Summary

The relay market is expected 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 pace of electrification of transport systems both rail and EV, along with installation of proper charging infrastructure demonstrates how critical high performance relays would be in the market. Advanced relays are optimized for efficient power management to achieve high-performance operation and safety in an electric system; smooth energy transfer, protection against faults, and maximum reliability in electrical networks are some of the advantages. As demand for electrified transportation continues to increase, innovative relay technologies will play a critical role in supporting these transitions while at the same time improving operational efficiency and advancing sustainability goals across the transportation sector. “Automotive, by application, is expected to be the largest segment from 2024 to 2030.” The demand for automotive relays is being driven immensely by the shift towards electric and hybrid vehicles. Relays continue playing a vital role in managing many components of such vehicles, ranging from power train control and management systems to managing electronics through various battery management systems. This trend in itself brings improvements in performance and efficiency of the vehicle, providing safety and enabling greater reliability due to complex electronic systems now involved. With increased reliance on electric drive systems, the function of relays-synonymous with an interface for communication of different electrical circuits-is more important and thus crucial in the future of automotive technology. “Industrial, by verticals, is expected to be the fastest-growing market from 2024 to 2030” Demand for the product The raised level of automation in sectors such as manufacturing and energy is what drives demand for relays at a rather high scale. Companies wish to increase efficiency by reducing human error, and this calls for totally automated systems that put to use relays in controlling machines and processes. In such an automated system, relays have a particular role as they ensure smooth communication of signals from different constituents of the system, hence higher response and reliability. Besides, the drive towards smart manufacturing, as well as the implementation of Industry 4.0 principles, further necessitates and speeds up the adoption of sophisticated relay technologies. This shift in production processes would not only maximize efficiency but aid in ensuring safe and efficient energy management in industries as well. “China to grow at a highest CAGR for Asia Pacific relay market.” Rapid growth in emerging economies such as India and China contributes largely to the increase in demand for relay systems in a number of sectors. There are industrial applications coupled with residential requirements. Should these economies continue further to expand infrastructure and manufacturing capabilities, then the necessity of dependable and effective electrical systems becomes critical. Relays are very crucial for smooth operation, protection of equipment, and management of power distribution, both in expansion industrial environments with conditions of high demand and in the continued growth of residential developments. This is continuous with urbanization, increases in energy consumption, and smart cities continuing to fuel advanced relay technologies usage. In-depth interviews have been conducted with chief executive officers (CEOs), Directors, and other executives from various key organizations operating in the relay market. By Company Type: Tier 1- 60%, Tier 2- 25%, and Tier 3- 15% By Designation: C-level Executives - 35%, Director Level- 25%, and Others- 40% By Region: North America – 25%, Europe – 25%, Asia Pacific – 30%, Rest of world – 20% Note: Other designations include sales managers, marketing managers, product managers, and product engineers. The tier of the companies is defined based on their total revenue as of 2023. Tier 1: USD 1 billion and above, Tier 2: From USD 500 million to USD 1 billion, and Tier 3:

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Table of Contents

1 INTRODUCTION 30
1.1 STUDY OBJECTIVES 30
1.2 MARKET DEFINITION 30
1.3 STUDY SCOPE 31
1.3.1 RELAY MARKET SEGMENTATION AND REGIONAL SCOPE 31
1.3.2 YEARS CONSIDERED 32
1.3.3 INCLUSIONS AND EXCLUSIONS 32
1.4 CURRENCY CONSIDERED 33
1.5 UNIT CONSIDERED 34
1.6 LIMITATIONS 34
1.7 STAKEHOLDERS 34
1.8 SUMMARY OF CHANGES 34
2 RESEARCH METHODOLOGY 36
2.1 RESEARCH DATA 36
2.1.1 SECONDARY DATA 37
2.1.1.1 List of key secondary sources 37
2.1.1.2 Key data from secondary sources 37
2.1.2 PRIMARY DATA 38
2.1.2.1 List of primary interview participants 38
2.1.2.2 Key industry insights 38
2.1.2.3 Key data from primary sources 39
2.2 MARKET BREAKDOWN AND DATA TRIANGULATION 40
2.3 MARKET SIZE ESTIMATION 41
2.3.1 BOTTOM-UP APPROACH 41
2.3.2 TOP-DOWN APPROACH 42
2.3.3 DEMAND-SIDE ANALYSIS 43
2.3.3.1 Calculations for demand-side analysis 43
2.3.4 SUPPLY-SIDE ANALYSIS 44
2.3.4.1 Assumptions for supply-side analysis 45
2.3.4.2 Calculations for supply-side analysis 45
2.3.5 GROWTH FORECAST ASSUMPTIONS 45
2.4 RESEARCH LIMITATIONS 46
2.5 RISK ASSESSMENT 46
3 EXECUTIVE SUMMARY 47
 
4 PREMIUM INSIGHTS 52
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN RELAY MARKET 52
4.2 RELAY MARKET, BY REGION 52
4.3 RELAY MARKET, BY TYPE 53
4.4 RELAY MARKET, BY VOLTAGE RANGE 53
4.5 RELAY MARKET, BY MOUNTING TYPE 53
4.6 RELAY MARKET, BY APPLICATION 54
4.7 RELAY MARKET, BY VERTICAL 54
5 MARKET OVERVIEW 55
5.1 INTRODUCTION 55
5.2 MARKET DYNAMICS 55
5.2.1 DRIVERS 56
5.2.1.1 Increasing use of renewable energy 56
5.2.1.2 Growing investment in infrastructure 56
5.2.2 RESTRAINTS 57
5.2.2.1 Volatility in raw material prices 57
5.2.2.2 Competition from alternative technologies 57
5.2.3 OPPORTUNITIES 57
5.2.3.1 Increasing power demand and investment in smart grid infrastructure 57
5.2.3.2 5G network expansion 58
5.2.4 CHALLENGES 58
5.2.4.1 Lack of standardized cybersecurity measures 58
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 59
5.4 PRICING ANALYSIS 59
5.4.1 INDICATIVE PRICING OF RELAYS, BY TYPE, 2023 60
5.4.2 AVERAGE SELLING PRICE TREND OF RELAYS, BY REGION, 2020–2023 60
5.5 SUPPLY CHAIN ANALYSIS 61
5.6 ECOSYSTEM ANALYSIS 62
5.7 TECHNOLOGY ANALYSIS 64
5.7.1 KEY TECHNOLOGIES 64
5.7.1.1 Photomos relays 64
5.7.1.2 Smart relays with loT integration 65
5.7.2 COMPLEMENTARY TECHNOLOGIES 65
5.7.2.1 Advanced sensor technologies 65
5.7.2.2 Automation and control systems 65
5.7.3 ADJACENT TECHNOLOGIES 65
5.7.3.1 Automotive relays 65
5.8 CASE STUDY ANALYSIS 66
5.8.1 MP8000 RELAY PROVIDES MOTOR PROTECTION IN WEST TEXAS
OIL & GAS OPERATIONS 66
5.8.2 USE OF RELAY ENABLES CONTINUOUS NER MONITORING FOR
AUSTRALIAN MINE 66
5.8.3 GE FACILITATES RETROFIT INSTALLATION OF RELAYS
FOR WATER DEPARTMENT 67
5.9 PATENT ANALYSIS 68
5.10 TRADE ANALYSIS 71
5.10.1 EXPORT SCENARIO (HS CODE 853649) 71
5.10.2 IMPORT SCENARIO (HS CODE 853649) 72
5.11 KEY CONFERENCES AND EVENTS, 2024–2025 73
5.12 REGULATORY LANDSCAPE 73
5.12.1 REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 73
5.12.2 GLOBAL REGULATIONS 75
5.13 PORTER’S FIVE FORCES ANALYSIS 76
5.13.1 THREAT OF SUBSTITUTES 77
5.13.2 BARGAINING POWER OF SUPPLIERS 78
5.13.3 BARGAINING POWER OF BUYERS 78
5.13.4 THREAT OF NEW ENTRANTS 78
5.13.5 INTENSITY OF COMPETITIVE RIVALRY 78
5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 78
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS 78
5.14.2 BUYING CRITERIA 79
5.15 INVESTMENT AND FUNDING SCENARIO, 2023 80
5.16 IMPACT OF GENERATIVE AI/AI ON RELAY MARKET 80
5.16.1 ADOPTION OF GENERATIVE AI/AI APPLICATIONS IN RELAY MARKET 80
5.16.2 REGION-WISE IMPACT OF GENERATIVE AI/AI ON SUPPLY CHAIN,
BY MOUNTING TYPE 81
5.16.3 IMPACT OF AI ON RELAY MARKET, BY REGION 81
5.17 GLOBAL MACROECONOMIC OUTLOOK 82
5.17.1 INTRODUCTION 82
5.17.2 GDP TRENDS AND FORECAST 82
5.17.3 INFLATION 83
5.17.4 MANUFACTURING VALUE ADDED (% OF GDP) 84
6 RELAY MARKET, BY TYPE 85
6.1 INTRODUCTION 86
6.2 ELECTROMECHANICAL 87
6.2.1 INCREASING USE IN RENEWABLE ENERGY PROJECTS TO DRIVE MARKET 87
6.3 THERMAL 88
6.3.1 GROWING INDUSTRIAL AUTOMATION TO DRIVE DEMAND 88
6.4 REED 89
6.4.1 RISING MINIATURIZATION TREND TO BOOST MARKET 89
 
6.5 TIME 90
6.5.1 GROWING INVESTMENTS IN POWER GENERATION SECTOR
TO SUPPORT MARKET 90
6.6 SOLID STATE 91
6.6.1 GROWING DEMAND FOR ELECTRIC CARS TO FUEL MARKET 91
6.7 OTHER TYPES 92
7 RELAY MARKET, BY VOLTAGE RANGE 94
7.1 INTRODUCTION 95
7.2 LOW 96
7.2.1 EXTENSIVE USE IN INDUSTRIAL AND COMMERCIAL APPLICATIONS
TO BOOST MARKET 96
7.3 MEDIUM 97
7.3.1 INCREASING ELECTRICITY DISTRIBUTION NETWORK UPGRADES
TO DRIVE DEMAND 97
7.4 HIGH 98
7.4.1 NEW TRANSMISSION LINE PROJECTS IN ASIA PACIFIC TO PROPEL MARKET 98
8 RELAY MARKET, BY MOUNTING TYPE 100
8.1 INTRODUCTION 101
8.2 PANEL 102
8.2.1 NEED TO OPTIMIZE POWER CONSUMPTION TO DRIVE MARKET 102
8.3 PCB 103
8.3.1 GROWING DEMAND IN ELECTRONICS AND MEDICAL SECTORS
TO BOOST MARKET 103
8.4 DIN RAIL 104
8.4.1 RISING NEED FOR COMPACT SYSTEMS TO DRIVE MARKET 104
8.5 PLUG-IN 105
8.5.1 EASE OF REPLACEMENT TO BOOST DEMAND 105
8.6 OTHER MOUNTING TYPES 106
9 RELAY MARKET, BY APPLICATION 108
9.1 INTRODUCTION 109
9.2 PROTECTION 110
9.2.1 GROWING NEED TO SAFEGUARD INDUSTRIAL EQUIPMENT TO BOOST MARKET 110
9.3 MONITORING 111
9.3.1 INCREASING AUTOMATION TO DRIVE DEMAND 111
9.4 CONTROL 112
9.4.1 GROWING USE IN INDUSTRIAL AND COMMERCIAL SETTINGS
TO BOOST MARKET 112
 
10 RELAY MARKET, BY VERTICAL 113
10.1 INTRODUCTION 114
10.2 INDUSTRIAL 115
10.2.1 RISING ADOPTION OF IOT TO DRIVE MARKET 115
10.2.2 BY INDUSTRY 116
10.2.2.1 Mining 116
10.2.2.1.1 Increasing need to optimize energy consumption
to drive demand 116
10.2.2.2 Semiconductors 117
10.2.2.2.1 Ability to enhance grid resilience to boost demand 117
10.2.2.3 Medical 118
10.2.2.3.1 Rising requirement for remote diagnostic capabilities
to drive market 118
10.2.2.4 Waste treatment 118
10.2.2.4.1 Need for smooth energy recovery to fuel demand 118
10.2.2.5 Food & beverages 119
10.2.2.5.1 Demand for automated packaging processes
to boost market 119
10.2.2.6 Automotive 120
10.2.2.6.1 Increasing demand for EVs to drive market 120
10.2.2.6.2 By type 121
10.2.2.6.2.1 Conventional 121
10.2.2.6.2.2 Electric vehicle (EV) 121
10.3 RESIDENTIAL & COMMERCIAL 121
10.3.1 GOVERNMENT REGULATIONS RELATED TO ENERGY EFFICIENCY
TO DRIVE MARKET 121
10.3.2 BY EQUIPMENT 122
10.3.2.1 Building equipment 122
10.3.2.1.1 Growing demand for smart buildings to propel market 122
10.3.2.2 Household appliances 123
10.3.2.2.1 Rising demand for smart appliances to drive market 123
10.4 ENERGY 124
10.4.1 NEED TO IMPROVE GRID STABILITY TO DRIVE DEMAND 124
10.4.2 BY ENERGY SOURCE 125
10.4.2.1 Conventional 125
10.4.2.1.1 Ability to optimize equipment performance to boost market 125
10.4.2.2 Renewables 126
10.4.2.2.1 Rapid adoption of renewables for electricity generation to fuel market 126
10.4.2.2.2 By type 127
10.4.2.2.2.1 Solar 127
10.4.2.2.2.2 Wind 127
 
10.4.3 BY END-USE APPLICATION 127
10.4.3.1 Generation 127
10.4.3.1.1 Need for effective load management to drive market 127
10.4.3.2 Transmission & distribution 128
10.4.3.2.1 Increasing investments in infrastructure to drive market 128
10.4.3.2.2 Feeders 129
10.4.3.2.3 Transformers 129
10.4.3.2.4 Busbars 129
10.4.3.2.5 Others 130
10.5 OTHER VERTICALS 130
11 RELAY MARKET, BY REGION 131
11.1 INTRODUCTION 132
11.2 ASIA PACIFIC 134
11.2.1 CHINA 142
11.2.1.1 Expansion of industrial and manufacturing sectors to drive market 142
11.2.2 INDIA 146
11.2.2.1 Rising electricity consumption to fuel market 146
11.2.3 JAPAN 150
11.2.3.1 Increasing preference for EVs to drive market 150
11.2.4 REST OF ASIA PACIFIC 154
11.3 NORTH AMERICA 158
11.3.1 US 166
11.3.1.1 Strict government mandates to drive demand 166
11.3.2 CANADA 170
11.3.2.1 Expansion of automotive and energy sectors to boost market 170
11.3.3 MEXICO 174
11.3.3.1 Focus on renewable energy to accelerate market growth 174
11.4 EUROPE 178
11.4.1 UK 185
11.4.1.1 Increasing demand in medical device industry to drive market 185
11.4.2 GERMANY 189
11.4.2.1 Intensifying focus on grid expansion to drive market 189
11.4.3 POLAND 194
11.4.3.1 Investments in automotive sector to accelerate market growth 194
11.4.4 FRANCE 198
11.4.4.1 Investments in renewable energy projects to support market 198
11.4.5 ITALY 202
11.4.5.1 Increasing production of household appliances to generate demand 202
11.4.6 REST OF EUROPE 206
 
11.5 ROW 210
11.5.1 MIDDLE EAST & AFRICA 217
11.5.1.1 Rising investments in renewable energy and smart grid technologies to drive market 217
11.5.2 SOUTH AMERICA 218
11.5.2.1 Increasing foreign investments in infrastructure to boost market 218
12 COMPETITIVE LANDSCAPE 219
12.1 OVERVIEW 219
12.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2021–2024 219
12.3 REVENUE ANALYSIS, 2019–2023 221
12.4 MARKET SHARE ANALYSIS, 2023 222
12.5 COMPANY VALUATION AND FINANCIAL METRICS, 2023 224
12.6 TYPE-/VERTICAL-WISE COMPARISON 225
12.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 226
12.7.1 STARS 226
12.7.2 EMERGING LEADERS 226
12.7.3 PERVASIVE PLAYERS 226
12.7.4 PARTICIPANTS 226
12.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 228
12.7.5.1 Company footprint 228
12.7.5.2 Region footprint 229
12.7.5.3 Type footprint 230
12.7.5.4 Mounting type footprint 231
12.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 232
12.8.1 PROGRESSIVE COMPANIES 232
12.8.2 RESPONSIVE COMPANIES 232
12.8.3 DYNAMIC COMPANIES 232
12.8.4 STARTING BLOCKS 232
12.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023 234
12.8.5.1 Detailed list of key startups/SMEs 234
12.8.5.2 Competitive benchmarking of key startups/SMEs 235
12.9 COMPETITIVE SCENARIO 236
12.9.1 DEALS 236
12.9.2 EXPANSIONS 237
12.9.3 OTHER DEVELOPMENTS 237
13 COMPANY PROFILES 238
13.1 KEY PLAYERS 238
13.1.1 PANASONIC HOLDINGS CORPORATION 238
13.1.1.1 Business overview 238
13.1.1.2 Products/Solutions/Services offered 239
13.1.1.3 Recent developments 241
13.1.1.3.1 Product launches 241
13.1.1.3.2 Other developments 242
13.1.1.4 MnM view 242
13.1.1.4.1 Key strengths/Right to win 242
13.1.1.4.2 Strategic choices 242
13.1.1.4.3 Weaknesses/Competitive threats 242
13.1.2 HONGFA 243
13.1.2.1 Business overview 243
13.1.2.2 Products/Solutions/Services offered 244
13.1.2.3 Recent developments 246
13.1.2.3.1 Expansions 246
13.1.2.4 MnM view 246
13.1.2.4.1 Key strengths/Right to win 246
13.1.2.4.2 Strategic choices 246
13.1.2.4.3 Weaknesses/Competitive threats 246
13.1.3 TE CONNECTIVITY 247
13.1.3.1 Business overview 247
13.1.3.2 Products/Solutions/Services offered 248
13.1.3.3 Recent developments 250
13.1.3.3.1 Product launches 250
13.1.3.3.2 Deals 251
13.1.3.3.3 Expansions 251
13.1.3.4 MnM view 251
13.1.3.4.1 Key strengths/Right to win 251
13.1.3.4.2 Strategic choices 252
13.1.3.4.3 Weaknesses/Competitive threats 252
13.1.4 OMRON CORPORATION 253
13.1.4.1 Business overview 253
13.1.4.2 Products/Solutions/Services offered 254
13.1.4.3 Recent developments 255
13.1.4.3.1 Product launches 255
13.1.4.4 MnM view 256
13.1.4.4.1 Key strengths/Right to win 256
13.1.4.4.2 Strategic choices 256
13.1.4.4.3 Weaknesses/Competitive threats 256
13.1.5 GE VERNOVA INC. 257
13.1.5.1 Business overview 257
13.1.5.2 Products/Solutions/Services offered 258
13.1.5.3 Recent developments 259
13.1.5.3.1 Developments 259
 
13.1.5.4 MnM view 259
13.1.5.4.1 Key strengths/Right to win 259
13.1.5.4.2 Strategic choices 259
13.1.5.4.3 Weaknesses/Competitive threats 260
13.1.6 FUJI ELECTRIC CO., LTD. 261
13.1.6.1 Business overview 261
13.1.6.2 Products/Solutions/Services offered 263
13.1.6.3 Recent developments 264
13.1.6.3.1 Expansions 264
13.1.6.4 MnM view 264
13.1.6.4.1 Key strengths/Right to win 264
13.1.6.4.2 Strategic choices 265
13.1.6.4.3 Weaknesses/Competitive threats 265
13.1.7 ABB 266
13.1.7.1 Business overview 266
13.1.7.2 Products/Solutions/Services offered 268
13.1.7.3 Recent developments 269
13.1.7.3.1 Product launches 269
13.1.7.3.2 Expansions 269
13.1.8 SCHNEIDER ELECTRIC 270
13.1.8.1 Business overview 270
13.1.8.2 Products/Solutions/Services offered 271
13.1.8.3 Recent developments 272
13.1.8.3.1 Deals 272
13.1.9 STANDEX ELECTRONICS, INC. 273
13.1.9.1 Business overview 273
13.1.9.2 Products/Solutions/Services offered 275
13.1.9.3 Recent developments 276
13.1.9.3.1 Deals 276
13.1.10 SENSATA TECHNOLOGIES, INC 277
13.1.10.1 Business overview 277
13.1.10.2 Products/Solutions/Services offered 278
13.1.11 SIEMENS 279
13.1.11.1 Business overview 279
13.1.11.2 Products/Solutions/Services offered 280
13.1.11.3 Recent developments 281
13.1.11.3.1 Deals 281
13.1.12 EATON 282
13.1.12.1 Business overview 282
13.1.12.2 Products/Solutions/Services offered 283
13.1.12.3 Recent developments 284
13.1.12.3.1 Deals 284
13.1.13 ROCKWELL AUTOMATION 285
13.1.13.1 Business overview 285
13.1.13.2 Products/Solutions/Services offered 287
13.1.14 MITSUBISHI ELECTRIC CORPORATION 288
13.1.14.1 Business overview 288
13.1.14.2 Products/Solutions/Services offered 290
13.1.15 FCL COMPONENTS LIMITED 291
13.1.15.1 Business overview 291
13.1.15.2 Products/Solutions/Services offered 291
13.1.15.3 Recent developments 292
13.1.15.3.1 Product launches 292
13.1.16 LITTELFUSE, INC. 293
13.1.16.1 Business overview 293
13.1.16.2 Products/Solutions/Services offered 294
13.1.16.3 Recent developments 295
13.1.16.3.1 Product launches 295
13.1.16.3.2 Deals 296
13.1.16.3.3 Expansions 296
13.2 OTHER PLAYERS 297
13.2.1 RELPOL S.A. 297
13.2.2 CELDUC RELAIS 298
13.2.3 COMUS INTERNATIONAL 299
13.2.4 WAGO 300
13.2.5 CARLO GAVAZZI 301
13.2.6 COTO TECHNOLOGY 302
13.2.7 ZETTLER GROUP 302
13.2.8 TELEDYNE TECHNOLOGIES INCORPORATED 303
13.2.9 CIRCUIT INTERRUPTION TECHNOLOGY, INC 303
13.2.10 REFURVO LLC 304
14 APPENDIX 305
14.1 INSIGHTS FROM INDUSTRY EXPERTS 305
14.2 DISCUSSION GUIDE 306
14.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 311
14.4 CUSTOMIZATION OPTIONS 313
14.5 RELATED REPORTS 313
14.6 AUTHOR DETAILS 314