(MENAFN- GlobeNewsWire - Nasdaq) The Global Reed Relay market Size was Valued at USD 432.4 Million in 2023 and the Worldwide Reed Relay Market Size is Expected to Reach USD 1631.6 Million by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: ABB, Standex Electronics Inc., Siemens, Schneider Electric, TE Connectivity, COTO Technology, Pickering Electronic LTD, General Electric, Towards Relays, Magnecraft, American Relays, Aleph, Cynergy3/Sensata Technology, Sanyu Electric, Inc., Comus, Others
New York, United States , July 04, 2024 (GLOBE NEWSWIRE) -- The Global Reed Relay Market Size is to Grow from USD 432.4 Million in 2023 to USD 1631.6 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 14.20% during the projected period.
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A reed relay is a type of relay that uses an electromagnet to control one or more reed switches. An armature is not required since the electromagnet moves the magnetically formed contacts directly. The contacts are shielded from corrosion by being stored in a long, thin glass tube. Many simultaneous activation reed switches can be held on a single bobbin. Reed relays switch faster than armature-based relays, but switch bounce is still present. This is because reed relays' moving parts are smaller and lighter. They need less electricity to operate and have a lower contact capacitance. The market is growing as a consequence of the development of relays that are more dependable and efficient due to the application of cutting-edge materials and engineering methods. Reed relays have a lower current rating than EMR and SSR, which can handle current surges more effectively. This could prevent the reed relay market from growing as much.
Browse key industry insights spread across 215 pages with 117 Market data tables and figures & charts from the report on the "Global Reed Relay Market Size, Share, and COVID-19 Impact Analysis, By Type (Reed Relay in Single-In-Line (SIL) Package and Reed Relay in Dual-In-Line (DIP) Package), By Voltage (Below 200V, 200V-500V, 500V-1KV, 1KV-7.5KV, 7.5KV-10KV, and Above 10KV), By Application (Industrial, Household Appliances, Test & Measurement, Mining, Automotive, EV, Medical, and Renewables), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The reed relay in single-in-line (SIL) package segment is expected to dominate the market over the projected timeframe.
On the basis of type, the global reed relay market is classified into reed relay in single-in-line (SIL) package and reed relay in dual-in-line (DIP) package. Among these, the reed relay in single-in-line (SIL) package segment is expected to dominate the market over the projected timeframe. Reed relay SIL packages offer an economical solution without compromising functionality. Pins in a single row are aligned in a single-in-line (SIL) package, which streamlines installation on printed circuit boards and saves space in line with the current electronics shrinking trend.
The below 200V segment is expected to hold the highest market share over the projected timeframe.
On the basis of voltage, the global reed relay market is classified into below 200V, 200V-500V, 500V-1KV, 7.5KV-10KV, and above 10KV. Among these, the below 200V segment is expected to hold the highest market share over the projected timeframe. Reed relays with low voltage are used in commercial and industrial settings. Low-voltage reed relays typically have a rating between 110 and 200V. This voltage rating range of reed relays is suitable for automated test equipment, telecommunication, and instrumentation.
The automotive segment is expected to hold the largest share of the market over the projected timeframe.
On the basis of application, the global reed relay market is classified into industrial, household appliances, test & measurement, mining, automotive, EV, medical, and renewables. Among these, the automotive segment is expected to hold the largest share of the market over the projected timeframe. Car climate control circuits employ tiny reed relays that can switch high loads to turn on and off the heater and air conditioning circuits.
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Europe is expected to hold the largest share of the global reed relay market over the forecast period .
Europe is expected to hold the largest share of the global reed relay market over the forecast period. Due to the strict environmental requirements of the European Union, countries are switching from traditional fuels such as coal to natural gas, shale gas, and their renewable energy sources as the main energy source for electricity production. The reed relay market is expected to grow due to increased investment in renewable energy and the construction of new power plants, renovation of old ones, high demand for automobiles and home appliances, and new electrical transmission and distribution infrastructure in the region. Reed relays are widely used in Europe's established automotive, telecommunications, and electronics industries for many different purposes.
Asia Pacific is predicted to grow at the fastest pace in the global reed relay market during the projected timeframe. The market is anticipated to gain from the expansion of the automotive sector in China, India, and Japan. The region's market is expanding due to a high switch system penetration rate and rising demand for both passenger and commercial vehicles. Governments around the region are investing heavily to increase demand for environmentally friendly electric vehicles due to rising pollution levels. They are doing this by offering financial incentives to EV customers and establishing the necessary infrastructure so that EVs can be charged while traveling long distances.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Reed relay Market include ABB, Standex Electronics Inc., Siemens, Schneider Electric, TE Connectivity, COTO Technology, Pickering Electronic LTD, General Electric, Towards Relays, Magnecraft, American Relays, Aleph, Cynergy3/Sensata Technology, Sanyu Electric, Inc., Comus, and others.
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Recent Developments
In April 2021, Schneider Electric drove digital transformation in the metro-rail business by partnering with top IT companies like as AVEVA, ETAP, and RIB. Schneider Electric announced EcoStruxure train, an end-to-end digital solution, to create a cooperative digital environment for safe, dependable, effective, and sustainable metro train operations in India.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the Global Reed Relay Market based on the below-mentioned segments:
Global Reed Relay Market, By Type
Reed Relay in Single-In-Line (SIL) Package Reed Relay in Dual-In-Line (DIP) Package
Global Reed Relay Market, By Voltage
Below 200V 200V-500V 500V-1KV 1KV-7.5 KV 7.5KV-10KV Above 10KV
Global Reed Relay Market, By Application
Industrial Household Appliances Test & Measurement Mining Automotive EV Medical Renewables
Global Reed Relay Market, Regional Analysis
North America Europe Germany Uk France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of the Middle East & Africa
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