Electromechanical Relay Market is anticipated to worth USD 6182.1 million by 2019
Published Date | 2019 May 4
According to BlueWeave Consulting, the Global Electromechanical Relay market is anticipated to worth USD 6182.1 million by 2019, with a CAGR of 3.52% during 2019-2025. The Global Electromechanical Relay Market is expected to grow with a significant rate during the forecast period 2019-2025, owing to growing applications of Electromechanical relay in aviation, aerospace, and wireless technology industries for control high power devices. The increment in global energy prices and augmenting demand for renewable energy will boost the Electromechanical Relay market in the upcoming year.
Moreover, the major factor driving the market growth is Government subsidies and an increase in demand for consumer electronic products. Furthermore, the rise in applications of the electromechanical relay is widely used in electronic kitchen appliances, and the car manufacturing sector to preventing the circuits from overload and faults will accelerate the growth of the Electromechanical Relay market. Additionally, growing need for electrochemical relays under extreme heat conditions for it’s inherently self-powered, which requires the presence of a secure power supply, will contribute to Electromechanical Relay market growth during the forecast period.
The rising demand for the proper power supply propelling the Electromechanical Relay market during the forecast period. Benefits of the electromechanical relay such as low cost, dependability, less power consumption, and easy maintenance will augment the global Electromechanical Relay market in the forecast period.
Reed relays product type of Electromechanical Relay market is projected to be the leading segment of the overall market during the forecast period.
Based on Product type, the Electromechanical Relay market segmented into Reed relays, heavy-duty & high voltage relays, and aerospace relays. Reed relays dominate the global Electromechanical Relay owing to growing it’s for controlling the corrosion inside an electric circuit. Heavy duty & high voltage relays market will trigger by its features such as controlling starters, transfer power in high-voltage, and high-frequency applications.
Industrial Automation is projected to lead the industry to utilize applications of the Electromechanical Relay during the forecast period.
Based on the End-User industry, the global Electromechanical Relay market segmented into Industrial Automation, Automotive, Aerospace and defense, and Consumer Electronics. By the end-user industry, the Industrial Automation market will lead the market owing to growing its uses in the automation industry like packaging machinery and robotics industries. Aerospace and defense will bolster by uses of electromechanical relays for controlling high voltages and currents are intended, controlling large power loads.
North America accounts for the lion’s share of the global Electromechanical Relay market during the anticipated period.
Based on region, the Electromechanical Relay market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America dominates the world Electromechanical Relay market over the forecast period owing to a major demand of power supply coupled with industrial growth in these regions. The Asia Pacific market will surge by its demand in the industrial sector coupled with government subsidies for proper power supply.
Explore full report with detailed TOC, “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 Competitive Landscape
Companies such as DARE Electronics, Inc., Leone Systems, TE Connectivity Ltd., Ashida Electronics Pvt. Ltd., Control &Switchgear Electric Limited, Eaton Corporation, Hitachi, Ltd., Areva T&D India Ltd., Siemens AG, General Electric, Alstom SA, Omron Corporation, Rockwell Automation, Inc. and ABB Ltd are the key players in the global Electromechanical Relay Market.