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Relay Market Size, Share & Trends Analysis Report By Mounting Type (PCB Mount, Plug In, Din Rail Mount, and Panel Mount), By Type, By End User. By Regional Outlook and Forecast, 2023 - 2030

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    Report

  • 414 Pages
  • March 2024
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5953607
The Global Relay Market size is expected to reach $10.9 billion by 2030, rising at a market growth of 6.7% CAGR during the forecast period. In the year 2022, the market attained a volume of 82762.9 thousand units, experiencing a growth of 9.2% (2019-2022).

The emphasis on renewable energy sources in Europe, such as wind and solar power, may drive the need for energy management and control systems relays. Consequently, Europe region would generate approximately 25.31% revenue share of the market by 2030. Also, Germany would utilize 3,730.6 thousand units of time relay by 2030. Developing smart grids and infrastructure projects in European countries may lead to increased demand for relays in power distribution and management applications. Hence, the segment will expand rapidly in the coming years.



The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In August 2023, Siemens AG launched the SIRIUS 3UG5 line monitoring relays. The SIRIUS 3UG5 relays boast an extended frequency range, operating smoothly from 15 to 70 Hertz (Hz) and facilitating the monitoring of specific frequencies on unstable grids. In May, 2023 Omron Corporation launched the G2RV-ST, its latest industrial 6mm electromechanical relay. The G2RV-ST relay is a pre-assembled 6mm slim relay with industrial pins, designed for easy wire insertion facilitated by an angled inclination and 2.5 mm2 wire dimensions.

Cardinal Matrix - Market Competition Analysis

Based on the Analysis presented in the Cardinal matrix; Broadcom, Inc., Siemens AG and General Electric Company are the forerunners in the Market. In August 2023, Siemens AG launched the SIRIUS 3UG5 line monitoring relays. The SIRIUS 3UG5 relays boast an extended frequency range, operating smoothly from 15 to 70 Hertz (Hz) and facilitating the monitoring of specific frequencies on unstable grids. Moreover, the SIRIUS 3UG5 series provides a straightforward solution for monitoring grid stability and quality in accordance with standards, thereby guaranteeing optimal system performance and long service life for components like motors or compressors. And companies such as Schneider Electric SE, Eaton Corporation PLC and ABB Ltd. are some of the key innovators in Market.



Market Growth Factors

The relentless drive towards industrial automation has positioned relays as indispensable components within the technological framework of modern manufacturing. Relays, with their ability to act as control switches, are pivotal in automating many processes across diverse industries. Adopting automation enhances operational efficiency and lays the foundation for more sophisticated advancements such as Industry 4.0. Thus, these factors will propel the demand for relays in the upcoming years.

Additionally, In the worldwide focus on energy and sustainability, relays serve as indispensable components, contributing significantly to the overarching goal of optimizing energy usage and promoting environmental sustainability. Relays are central in energy management systems, acting as the control mechanism for electrical loads. Thus, these factors will assist in the expansion of the market.

Market Restraining Factors

The inherent complexity of relay technology presents a primary technological barrier. Relays, designed for switching and controlling electrical circuits, require intricate engineering to meet diverse industrial and commercial needs. As these requirements expand, the complexity of relay designs increases, demanding continuous advancements in manufacturing processes and materials. The modern landscape requires relays with increasingly sophisticated features. Thus, these factors can lead to decreased demand for relays in the coming years.



The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product Launches and Product Expansions.

By Mounting Type Analysis

On the basis of Mounting Type, the market is divided into DIN rail mount, PCB mount, panel mount, and plug in. The PCB mount segment recorded the 35.1% revenue share in the market in 2022. In terms of volume, PCB mount has 30,198.4 thousand units in 2022. The broader electronics industry's changes frequently impact the demand for electronic devices and components, particularly PCB-mounted relays. Thus, owing to these factors, the segment will grow rapidly in the upcoming years.

By Type Analysis

Based on type, the market is segmented into protection relay, time relay, monitor & control relay, general purpose relays, and others. In 2022, the general-purpose relay segment garnered a 11.2% revenue share in the market. The increasing adoption of automation in industries drives the demand for general-purpose relays. These relays are used in control panels, machinery, and manufacturing processes to manage electrical circuits. General-purpose relays find applications in automotive systems, including lighting, motors, and other electrical components. The growth of the automotive industry can impact the demand for these relays. Hence, these factors can help in the expansion of the segment.



By End-use Analysis

Based on End User, the market is divided into automotive, communication & technology, industrial automation, power generation & distribution, and others. The power generation and distribution segment recorded a 32.4% revenue share in the market in 2022. The increasing need for grid modernization and the adoption of smart grid technologies have driven the demand for advanced relays. Relays that are dependable and efficient are necessary for smart grids in order to monitor and regulate power flow, maintain grid stability, and make it easier to integrate renewable energy sources. Therefore, these factors can assist in the expansion of the segment.

By Regional Analysis

By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The North America segment registered 27.6% revenue share in the market in 2022. North America has a significant presence in industrial sectors, and the adoption of automation technologies continues to grow. Moreover, the push for renewable energy sources, such as wind and solar, is prominent in North America. Therefore, these factors will pose lucrative growth prospects for the segment.

Market Competition and Attributes



The relay market is characterized by fierce competition with established players like Broadcom, Inc., General Electric Company, and Siemens AG offering various relay types for applications across industries like automotive, industrial, and telecommunications. Key drivers of competition include technological innovation, quality and reliability, pricing strategies, market segmentation, distribution channels, brand reputation, and regulatory compliance. Companies vie for dominance by introducing advanced relay technologies, ensuring reliability, offering competitive pricing, targeting specific industry segments, optimizing distribution networks, building strong brand reputations, and complying with industry regulations. To gauge the current competitive landscape in 2024, industry reports and market analyses should be consulted to identify leading players, market shares, and emerging trends.

Recent Strategies Deployed in the Market

  • Feb-2024: ABB Ltd. signed an agreement to acquire SEAM Group, a company working in energized asset performance. With this acquisition, ABB aims to enhance its Electrification Service Offering, aligning with rising industrial demands for the modernization and optimization of assets to ensure operations are safer, smarter, and more sustainable.
  • Aug-2023: Siemens AG launched the SIRIUS 3UG5 line monitoring relays. The SIRIUS 3UG5 relays boast an extended frequency range, operating smoothly from 15 to 70 Hertz (Hz) and facilitating the monitoring of specific frequencies on unstable grids. Moreover, the SIRIUS 3UG5 series provides a straightforward solution for monitoring grid stability and quality in accordance with standards, thereby guaranteeing optimal system performance and long service life for components like motors or compressors.
  • May-2023: Omron Corporation launched the G2RV-ST, its latest industrial 6mm electromechanical relay. The G2RV-ST relay is a pre-assembled 6mm slim relay with industrial pins, designed for easy wire insertion facilitated by an angled inclination and 2.5 mm2 wire dimensions. Additionally, this product serves as an optimal solution for compact panels and equipment for machine manufacturers and panel builders, delivering the durability and reliability essential for industrial applications.
  • May-2023: Fujitsu Limited launched the FTR-G3, a 30 A automotive relay for utilization in places with limited space. The FTR-G3 can handle up to 30 A of current within a compact plastic-sealed enclosure measuring 6.6 mm x 13.7 mm x 14 mm.
  • Feb-2023: Schneider Electric SE expanded the capability of its manufacturing facility in Bengaluru, India, by launching a product line. With this expansion, the company aims to meet the increasing demand for protection relays and IoT gateways for digitization of power quality and management.

List of Key Companies Profiled

  • Fujitsu Limited
  • ABB Ltd.
  • Broadcom, Inc.
  • Eaton Corporation PLC
  • Schneider Electric SE
  • Siemens AG
  • TE Connectivity Ltd.
  • General Electric Company
  • Rockwell Automation, Inc.
  • Omron Corporation

Market Report Segmentation

By Mounting Type (Volume, Thousand Units, USD Billion, 2019-2030)
  • PCB Mount
  • Plug In
  • Din Rail Mount
  • Panel Mount
By Type (Volume, Thousand Units, USD Billion, 2019-2030)
  • Time Relay
  • Protection Relay
  • Monitor & Control Relay
  • General Purpose Relays
  • Others
By End User (Volume, Thousand Units, USD Billion, 2019-2030)
  • Power Generation & Distribution
  • Industrial Automation
  • Communication & Technology
  • Automotive
  • Others
By Geography (Volume, Thousand Units, USD Billion, 2019-2030)
  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Taiwan
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Relay Market, by Mounting Type
1.4.2 Global Relay Market, by Type
1.4.3 Global Relay Market, by End User
1.4.4 Global Relay Market, by Geography
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Opportunities
3.2.3 Market Restraints
3.2.4 Market Challenges
Chapter 4. Competition Analysis - Global
4.1 Cardinal Matrix
4.2 Recent Industry Wide Strategic Developments
4.2.1 Product Launches and Product Expansions
4.2.2 Acquisition and Mergers
4.2.3 Geographical Expansions & Business Expansions
4.3 Market Share Analysis, 2022
4.4 Top Winning Strategies
4.4.1 Key Leading Strategies: Percentage Distribution (2019-2024)
4.4.2 Key Strategic Move: (Product Launches and Product Expansions: 2019, Dec - 2023, Aug) Leading Players
4.5 Porter’s Five Forces Analysis
Chapter 5. Global Relay Market by Mounting Type
5.1 Global PCB Mount Market by Region
5.2 Global Plug In Market by Region
5.3 Global Din Rail Mount Market by Region
5.4 Global Panel Mount Market by Region
Chapter 6. Global Relay Market by Type
6.1 Global Time Relay Market by Region
6.2 Global Protection Relay Market by Country
6.3 Global Monitor & Control Relay Market by Region
6.4 Global General Purpose Relays Market by Region
6.5 Global Others Market by Region
Chapter 7. Global Relay Market by End User
7.1 Global Power Generation & Distribution Market by Region
7.2 Global Industrial Automation Market by Region
7.3 Global Communication & Technology Market by Region
7.4 Global Automotive Market by Region
7.5 Global Others Market by Region
Chapter 8. Global Relay Market by Region
8.1 North America Relay Market
8.1.1 North America Relay Market by Mounting Type
8.1.1.1 North America PCB Mount Market by Country
8.1.1.2 North America Plug In Market by Country
8.1.1.3 North America Din Rail Mount Market by Country
8.1.1.4 North America Panel Mount Market by Country
8.1.2 North America Relay Market by Type
8.1.2.1 North America Time Relay Market by Country
8.1.2.2 North America Protection Relay Market by Country
8.1.2.3 North America Monitor & Control Relay Market by Country
8.1.2.4 North America General Purpose Relays Market by Country
8.1.2.5 North America Others Market by Country
8.1.3 North America Relay Market by End User
8.1.3.1 North America Power Generation & Distribution Market by Country
8.1.3.2 North America Industrial Automation Market by Country
8.1.3.3 North America Communication & Technology Market by Country
8.1.3.4 North America Automotive Market by Country
8.1.3.5 North America Others Market by Country
8.1.4 North America Relay Market by Country
8.1.4.1 US Relay Market
8.1.4.1.1 US Relay Market by Mounting Type
8.1.4.1.2 US Relay Market by Type
8.1.4.1.3 US Relay Market by End User
8.1.4.2 Canada Relay Market
8.1.4.2.1 Canada Relay Market by Mounting Type
8.1.4.2.2 Canada Relay Market by Type
8.1.4.2.3 Canada Relay Market by End User
8.1.4.3 Mexico Relay Market
8.1.4.3.1 Mexico Relay Market by Mounting Type
8.1.4.3.2 Mexico Relay Market by Type
8.1.4.3.3 Mexico Relay Market by End User
8.1.4.4 Rest of North America Relay Market
8.1.4.4.1 Rest of North America Relay Market by Mounting Type
8.1.4.4.2 Rest of North America Relay Market by Type
8.1.4.4.3 Rest of North America Relay Market by End User
8.2 Europe Relay Market
8.2.1 Europe Relay Market by Mounting Type
8.2.1.1 Europe PCB Mount Market by Country
8.2.1.2 Europe Plug In Market by Country
8.2.1.3 Europe Din Rail Mount Market by Country
8.2.1.4 Europe Panel Mount Market by Country
8.2.2 Europe Relay Market by Type
8.2.2.1 Europe Time Relay Market by Country
8.2.2.2 Europe Protection Relay Market by Country
8.2.2.3 Europe Monitor & Control Relay Market by Country
8.2.2.4 Europe General Purpose Relays Market by Country
8.2.2.5 Europe Others Market by Country
8.2.3 Europe Relay Market by End User
8.2.3.1 Europe Power Generation & Distribution Market by Country
8.2.3.2 Europe Industrial Automation Market by Country
8.2.3.3 Europe Communication & Technology Market by Country
8.2.3.4 Europe Automotive Market by Country
8.2.3.5 Europe Others Market by Country
8.2.4 Europe Relay Market by Country
8.2.4.1 Germany Relay Market
8.2.4.1.1 Germany Relay Market by Mounting Type
8.2.4.1.2 Germany Relay Market by Type
8.2.4.1.3 Germany Relay Market by End User
8.2.4.2 UK Relay Market
8.2.4.2.1 UK Relay Market by Mounting Type
8.2.4.2.2 UK Relay Market by Type
8.2.4.2.3 UK Relay Market by End User
8.2.4.3 France Relay Market
8.2.4.3.1 France Relay Market by Mounting Type
8.2.4.3.2 France Relay Market by Type
8.2.4.3.3 France Relay Market by End User
8.2.4.4 Russia Relay Market
8.2.4.4.1 Russia Relay Market by Mounting Type
8.2.4.4.2 Russia Relay Market by Type
8.2.4.4.3 Russia Relay Market by End User
8.2.4.5 Spain Relay Market
8.2.4.5.1 Spain Relay Market by Mounting Type
8.2.4.5.2 Spain Relay Market by Type
8.2.4.5.3 Spain Relay Market by End User
8.2.4.6 Italy Relay Market
8.2.4.6.1 Italy Relay Market by Mounting Type
8.2.4.6.2 Italy Relay Market by Type
8.2.4.6.3 Italy Relay Market by End User
8.2.4.7 Rest of Europe Relay Market
8.2.4.7.1 Rest of Europe Relay Market by Mounting Type
8.2.4.7.2 Rest of Europe Relay Market by Type
8.2.4.7.3 Rest of Europe Relay Market by End User
8.3 Asia Pacific Relay Market
8.3.1 Asia Pacific Relay Market by Mounting Type
8.3.1.1 Asia Pacific PCB Mount Market by Country
8.3.1.2 Asia Pacific Plug In Market by Country
8.3.1.3 Asia Pacific Din Rail Mount Market by Country
8.3.1.4 Asia Pacific Panel Mount Market by Country
8.3.2 Asia Pacific Relay Market by Type
8.3.2.1 Asia Pacific Time Relay Market by Country
8.3.2.2 Asia Pacific Protection Relay Market by Country
8.3.2.3 Asia Pacific Monitor & Control Relay Market by Country
8.3.2.4 Asia Pacific General Purpose Relays Market by Country
8.3.2.5 Asia Pacific Others Market by Country
8.3.3 Asia Pacific Relay Market by End User
8.3.3.1 Asia Pacific Power Generation & Distribution Market by Country
8.3.3.2 Asia Pacific Industrial Automation Market by Country
8.3.3.3 Asia Pacific Communication & Technology Market by Country
8.3.3.4 Asia Pacific Automotive Market by Country
8.3.3.5 Asia Pacific Others Market by Country
8.3.4 Asia Pacific Relay Market by Country
8.3.4.1 China Relay Market
8.3.4.1.1 China Relay Market by Mounting Type
8.3.4.1.2 China Relay Market by Type
8.3.4.1.3 China Relay Market by End User
8.3.4.2 Japan Relay Market
8.3.4.2.1 Japan Relay Market by Mounting Type
8.3.4.2.2 Japan Relay Market by Type
8.3.4.2.3 Japan Relay Market by End User
8.3.4.3 India Relay Market
8.3.4.3.1 India Relay Market by Mounting Type
8.3.4.3.2 India Relay Market by Type
8.3.4.3.3 India Relay Market by End User
8.3.4.4 South Korea Relay Market
8.3.4.4.1 South Korea Relay Market by Mounting Type
8.3.4.4.2 South Korea Relay Market by Type
8.3.4.4.3 South Korea Relay Market by End User
8.3.4.5 Taiwan Relay Market
8.3.4.5.1 Taiwan Relay Market by Mounting Type
8.3.4.5.2 Taiwan Relay Market by Type
8.3.4.5.3 Taiwan Relay Market by End User
8.3.4.6 Malaysia Relay Market
8.3.4.6.1 Malaysia Relay Market by Mounting Type
8.3.4.6.2 Malaysia Relay Market by Type
8.3.4.6.3 Malaysia Relay Market by End User
8.3.4.7 Rest of Asia Pacific Relay Market
8.3.4.7.1 Rest of Asia Pacific Relay Market by Mounting Type
8.3.4.7.2 Rest of Asia Pacific Relay Market by Type
8.3.4.7.3 Rest of Asia Pacific Relay Market by End User
8.4 LAMEA Relay Market
8.4.1 LAMEA Relay Market by Mounting Type
8.4.1.1 LAMEA PCB Mount Market by Country
8.4.1.2 LAMEA Plug In Market by Country
8.4.1.3 LAMEA Din Rail Mount Market by Country
8.4.1.4 LAMEA Panel Mount Market by Country
8.4.2 LAMEA Relay Market by Type
8.4.2.1 LAMEA Time Relay Market by Country
8.4.2.2 LAMEA Protection Relay Market by Country
8.4.2.3 LAMEA Monitor & Control Relay Market by Country
8.4.2.4 LAMEA General Purpose Relays Market by Country
8.4.2.5 LAMEA Others Market by Country
8.4.3 LAMEA Relay Market by End User
8.4.3.1 LAMEA Power Generation & Distribution Market by Country
8.4.3.2 LAMEA Industrial Automation Market by Country
8.4.3.3 LAMEA Communication & Technology Market by Country
8.4.3.4 LAMEA Automotive Market by Country
8.4.3.5 LAMEA Others Market by Country
8.4.4 LAMEA Relay Market by Country
8.4.4.1 Brazil Relay Market
8.4.4.1.1 Brazil Relay Market by Mounting Type
8.4.4.1.2 Brazil Relay Market by Type
8.4.4.1.3 Brazil Relay Market by End User
8.4.4.2 Argentina Relay Market
8.4.4.2.1 Argentina Relay Market by Mounting Type
8.4.4.2.2 Argentina Relay Market by Type
8.4.4.2.3 Argentina Relay Market by End User
8.4.4.3 UAE Relay Market
8.4.4.3.1 UAE Relay Market by Mounting Type
8.4.4.3.2 UAE Relay Market by Type
8.4.4.3.3 UAE Relay Market by End User
8.4.4.4 Saudi Arabia Relay Market
8.4.4.4.1 Saudi Arabia Relay Market by Mounting Type
8.4.4.4.2 Saudi Arabia Relay Market by Type
8.4.4.4.3 Saudi Arabia Relay Market by End User
8.4.4.5 South Africa Relay Market
8.4.4.5.1 South Africa Relay Market by Mounting Type
8.4.4.5.2 South Africa Relay Market by Type
8.4.4.5.3 South Africa Relay Market by End User
8.4.4.6 Nigeria Relay Market
8.4.4.6.1 Nigeria Relay Market by Mounting Type
8.4.4.6.2 Nigeria Relay Market by Type
8.4.4.6.3 Nigeria Relay Market by End User
8.4.4.7 Rest of LAMEA Relay Market
8.4.4.7.1 Rest of LAMEA Relay Market by Mounting Type
8.4.4.7.2 Rest of LAMEA Relay Market by Type
8.4.4.7.3 Rest of LAMEA Relay Market by End User
Chapter 9. Company Profiles
9.1 Fujitsu Limited
9.1.1 Company Overview
9.1.2 Financial Analysis
9.1.3 Segmental and Regional Analysis
9.1.4 Research & Development Expenses
9.1.5 Recent strategies and developments:
9.1.5.1 Product Launches and Product Expansions:
9.1.6 SWOT Analysis
9.2 ABB Ltd.
9.2.1 Company Overview
9.2.2 Financial Analysis
9.2.3 Segmental and Regional Analysis
9.2.4 Research & Development Expense
9.2.5 Recent strategies and developments:
9.2.5.1 Acquisition and Mergers:
9.2.5.2 Geographical Expansions:
9.2.6 SWOT Analysis
9.3 Broadcom, Inc.
9.3.1 Company Overview
9.3.2 Financial Analysis
9.3.3 Segmental and Regional Analysis
9.3.4 Research & Development Expense
9.3.5 SWOT Analysis
9.4 Eaton Corporation PLC
9.4.1 Company Overview
9.4.2 Financial Analysis
9.4.3 Segmental and Regional Analysis
9.4.4 Research & Development Expense
9.4.5 Recent strategies and developments:
9.4.5.1 Acquisition and Mergers:
9.4.6 SWOT Analysis
9.5 Schneider Electric SE
9.5.1 Company Overview
9.5.2 Financial Analysis
9.5.3 Segmental and Regional Analysis
9.5.4 Research & Development Expense
9.5.5 Recent strategies and developments:
9.5.5.1 Geographical Expansions & Business Expansions:
9.5.6 SWOT Analysis
9.6 Siemens AG
9.6.1 Company Overview
9.6.2 Financial Analysis
9.6.3 Segmental and Regional Analysis
9.6.4 Research & Development Expense
9.6.5 Recent strategies and developments:
9.6.5.1 Product Launches and Product Expansions:
9.6.6 SWOT Analysis
9.7 TE Connectivity Ltd.
9.7.1 Company Overview
9.7.2 Financial Analysis
9.7.3 Segmental and Regional Analysis
9.7.4 Research & Development Expense
9.7.5 Recent strategies and developments:
9.7.5.1 Acquisition and Mergers:
9.7.6 SWOT Analysis
9.8 General Electric Company
9.8.1 Company Overview
9.8.2 Financial Analysis
9.8.3 Segmental and Regional Analysis
9.8.4 Research & Development Expense
9.8.5 SWOT Analysis
9.9 Rockwell Automation, Inc.
9.9.1 Company Overview
9.9.2 Financial Analysis
9.9.3 Segmental and Regional Analysis
9.9.4 Research & Development Expenses
9.9.5 Recent strategies and developments:
9.9.5.1 Product Launches and Product Expansions:
9.9.6 SWOT Analysis
9.10. Omron Corporation
9.10.1 Company Overview
9.10.2 Financial Analysis
9.10.3 Segmental and Regional Analysis
9.10.4 Research & Development Expenses
9.10.5 Recent strategies and developments:
9.10.5.1 Product Launches and Product Expansions:
9.10.6 SWOT Analysis
Chapter 10. Winning Imperatives of Relay Market

Companies Mentioned

  • Fujitsu Limited
  • ABB Ltd.
  • Broadcom, Inc.
  • Eaton Corporation PLC
  • Schneider Electric SE
  • Siemens AG
  • TE Connectivity Ltd.
  • General Electric Company
  • Rockwell Automation, Inc.
  • Omron Corporation

Methodology

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