Global Industrial Relays Market 2018-2022
About Industrial Relays
Industrial relays can be segmented into five product type categories, such as electromechanical relays, solid state relays, hybrid relays, reed relays, and general-purpose relays. Among these the electromechanical relays market segment accounted for the major share of the industrial relays market, in 2016. The mechanical build of these relays and the support from these relays over various applications from low-voltage to high voltage current, will contribute to the growth of the electromechanical relays market segment in the coming years. The industrial relays market has the presence of several vendors. The level of competition among the players in this market is based on the need to set up brand value and introduce new technologies. The manufacturers should comply with the regulatory standards and they have the need to introduce quality products and focus on innovations.
Technavio’s analysts forecast the global industrial relays market to grow at a CAGR of 7.05% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global industrial relays market for 2018-2022. To calculate the market size, the report considers the revenue generated from the industrial relays.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Industrial Relays Market 2018-2022
Technavio recognizes the following companies as the key players in the global industrial relays market: ABB, General Electric, OMRON, Rockwell Automation, Schneider Electric, and Siemens.
Other Prominent Vendors in the market are: Alstom, Broadcom, Coto Technology, Crydom, Eaton, Electroswitch, Finder, Fujitsu, General Electric, Global Zeus, IMO Precision Controls, Littlefuse, Mors Smitt, Panasonic, PARAMOUNT INDUSTRIES, PHOENIX CONTACT, SEL, Shenler Relays, Standex International, Struthers-Dunn, TE Connectivity, Teledyne Technologies, Veris Industries, and WEG.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is recent advances and personnel education in the field of relays. The growth of technology has far exceeded the growth of field personnel education. The relay panels previously were a wall of glass covers, which are now replaced by a single black box with equally simplified control wiring. The relays that were manufactured earlier were built to safeguard a single device, whereas the devices at present need to be multi-functional and able to protect, compare, and communicate the fault in other systems. The process and discrete industries have been victims of loss of intellectual capital, as the number of experienced personnel leaving the workforce has increased over the decade. This, in turn, has created opportunities for newer generations that need to learn to adapt to the newer technology.”
According to the report, one of the major drivers for this market is growing importance of smart grid systems. The utilization of smart grid technologies in electrical systems is mainly due to the need to overcome challenges such as the aging infrastructure. Smart grid technologies offer a clean energy supply that is highly efficient, cost-effective, and sustainable and accommodates all electricity generation and storage options. With the growing popularity of smart grid systems, the adoption of industrial relays will increase during the forecast period.
ABB, General Electric, OMRON, Rockwell Automation, Schneider Electric, Siemens, Alstom, Broadcom, Coto Technology, Crydom, Eaton, Electroswitch, Finder, Fujitsu, General Electric, Global Zeus, IMO Precision Controls, Littlefuse, Mors Smitt, Panasonic, PARAMOUNT INDUSTRIES, PHOENIX CONTACT, SEL, Shenler Relays, Standex International, Struthers-Dunn, TE Connectivity, Teledyne Technologies, Veris Industries, and WEG.