- May 2019 |
- Energy and Power / Power
Global Electromechanical Relay Market Size, By Product Type (Reed Relays, Heavy Duty & High Voltage Relays And Aerospace Relays), By Application (Temperature Controllers, Factory Automation And Motor Controls) By End-User Industry (Industrial Automation, Automotive, Aerospace And Defense, And Consumer Electronics), By Region (North America, Europe, Asia Pacific, Middle East & Africa And Latin America); Growth Potential, Trends Analysis, Competitive Market Size And Forecast, 2015-2025
Global Electromechanical Relay Market: Overview
Global Electromechanical Relay market is anticipated to worth USD 6182.1 million by 2019, with a CAGR of 3.52% during 2019-2025. An electromechanical relay, simply, is a switch. Electromechanical Relay is an electrically operated switch that completes or interrupts a circuit by physical movement of electrical contacts into contact with each other. Relays are electrical parts that are used when a low-power signal is needed in order to control a circuit, or when a number of circuits need to be controlled by one signal.
It is used to isolate circuits or batteries, detect faults on transmission and distribution lines, and control a high powered circuit using a low power signal. The increment in global energy prices is vital factors expected to encourage the growth of the global Electromechanical Relay market in the upcoming period.
In addition, major benefits of electromechanical relays such as low cost, dependability, less power consumption, and easy maintenance are other factors estimated to accelerate the growth of the market in the next few years. Moreover, growing demand of electromechanical relays in power supply switching for electronics devices like TVs and set-top boxes, factory automation, and HVAC temperature controllers will fuel the growth of Electromechanical Relay market in the forecast period. Also, the growing population and emerging economy coupled with increased consumption of various utensils made of the electromechanical relay will contribute to the growth of Electromechanical Relay market in upcoming periods.
Furthermore, the upsurge in prices of consumer electronics coupled with Electromechanical relays features such as lower power consumption for reducing power demand, extended switching operation life, and higher consistency over product life will bolster the Electromechanical Relay market in the forecast period.
Electromechanical Relay Product...