USD 4.30 billion
Alternating Current (AC) Relays Market Size, Share, Growth Analysis, By Type(Electromechanical Relays and Solid-State Relays), By End-User(Industrial and Automotive), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55A2012 |
Region:
Global |
Published Date: April, 2024
Pages:
182
|Tables:
59
|Figures:
75
Alternating Current (AC) Relays Market Insights
Global Alternating Current (AC) Relays Market size was valued at USD 4.30 billion in 2022 and is poised to grow from USD 4.65 billion in 2023 to USD 8.74 billion by 2031, growing at a CAGR of 8.20% during the forecast period (2024-2031).
The global Alternating Current (AC) relay market is expected to experience steady growth in the coming years, driven by increasing demand for reliable and efficient power distribution and transmission systems. The use of AC relays is expected to grow across various industries, including automotive, aerospace, industrial automation, and others. One of the key drivers of the market is the increasing adoption of smart grids and renewable energy sources, which require advanced relay technology to ensure safe and reliable power delivery. Additionally, the growing demand for automation and control systems in industrial applications is expected to drive the adoption of AC relays in the manufacturing sector. The Asia-Pacific region is expected to be a major contributor to the growth of the global Alternating Current (AC) relay market due to rapid industrialization and increasing investments in power infrastructure. Other regions, such as North America and Europe, are also expected to see steady growth as the demand for energy-efficient systems continues to increase.
Moreover, the construction of new infrastructure, including residential, commercial, and industrial buildings, is driving the demand for electrical systems and components, including AC relays. The expansion of smart cities and the integration of intelligent building management systems further contribute to market growth. Also, ongoing advancements in AC relay technology, such as improved contact materials, miniaturization, enhanced sensitivity, and intelligent features, are driving market growth. These advancements provide benefits like increased reliability, faster response times, and better energy efficiency.
US Alternating Current (AC) Relays Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Electromechanical Relays
Fastest Growth
Electromechanical Relays
Growth Rate
8.20% CAGR
Global Alternating Current (AC) Relays Market 2022-2030 ($ Bn)
Country Share for APAC Region- 2022 (%)
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Alternating Current (AC) Relays Market Segmental Analysis
Global Alternating Current (AC) Relays market is segmented by type, end-user, and region. Based on type, the market can be segmented into electromechanical relays and solid-state relays. Based on end-user, the market is segmented into industrials, and automotive. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Alternating Current (AC) Relays Market Analysis by Type
By type, the market can be segmented into electromechanical relays and solid-state relays. Electromechanical relays dominated the market due to their widespread use in a variety of applications and their high current switching capacity. These relays use mechanical contacts to switch AC power and are suitable for applications that require high current switching, such as motor control and power distribution.
Solid-state relays segment are expected to grow at a faster rate in the coming years due to their superior performance and reliability. These relays use semiconductor technology to switch AC power and are suitable for applications that require fast switching and long-term reliability, such as industrial control systems and HVAC applications. Solid-state relays offer several advantages over electromechanical relays, such as longer lifespan, faster switching times, and lower power consumption.
Alternating Current (AC) Relays Market Analysis by End-User
By end-user, the market can be segmented into industrials and automotive. The industrial segment dominated the market due to the high demand for AC relays in various industrial control systems, such as motor controls, HVAC applications, and lighting controls. AC relays are widely used in these applications as they provide reliable and efficient switching of AC power.
The automotive segment is expected to grow at a faster rate in the coming years due to the increasing adoption of AC relays in various automotive applications, such as air conditioning, lighting, and power windows. AC relays are essential components in these applications, providing reliable switching of AC power to various components in the vehicle.
Global Alternating Current (AC) Relays Market Size By Type, 2022 (%)
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Alternating Current (AC) Relays Market Regional Insights
The Asia-Pacific region dominated the global Alternating Current (AC) relay market, owing to the region's large population, rapid industrialization, and increasing investments in power infrastructure. Additionally, India, Japan, and South Korea are expected to see strong growth in the AC relay market due to increasing investments in power infrastructure and the growing adoption of automation and control systems in various industries.
North America is expected to grow at the fastest CAGR due to the presence of several large power utilities and manufacturers in the country. Additionally, the adoption of advanced technologies such as smart grids and renewable energy systems is expected to drive the demand for AC relays in the region.
Global Alternating Current (AC) Relays Market By Geography, 2022-2030
- Largest
- Fastest
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Alternating Current (AC) Relays Market Dynamics
Alternating Current (AC) Relays Market Drivers
Increasing adoption of smart grids and renewable energy sources
- One key driver of the AC relay market is the increasing adoption of smart grids and renewable energy sources, which require advanced relay technology to ensure safe and reliable power delivery. With the world shifting towards sustainable energy, the demand for AC relays is expected to increase further in the coming years. The need for efficient and reliable power distribution systems is also expected to drive the growth of the AC relay market, particularly in emerging economies where power infrastructure is still being developed.
Alternating Current (AC) Relays Market Restraints
High cost associated with advanced relay technologies
- One major restraint of the AC relay market is the high cost associated with advanced relay technologies, which can limit adoption in emerging markets and small-scale industries. Additionally, the increasing competition from other technologies such as solid-state relays and electromechanical relays may also hinder the growth of the AC relay market. Furthermore, the limited lifespan of AC relays and the high maintenance costs associated with their use could also pose a challenge to market growth, particularly in industries with high power demand and strict reliability requirements.
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Alternating Current (AC) Relays Market Competitive Landscape
The global Alternating Current (AC) relay market is highly competitive, with a large number of regional and international players vying for market share. Companies are focusing on expanding their product portfolios, improving the reliability and functionality of their products, and increasing their geographical presence through mergers, acquisitions, and partnerships. Additionally, companies are investing heavily in research and development to enhance their product offerings and stay ahead of the competition. The competitive landscape of the AC relay market is expected to remain intense over the forecast period, as companies strive to differentiate themselves from their rivals.
Alternating Current (AC) Relays Market Top Player’s Company Profiles
- General Electric Company (US)
- Eaton Corporation (Ireland)
- TE Connectivity Ltd. (Switzerland)
- Mitsubishi Electric Corporation (Japan)
- Omron Corporation (Japan)
- Honeywell International Inc. (US)
- Rockwell Automation, Inc. (US)
- CHINT Group Corporation (China)
- Crouzet Automatismes SAS (France)
- Finder SPA (Italy)
- Phoenix Contact GmbH & Co. KG (Germany)
- Hongfa Group (China)
- Eaton Industries GmbH (Germany)
- Siemens Industry, Inc. (US)
- Toshiba Corporation (Japan)
- Fuji Electric Co., Ltd. (Japan)
- Larsen & Toubro Limited (India)
Alternating Current (AC) Relays Market Recent Developments
- In March 2023, Eaton Corporation announced the acquisition of Power Distribution, Inc., a leading provider of power distribution and control solutions, for an undisclosed amount.
- In February 2023, Schneider Electric SE announced the launch of its new TeSys D Green+ contactor, which offers improved energy efficiency and enhanced safety features.
- In January 2023, Siemens AG announced the acquisition of Xanadu Quantum Technologies Inc., a leading provider of quantum computing solutions, for an undisclosed amount.
- In September 2022, Honeywell International Inc. announced the acquisition of Spire Metering Technology, a leading provider of ultrasonic flow metering solutions, for an undisclosed amount.
- In June 2022, General Electric Company announced a partnership with Microsoft Corporation to develop new industrial automation solutions using Microsoft's Azure cloud platform.
Alternating Current (AC) Relays Key Market Trends
- One key trend in the AC relay market is the increasing use of digital technologies and automation to enhance the reliability and efficiency of relay systems. Digital technologies such as the Internet of Things (IoT), machine learning, and artificial intelligence (AI) are being used to improve the performance of relay systems by enabling real-time monitoring, predictive maintenance, and fault detection. Additionally, the integration of relay systems with automation and control systems is also becoming more common, enabling enhanced system flexibility and control. This trend is expected to drive the growth of the AC relay market in the coming years.
Alternating Current (AC) Relays Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global alternating current (AC) relay market analysis, the market is expected to grow steadily over the forecast period, driven by the increasing demand for reliable and efficient power distribution and transmission systems across various industries. The Asia-Pacific region dominated the global market, but North America is expected to see steady growth due to the increasing adoption of smart grid and renewable energy technologies. The market is highly competitive, with many regional and international players competing for market share. The use of digital technologies and automation is a key trend in the market, with companies investing heavily in research and development to enhance their products and stay ahead of the competition.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 4.30 billion |
| Market size value in 2031 | USD 8.74 billion |
| Growth Rate | 8.20% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Alternating Current (AC) Relays Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Alternating Current (AC) Relays Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Alternating Current (AC) Relays Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Alternating Current (AC) Relays Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Alternating Current (AC) Relays Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Alternating Current (AC) Relays Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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