumed by the light.
Also, PV solar systems may require larger solar panels and battery to compensate for the excess power consumption by relays. This increases costs and limits the usage of relays in such applications.
Plug-in relays are increasingly being used in the automotive sector due to their light weight compared to electromechanical relays.These relays can handle high-rated current and operating voltage similar to that of electromechanical type relays.
Plug-in relays are being used in automobile applications such as electrically heated catalytic converters, heater controls, windscreen wipers, motors and pumps, and body electronics, such as door locks, seat controls, window lifters and others. For instance, Omron’s plug-in automotive relays that range from 20A to 70A are used in automotive applications such as arter motors, heater controls, windscreen wipers and any applications that require high continuous current switching.
In June 2019, TE Connectivity (TE), a consumer electronics company, acquired the Kissling group of companies for an undisclosed amount.The acquisition will enable TE to expand its portfolio of specialty relays and switches to support the needs of industrial and commercial transportation customers.
Kissling group is a provider of high- power relays and ruggedized switches that are used in various applications such as commercial vehicle, transportation, industrial, military, aviation industries and others.
The countries covered in the relays market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06247482/?utm_source=GNW
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