Top 3 Drivers of the Global Industrial Relays Market | Technavio

Technavio market research analysts forecast the global industrial relays market to grow at a CAGR of around 7% during the forecast period, according to their latest report.

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The report further segments the global industrial relays market by product type (electromechanical relays, solid state relays, hybrid relays, reed relays, and general-purpose relays), by end-user (process industries and discrete industries), and by geography (the Americas, APAC, and EMEA).

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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global industrial relays market:

• Increasing importance of smart grid systems
• Increasing number of global solar projects
• Increasing adoption of PLCs in industries

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Increasing importance of smart grid systems

Electricity systems across the world face many challenges such as aging infrastructure, constant growth in demand, the incorporation of variable renewable energy sources and electric vehicles, the need to improve the security of supply, and the need to lower carbon emissions. Smart grid technologies provide ways to overcome these challenges and provide a cleaner energy supply that is more efficient, affordable, and sustainable.

According to a senior analyst at Technavio for automation research, “The expansion of smart grid industries across the globe is anticipated to boost the adoption of industrial relays during the forecast period. The need for relays is expected because they are useful in protecting the circuit against voltage overload and short circuits. The growing importance of smart grids to confirm efficient customer delivery and reduce carbon emission is predicted to drive the growth of industrial relays market.”

Increasing number of global solar projects

The relays market is primarily driven by the increasing demand for solar projects across the globe. With the increasing need for eco-friendly and green energy, the demand for relays is expected to project tremendous growth in the global market. High capacity power relays are used to safely cut off the high DC voltages used in some applications.

The decrease in the cost of solar technologies has led to their increased implementation across geographies. The solar projects across the world are expected to increase during the forecast period. This is further expected to increase the adoption of industrial relays in high-temperature conditions.

Increasing adoption of PLCs in industries

The three biggest drawbacks to a traditional relay logic system are dependability, flexibility, and diagnostics. With the advent of PLCs, the control panels can be updated to overcome the above issues of a relay. To address the dependability issues, the traditional relays are replaced with newer and more robust versions in the control panel.

Flexibility issues in the PLCs can be handled by providing correct product specifications and installations. Product specifications that permit alterations to the function of the panel without changes to the product and wiring include standardized sockets.

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