The global industrial relays market to grow at a CAGR of 7.05% during the period 2018-2022.
Global Industrial Relays Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Industrial relays can be segmented into five product type categories, such as electromechanical relays, solid state relays, hybrid relays, reed relays, and general-purpose relays. Among these the electromechanical relays market segment accounted for the major share of the industrial relays market, in 2016.
According to the report, one of the major drivers for this market is growing importance of smart grid systems. The utilization of smart grid technologies in electrical systems is mainly due to the need to overcome challenges such as the aging infrastructure. Smart grid technologies offer a clean energy supply that is highly efficient, cost-effective, and sustainable and accommodates all electricity generation and storage options. With the growing popularity of smart grid systems, the adoption of industrial relays will increase during the forecast period.
The latest trend gaining momentum in the market is recent advances and personnel education in the field of relays. The growth of technology has far exceeded the growth of field personnel education. The relay panels previously were a wall of glass covers, which are now replaced by a single black box with equally simplified control wiring. The relays that were manufactured earlier were built to safeguard a single device, whereas the devices at present need to be multi-functional and able to protect, compare, and communicate the fault in other systems.
The process and discrete industries have been victims of loss of intellectual capital, as the number of experienced personnel leaving the workforce has increased over the decade. This, in turn, has created opportunities for newer generations that need to learn to adapt to the newer technology.