Showing posts with label Market Trends. Show all posts
Showing posts with label Market Trends. Show all posts

Wednesday, November 6, 2024

Relay Market Insights: Analyzing Demand Across Power and Utility Sectors

According to a research report "Relay Market by Type (Electromechanical, Thermal, Reed, Time, Solid State), Voltage Range (Low, Medium, High), Mounting Type (Panel, PCB, DIN Rail, Plug-In), Application (Protection, Monitor, Control), Verticals and Region - Global Forecast to 2030" published by MarketsandMarkets, the Relay market is anticipated to grow from an estimated USD 10.12 billion in 2024 to USD 15.20 billion by 2030, at a CAGR of 7.0% during the forecast period. The increasing incorporation of renewable energy sources that are subject to intermittency such as, solar energy wind energy, into electrical grids brings new obstacles. This is because relay systems help maintain stability in the grid by managing power variations, connecting different sources of energy seamlessly, and protecting the grid against faults. With the increase of renewable penetration, relays assist in controlling the voltage and frequency so as to protect the system and the energy from the volatile nature of renewable energy sources. Advanced relay solutions thus become inevitable to make certain structures balancing and supplying energy are trustworthy.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=58206549

Panel, by mounting type, is expected to be the largest market during the forecast period

Increased demand for the panel-mounted relays is being driven by this new smart grid technology; relay plays an integral role in all monitoring and control systems. The advanced digital communication and IoT technology underpin the smart grid's real-time monitoring, data analysis, and efficient management of electricity distribution. This requires reliable relay systems that make operations effortless smooth, improve the reliability of the grid, and support self-healing functions. Panel-mounted relays are critical to achieving accurate control and coordination among smart grid-related resources. Therefore, they become crucial components in modern energy infrastructures, primarily for the management of distributed energy resources and even in demand response strategies.

Electromechanical Relay, by Type, is expected to be the largest segment during the forecast period.

The type segment is further segmented into 6 types: Electromechanical Relay, Thermal Relay, Reed Relay, Time Relay, Solid State Relay (PhotoMOSFET), and Others. Electromechanical Relay segment is expected be the drive the market. Governments around the globe are actively fostering energy efficiency initiatives aimed at reducing energy consumption and promoting sustainable practices. These efforts include incentivizing the adoption of energy-efficient technologies and appliances across various sectors, which in turn drives the demand for electromechanical relays in modern power systems. As utilities and industries seek to optimize energy use and enhance grid reliability, electromechanical relays become essential components for managing and controlling power distribution effectively. By enabling precise switching and monitoring of electrical loads, these relays play a pivotal role in achieving energy savings and supporting the transition to a more sustainable energy landscape. Overall, the push for energy efficiency not only benefits consumers but also contributes significantly to reducing carbon footprints and advancing environmental goals worldwide.

Asia Pacific is expected to be the fastest-growing region during the forecast period.

The rapid growth of emerging economies, especially India and China, is considerably increasing the demand for relay systems across various sectors, including industrial and residential. As these countries continue their development of infrastructure and manufacture capabilities, there is a great need to ensure that the electrical system implemented in these areas is reliable and efficient. Relays have played an excellent role in ensuring smooth operations, protection of equipment, and management of power at industrial, residential, and other levels. This has increased mainly due to higher urbanization and high consumption of energy. Such developments have shifted the focus towards smart cities and thus on relay technology.

Make an Inquiry @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=58206549

Key Players

Some of the major players in the relay market are Panasonic Holdings Corporation (Japan), HONGFA (China), TE Connectivity (Switzerland), OMRON Corporation (Japan), and GE Vernova Inc. (US) among others. The major strategies adopted by these players include new product launches, acquisitions, joint ventures, and expansions.

Browse related reports:

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 – Global Forecast to 2030

MV Protection Relay Market by Type (Electromechanical & Static Relay, Digital & Numerical Relay), Connected Load (Feeder Lines, Transformers, and Motors), End-User (Utilities, Industrial, and Commercial & Institutional) & Region

MOSFET Relay Market by Voltage (Below 200V, 200-500V, 500-1kV, 1-7.5kV, 7.5-10kV, Above 10 kV), Application (Industrial, Household Appliances, Test & Measurements, Mining, Automotive, Medical, Renewables, Charging Stations) – Global Forecast to 2030

Timing Relay Market by Timer (On-Delay, Off-Delay), Mounting Type (Panel Mounted, Din Rail Mounted), Function (Single, Multi-Function), End-User (Utilities, Industries), and Region (Asia Pacific, North America, Europe)

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets Inc.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: newsletter@marketsandmarkets.com

Tuesday, October 8, 2024

Relay Market Size by Application: Automotive, Industrial, and Beyond

 The global relay market size is estimated to be USD 9.0 billion in 2022 and is projected to reach USD 14.7 billion by 2030, at a CAGR of 6.3% during the forecast period. The relay market is driven by the rising investments in renewable energy resources. According to the International Energy Agency (IEA) forecast, the total global renewable capacity is expected to increase by 1,220 GW between 2019 and 2024, with solar accounting for about 60% of the total additions. IEA also projects that an additional 314 GW could potentially be added under the accelerated scenario during the same period. IEA defines an accelerated case as a scenario wherein governments address three main challenges preventing faster deployment: policy and regulatory uncertainty, high investment risks in developing countries, and system integration of wind and solar in some countries. These increased capacity additions require proper grid infrastructure equipped with protective relays to evacuate power reliably to the distribution utilities.

Increasing power demand and investments in smart grid infrastructure are likely to bring opportunities for relay distributors. All major utilities around the world have announced investments in smart grid infrastructure. These investments aim to improve grid monitoring and control through extensive data collection, peer to peer communication between intelligent electronic devices, and remote operation of grid elements. Numerical relays possess the ability to collect voltage, current, and other real time grid parameters. They can also store, analyze, and act according to the pre-set trip settings. Due to these features and relatively low-cost, numerical relays are installed as part of grid automation and digitization projects. These increased investments in smart grid infrastructure present immense growth opportunity to the global relay market.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=58206549

In 2021, the Asia Pacific dominated the global relay market, followed by Europe and North America.

The APAC region, by country, has been segmented into China, India, Japan, and the Rest of APAC. Japan is increasingly focusing on increasing the share of renewables in power generation. According to the Government of Japan, the country aims to double its solar and wind generation capacity to between 127.1 gigawatts and 141.2 gigawatts by fiscal 2030. Apart from this, Japan’s market for medical devices is amongst the world’s largest. Data from Japan’s Ministry of Health, Labor and Welfare (MHLW) show that the Japanese market for medical devices in 2020 was about USD 38 billion. This presents ample opportunities for the growth of the relay market in the country and in the region, as a whole.

Reed type of relay is expected to be the fastest growing segment of the relay market, growing at a CAGR of 16.0%. The major factors driving the market's growth are the increasing demand for reed relays in security systems, telecom equipment, process control systems, automatic test equipment, and electronic instrumentation. In addition, the rising adoption of reed relays in security systems and telecom equipment is another factor fueling the market growth. Moreover, the growing trend of miniaturization and automation is also contributing to market growth.

The low voltage segment is projected to be the largest segment of the relay market. The increasing focus on residential and commercial activities will drive the long-term growth of this segment all over the world, particularly in Asia Pacific. The demand for modern intelligent controllers for motor protection is also expected to rise, which would drive market growth. Combined protection of integrated relays and circuit breakers is also expected to boost the development of the global relay market. Furthermore, the increasing adoption of automobiles in the growing economies of APAC is also expected to boost the demand.

PCB mounting type is projected to be the fastest growing segment of the relay market, growing at a CAGR of 7.5%. PCBs are essential since they offer rigid support to hold components in place, electrical connections between components, and a compact package that may be integrated into a product. PCB is mostly used in various types of application industries such as LED, smartphones, computers, automotive, aerospace, maritime equipment, and many more. PCBs are also high in demand in the industrial and medical industries. This is because a wide range of devices, such as surgical equipment, cardiac monitors, and communication systems, use PCBs. Smart devices and growing consumer demand for consumer electronics are the main drivers for the growth of the printed circuit board mounting type relay market.

Make an Inquiry: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=58206549

Asia Pacific is expected to grow at the highest CAGR during the forecast period. China accounted for the maximum share of the Asia Pacific market in 2021. India is projected to grow at the highest CAGR from 2022 to 2030. The market is expected to grow due to the increasing demand for energy and raw materials in the manufacturing sector, which will lead to increased production of metals, chemicals, and paper. Thus, with the growing focus on manufacturing and the increasing expenditure on energy infrastructure, the Asia Pacific Global relay market is poised to witness significant growth and is expected to outpace other regions.

Hydrogen Energy Storage Market Projections: Europe in Focus

Hydrogen Energy Storage Market – Europe Market Scenario According to a latest research, The global hydrogen energy storage market is es...