Stimulated by Solar Energy Projects, Relays Market to Reach Us$16.24 Bn Globally by 2021

According to a new market report published by Transparency Market Research “Relays Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,” the relays market was valued at US$9.41 bn in 2014, which is expected to reach US$16.24 bn by 2021, growing at a CAGR of 7.7% from 2015 to 2021.

The relays market is primarily driven by the rising demand for solar projects globally. With the increasing need of eco-friendly and green energy, for example, solar energy and wind energy, the demand for relays is showing tremendous growth in the global market. High capacity power relays are used to cut off safely the high DC voltages used in solar applications. The main reason for cutting the panels includes emergency response, bypassing and maintenance of the panels efficiently. In addition, multi band wireless technology is also an important factor in driving the growth of relays globally. Moreover, smart grids have also created healthy growth in relays market. Rising demand for electricity led to the implementation of smart grids. These grids need to be protected from overload of current or any faults, which is possible if relays are used in the grids.

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Browse Full Relays Market Research Report With Complete TOC @ http://www.transparencymarketresearch.com/relays-market.html

The relays market is segmented on the basis of product type into: latching relays, solid state relay, automotive relay, overload protection relay, electro mechanical relays and others. Among these, electromechanical relay held the largest market share followed by automotive relays, solid state relay, overload protection relays, latching relay and others as of 2014. Demand for electromechanical relay is high as they are more reliable and easy to setup.

The relays market is further segmented on the basis of application into: military, industrial automation, electronics and others. The industrial automation held the highest market share in 23.2% in...