Global Relays Market Value Expected To Reach $34 Billion By 2023

Global Relays Market Value Expected To Reach $34 Billion By 2023

“Relays Market – By Type (Latching Relay, Solid State Relay, Automotive Relay, Electromechanical Relay, Others), By Application (Military, Industrial Automation, Electronics, Others), By Voltage (Relays < 60 Volts, Relays > 60 Volts), And By Region, Opportunities And Strategies – Global Forecast To 2023″
Siemens Is One Of The Largest Players In The Relays Market, According To The Business Research Company’s Relays Market – By Type (Latching Relay, Solid State Relay, Automotive Relay, Electromechanical Relay, Others), By Application (Military, Industrial Automation, Electronics, Others), By Voltage (Relays < 60 Volts, Relays > 60 Volts), And By Region, Opportunities And Strategies – Global Forecast To 2023

(Companies Covered: Siemens AG, Schneider Electric, TE Connectivity, ABB Ltd, Eaton Corporation, Toshiba, Mitsubishi Electric Corporation)

The global relays market reached a value of nearly $29,265.8 million in 2019, having increased at a compound annual growth rate of 6.0% since 2015. The market is expected to decrease from $29,265.8 million in 2019 to $27,416.7 million in 2020 at a rate of -6.3%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a compound annual growth rate of 9.8% from 2021 and reach $34,423.4 million in 2023. 

Read More On The Global Relays Market Report At –

https://www.thebusinessresearchcompany.com/report/relays-market

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.

Global Relays Market Segmentation –

1)By Type- Latching Relay, Solid State Relay, Automotive Relay, Electromechanical Relay and Others.

2)By Application – Military, Industrial Automation, Electronics and Others.

Global Relays Market Driver –

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.i

Request For A Sample Of The Global Relays Market Report At –

https://www.thebusinessresearchcompany.com/sample.aspx?id=3363&type=smp

Few Points From The Global Relays Market TOC

1. Relays Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction
6.1.1. Segmentation By Geography
6.1.2. Segmentation By Type
7. Relays Market Characteristics
7.1. Market Definition
7.2. Market Segmentation By Type
8. Relays Market Trends And Strategies
8.1. Development Of Eco-Efficient Relays
8.2. Increased Use Of Electromagnetic Relays
9. COVID Impact On The Relays Market
9.1. Lack Of Demand Due To Reduced Electricity Consumption
9.2. Impact On Relay Manufacturing Companies – Case Study On Omron

Interested to know more about The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.

Media Contact
Company Name: The Business Research Company
Contact Person: Oliver Guirdham
Email: Send Email
Phone: +44 20 7193 0708
Address:
City: London
State: Greater London
Country: United Kingdom
Website: https://www.thebusinessresearchcompany.com/