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HVAC Relay Market Size, Share And Global Trend By Type(Electromagnetic Relay, Solid State Relay, Thermal Relay, Hybrid Relay), By Application(Automotive, Industrial, Commercial, Residential), And Regional Forecast, 2024-2032

Region :Global | Report ID: FBI100513 | Status : Ongoing

 

KEY MARKET INSIGHTS

Relays are the devices which are able to control one electrical circuit by opening or closing contacts in other electrical circuits. High voltage and currents can be controlled by applying a small voltage to the relay coil present in the relay system. HVAC relays are primarily used in HVAC control systems to regulate and control the operation of heating and air conditioning systems. Relays control heating, cooling, ventilation and air conditioning equipment such as compressor, fan, blower, and condenser by turning them on/off during operation. Some of the key features of relays gaining importance are high momentary current bearing capacity and reliable circuit breaking.


Companies have also started adding new features to the relays produced by them, for e.g. Schneider Electric launched a new product named the Easergy P3 relay which is equipped with smart capabilities. The company claims that the relay system trips circuit breakers immediately in case of fault detection to protect equipment from severe damage. The product comes with a web-based application which allows users to conduct virtual simulation tests and simplify maintenance. Such developments are expected to drive the HVAC relay market growth.

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On the basis of type, global HVAC relay market can be segmented into the electromagnetic relay, solid state relay, thermal relay, hybrid relay and other. Due to the simplicity of working and lower costs, electromagnetic relays account for prominent market share in HVAC relay market. On the basis of its application, the global HVAC relay market can be segmented into automotive, residential, commercial, and industrial. Increasing demand for vehicles, growing industrialization and residential comfort are the factors which will drive the growth of the HVAC market in each sector.

The key market driver for the global HVAC relay market is the growing demand for passenger and commercial vehicles. Almost all companies in the automotive industry provide HVAC in their vehicles which act as a key market driver for global HVAC relay market. Also, there has been a rise in the construction of commercial buildings which boosts the demand for indoor air quality management and HVAC systems. The increasing number of hospitals, hotels, educational institutions and installation of HVAC is also a market driver for global HVAC relay market.

Key market restraint for the global HVAC relay market is the high cost involved in the installation and maintenance of HVAC systems. The lifetime costs of an HVAC system include monthly operating expenses, preventive maintenance, and replacement of filters and other equipment’s. This further adds up to the cost and can act as a market restraint for the global HVAC relay market.

Key Players Covered


Key players operating in the global HVAC relay market are TE Connectivity Limited, Control & Switchgear Electric Limited, Eaton Corporation, Siemens AG, General Electric, ABB Ltd., Littlefuse Inc., Hitachi Ltd., Mitsubishi Electric Corporation, Rockwell Automation, Inc., Toshiba Corporation, Schneider Electric, OMRON Corporation, Omega Engineering, and Celduc Realis.

SEGMENTATION






















SEGMENTATION


 Details


By Type


·      Electromagnetic Relay

·      Solid State Relay

·      Thermal Relay

·      Hybrid Relay

·      Others


By Application


·      Automotive

·      Industrial

·      Commercial

·      Residential


By Geography


·      North America (The USA and Canada)

·      Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)

·      Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)

·      Latin America (Brazil, Mexico and Rest of Latin America)

·      Middle East & Africa (South Africa, GCC and The Rest of the Middle East & Africa)


 

Regional Analysis:

The global HVAC relay market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The rise in the automotive industry and the growing economy in the Asia Pacific region has seen the HVAC relay market to have a big potential in this region. The main countries driving the market in this region are China, India, South Korea, and Indonesia. The recent increase in business aircraft and commercial vehicles mainly in countries like USA, UK, France, and Germany has helped increase in demand for HVAC relay, leading to the growing market in Europe and North America. Rapid urbanization and increased infrastructure spending are expected to drive the market in Latin America and the Middle East region.

Key Industry Developments



  • In April 2019, Omron Electronic Components extended its G2RL Relay family with the addition of a new extra high capacity 23A model. This relay is designed for switching the heaviest current loads in home appliances, industrial and HVAC applications.  

  • In October 2018, Japanese heating, ventilation, and air-conditioning(HVAC) major Shinryo Corporation announced the acquisition of Suvidha Engineers India Pvt Ltd for an undisclosed sum. Accordingly, the name Suvidha Engineers will be changed to Shinryo Suvidha Engineers Pvt Ltd. This provides the Japanese company to enter the Indian market with its products.

  • In January 2019, Shorehill Capital LLC announced that it has acquired a majority ownership stake in Indian based Functional Devices, who is a maker of relays, power supplies, transformers, sensors, enclosures, and wireless devices for HVAC building and lighting controls and energy management industries.





  • Ongoing
  • 2023
  • 2019-2022

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