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