Relay market expected to grow to USD 16 billion by 2032

From GlobeNewswire: 2025-01-06 05:30:00

The relay market, valued at USD 9.4 billion in 2023, is projected to reach USD 16 billion by 2032. Increasing demand for high-temperature-resistant components, especially in harsh conditions like automation and automotive industries, is a key driver for market growth. Electromechanical relays, known for their reliability, are anticipated to reach USD 4.2 billion by 2032.

DPDT relays, with a CAGR of 7.3% between 2024 and 2032, are the fastest-growing segment due to their ability to control two separate circuits simultaneously. North America held the largest market share in 2023, driven by a strong industrial base and increasing automation across sectors like automotive and electronics. Companies like Eaton and Schneider Electric are key players in the relay industry.

The relay market research report covers various segments such as type, technology, mounting type, pole configuration, voltage range, distribution channel, and end-user. Global Market Insights Inc. offers syndicated and custom research reports to provide clients with actionable market data for strategic decision-making in industries like technology and renewable energy.



Read more at GlobeNewswire: Relay Market to surpass USD 16 billion by 2032, Says Global