Global Relay Market Report and Forecast 2024-2032

Global Relay Market Outlook

The global relay market size reached around USD 8.80 billion in 2023. The market is projected to grow at a CAGR of 6.0% between 2024 and 2032, reaching almost USD 14.87 billion by 2032.

Key Takeaways

• Thermal relays are expected to constitute a major portion of the global relay market share.

• The automotive sector is anticipated to become the leading end user of relays.

• North America is expected to dominate the demand for relays globally over the forecast period.

Thermal relays are expected to constitute a major portion of the global relay market share in the forecast period. This is because they provide effective protection to automotive parts and industrial machinery from overloads and excessive heating. Moreover, their simple design and high cost-effectiveness make them well-suited for applications in motor systems of vehicles.

The crucial role of high-voltage relays in maintaining the safety of electric circuits is expected to aid the global relay market growth. They are used extensively in the global energy and power sector for the transmission of electricity towards various end-use sectors. They are also used in high-voltage medical equipment such as X-rays and automotive battery testing systems.

The expansion of the global aerospace and defence manufacturing sector is expected to drive the global relay market expansion. This is because relays play a critical role in managing environmental controls and communication systems within spacecraft. They also activate the emergency operating systems of an aircraft during critical situations and protect the electrical components of the vehicle from overload.

Increasing customisation of relay manufacturing for different purposes such as electromagnetic interference shielding is further driving their demand. The integration of small-size relays into digital systems is enhancing the capabilities of military aircraft, contributing to the market growth.

Market Segmentation

Global Relay Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Electromechanical

• Thermal

• Reed

• Time

• Solid State

• Others

Market Breakup by Voltage Range

• Low

• Medium

• High

Market Breakup by End Use

• Aerospace, Defence and Military

• Automotive

• Communications

• Energy and Power

• Industrial

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

The key global relay market players are Robert Bosch GmbH, TE Connectivity Ltd., Denson Corp., Eaton Corp. Plc, Schneider Electric SE, ABB Ltd., Panasonic Holdings Corp., Fujitsu Ltd., Nidec Corporation, Mitsuba Corp., Sensata Technologies Holding Plc, and Hongfa Technology Co. Ltd., among others.

Key Highlights of the Report