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Relay Market Size

Report ID: GMI12184
Published Date: Nov 2024
Report Format: PDF

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Relay Market Size

The global relay market was valued at USD 9.4 Billion in 2023 and is anticipated to grow at a CAGR of 6.3% between 2024 and 2032.

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The need for high-temperature tolerant components in the relay market is driven by applications that operate in harsh or fluctuating environments, such as industrial automation, automotive, and test equipment. High-temperature tolerant relays ensure stable performance and durability even in elevated temperatures, reducing failure rates and maintenance costs. With rising demand for compact and efficient devices, especially in space-constrained applications, components that can withstand higher temperatures without compromising reliability have become critical.

Manufacturers now emphasize developing relays that maintain functionality and safety standards across a broader temperature range, supporting diverse and demanding operational requirements. For instance, in March 2022, OMRON launched a Compact Non-leaded MOSFET Relay. This new MOSFET relay combines a high ambient operating temperature range and high current rating (200V 0.35A) in a small-sized surface mount format, making it an ideal choice for test and measurement equipment.

Relay Market Report Attributes
Report Attribute	Details
Base Year:	2023
Relay Market Size in 2023:	USD 9.4 Billion
Forecast Period:	2024–2032
Forecast Period 2024–2032 CAGR:	6.3%
2024–2032 Value Projection:	USD 16 Billion
Historical Data for:	2021–2023
No. of Pages:	200
Tables, Charts & Figures:	359
Segments covered:	By Type, Technology, Voltage Range, Mounting Type, Pole Configuration, Distribution Channel, End-User
Growth Drivers:	Need for high-temperature tolerant components Rising demand for electric vehicles Expansion in renewable energy projects Growth in smart grid infrastructure High demand in telecommunications sector
Pitfalls & Challenges:	High competition from solid-state relays Limited lifespan of electromechanical relays

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Authors: Suraj Gujar , Saptadeep Das

Frequently Asked Questions (FAQ) :

The global market size for relay was valued at USD 9.4 billion in 2023 and is projected to reach USD 16 billion by 2032, driven by a CAGR of 6.3% from 2024 to 2032.

The electromechanical segment is expected to reach a value of USD 4.2 billion by 2032, driven by their robust performance and reliability in various applications.

In 2023, North America accounted for 30.8% of the global industry, driven by its robust industrial sector and increasing automation across various industries.

Major players in the industry include Eaton, Littelfuse, Inc., Mitsubishi Electric Corporation, Omron Corporation, Schneider Electric, and Siemens AG.