Relays Market Size, Drivers, Trends, Major Players, And Market Segments
Relays Market - Opportunities And Strategies - Global Forecast To 2030
Relays Market Global Report
The Business Research Company’s Relays Market - Opportunities And Strategies - Global Forecast To 2030
LONDON, GREATER LONDON, UK, December 3, 2021 /EINPresswire.com/ -- The relays market consists of sales of relays and related services by entities (organizations, sole traders and partnerships) that produce relays that are used in various applications such as in industrial automation, electronics, automotive, military and aerospace and similar other applications. Relays are electric switches that use electromagnetism to convert small electrical stimuli into larger currents. Relays make and break circuit contact with the help of a signal without any human involvement in order to switch it ON or OFF. They are used mostly to control a high-powered circuit using a low power signal.
Companies in the relays market are increasingly investing in specialized relays for specific industries or projects, thus resulting as an emerging trend in the relays market. Industries, such as Solar Energy Systems, have increased demand for specialized relays that can utilize available power and shut off some lines to keep others running. Moreover, relay manufacturing companies are increasingly manufacturing eco-efficient relays.
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Developed and developing countries across the world are investing in the construction of smart power grids and this factor is expected to drive the market for relays in the forecast period. Smart grids are modern electric power grid infrastructure for enhanced efficiency and reliability, and operate through automated control, high-power converters, modern communications infrastructure, sensing and metering technologies, and modern energy management techniques. The scope of relays in an automated power grid is massive because they can help in monitoring transformers and can protect from transformer overload, through-fault and overexcitation, as well as standard protection functions such as differential, overcurrent, and earth faults.
The global relays market is expected to recover from COVID-19 crisis and grow from $27.42 billion in 2020 to $34.42 billion in 2023 at a compound annual growth rate (CAGR) of 9.8%.
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https://www.thebusinessresearchcompany.com/report/relays-market
Major players covered in the global relays market are Siemens AG, Schneider Electric, TE Connectivity, ABB Ltd., Eaton Corporation.
TBRC’s relays market report is segmented into latching relay, solid state relay, automotive relay, electromechanical relay, others, military, industrial automation, electronics, others, relays < 60 volts, relays > 60 volts.
Relays Market - Opportunities And Strategies - Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides relays market overview, forecast relays market size and growth for the whole market, relays market segments, and geographies, relays market trends, relays market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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