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HVAC Relay Market by Type (Electromagnetic Relay, Solid State Relay, Thermal Relay, Hybrid Relay) by Distribution Channel (Automotive, Industrial, Commercial, Residential): Global Industry Size, Share, Statistics and Forecast 2016 – 2028

Name: HVAC Relay Market - Demand, Size and Competitive Analysis
Creator: Credence Research Inc.
Published: 2022-01-22
License: https://www.credenceresearch.com/info/privacy-policy
Keywords: HVAC Relay Market

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HVAC relay market Analysis

The HVAC relay market is projected to grow rapidly during the coming years. Its fast growth will be driven by increasing demand across healthcare, automotive, construction, and other industries. In addition, increasing investment and the continued rise of non-residential construction activity will raise the need for air quality management systems and HVAC solutions. This will support market growth over the next few years.

The global HVAC Relay market is expected to witness a CAGR of 4.50% during the forecast period. The revenue generated by the worldwide HVAC Relay market in 2021 was over USD 1,486.95 million and is expected to generate revenue worth USD 2,081.95 million in 2028. The incremental growth opportunity offered by the global HVAC Relay is estimated to be USD 12.87 billion between 2022 and 2028.

Interesting Facts about HVAC Relay Industry

· Green Building Trend and Stringent Government Regulations to Trigger the Demand for HVAC Relay

· High Cost of HVAC Relay is Major Factor Hindering the Growth Rate

· HVAC Relay Industry is Witnessing Huge Investment in R&D

· U.S., Germany, UK, France, and China are at the Forefront in the Adoption of HVAC Relay

· Automotive Industry, Especially EVs, to Offer Strong Push to HVAC Relay

Government Rules to Drive the Demand for HVAC Relay

Owing to strict government policies and regulations, the green building trend is growing around the globe. This is projected to positively affect the international HVAC market over the next decade. Such buildings require more efficient energy management solutions. Hence, there is a greater need for intelligent HVAC solutions, which are being implemented in growing numbers to bolster the performance of buildings. These measures are designed to save energy and money on utilities. Electromagnetic Relay, Solid State Relay, Thermal Relay, and Hybrid Relay are significant types of HVAC relays.

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Growing Investment in R&D and Advancement in Technology

Several industries, including construction, are carrying out research and development activities with respect to HVAC solutions. This is expected to drive the growth of the HVAC relay market during the next decade. A study published in 2021 by the Harvard TH Chan School of Public Health showed that when effective HVAC systems are deployed with efficient filtration systems, this can help protect building residents from the adverse effects of delicate particulate matter and carbon dioxide.

Technological developments in HVAC solutions deployed across different industries are expected to boost market progression over the next ten years. For example, using AI-enabled smart sensors for HVAC solutions can reduce energy consumption. Siemens AG, Control & Switchgear Electric Limited, General Electric, TE Connectivity Limited, ABB Ltd., Eaton Corporation plc, Mitsubishi, Littlefuse Inc., Hitachi Ltd., Rockwell Automation, Toshiba Corp., Schneider, OMRON, Omega Engineering, and Celduc Realis are significant players in HVAC Relay industry.

High Cost to Become Major Hurdle in Growth of HVAC Relay

But during the coming years, the relatively high maintenance and installation costs of HVAC solutions will slow down the growth of the HVAC relay market.

Depending on the classification, hybrid HVAC relay demand is growing worldwide. These new relays leverage mechanical and solid-state technologies to provide high performance for various sectors. Thanks to these relays, it is also more convenient to comply with increasingly stringent regulations about energy usage. In addition, hybrid relays utilize electromechanical mechanisms to minimize contact resistance and provide better performance.

As far as applications are concerned, the HVAC relay market will rapidly expand in the automotive sector. Such growth will be driven by the increasing demand for electric cars worldwide. Currently, electric vehicles represent around 2.5 percent of worldwide car sales and about 1 percent of global car inventory. In electric vehicles, performance is largely based on battery life. Hence, HVAC systems deployed in such vehicles should have notable energy efficiency. Different original equipment manufacturers are working consistently to develop HVAC relay systems suitable for use in electric vehicles. This is expected to drive the market demand during the next few years. Automotive, Industrial, Commercial and Residential are major application markets for HVAC Relay.

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U.S. to Dominate the Demand for HVAC Relay

The HVAC relay market in North America will record rapid growth over the next ten years; much of this is driven by the increased requirements for energy efficiency in commercial and residential buildings.

1.Preface
1.1.Report Description
1.1.1.Purpose of the Report
1.1.2.Target Audience
1.1.3.USP and Key Offerings
1.2.Research Scope
1.3.Research Methodology
1.3.1.Phase I – Secondary Research
1.3.2.Phase II – Primary Research
1.3.3.Phase III – Expert Panel Review
1.3.4.Approach Adopted
1.3.4.1.Top-Down Approach
1.3.4.2.Bottom-Up Approach
1.3.5.Assumptions
1.4.Market Segmentation

2.Executive Summary
2.1.Market Snapshot: Global HVAC Relay Market

3.Market Dynamics & Factors Analysis
3.1.Introduction
3.1.1. Global HVAC Relay Market Value, 2016-2028, (US$ Bn)
3.2.Market Dynamics
3.2.1.Key Growth Trends
3.2.2.Major Industry Challenges
3.2.3.Key Growth Pockets
3.3.Attractive Investment Proposition,2021
3.3.1.Type
3.3.2.Application
3.3.3.Type
3.3.4.Geography
3.4.Porter’s Five Forces Analysis
3.4.1.Threat of New Entrants
3.4.2.Bargaining Power of Buyers/Consumers
3.4.3.Bargaining Power of Suppliers
3.4.4.Threat of Substitute Types
3.4.5.Intensity of Competitive Rivalry
3.5.Value Chain Analysis

4.Market Positioning of Key Players, 2021
4.1.Company market share of key players, 2021
4.2.Top 6 Players
4.3.Top 3 Players
4.4.Major Strategies Adopted by Key Players

5.COVID 19 Impact Analysis
5.1.Global HVAC Relay Market Pre Vs Post COVID 19, 2019 – 2028
5.2.Impact on Import & Export
5.3.Impact on Demand & Supply

6.North America
6.1.North America HVAC Relay Market, by Country, 2016-2028(US$ Bn)
6.1.1.U.S.
6.1.2.Canada
6.1.3.Mexico
6.2.North America HVAC Relay Market, by Type, 2016-2028(US$ Bn)
6.2.1.Overview
6.2.2.Electromagnetic Relay
6.2.3.Solid State Relay
6.2.4.Thermal Relay
6.2.5.Hybrid Relay
6.3.North America HVAC Relay Market, by Application, 2016-2028(US$ Bn)
6.3.1.Overview
6.3.2.Automotive
6.3.3.Industrial
6.3.4.Commercial
6.3.5.Residential

7.Europe
7.1.Europe HVAC Relay Market, by Country, 2016-2028(US$ Bn)
7.1.1.UK
7.1.2.France
7.1.3.Germany
7.1.4.Italy
7.1.5.Russia
7.1.6.Spain
7.1.7.Belgium
7.1.8.Netherland
7.1.9.Austria
7.1.10.Sweden
7.1.11.Poland
7.1.12.Denmark
7.1.13.Switzerland
7.1.14.Rest of Europe
7.2.Europe HVAC Relay Market, by Type, 2016-2028(US$ Bn)
7.2.1.Overview
7.2.2.Electromagnetic Relay
7.2.3.Solid State Relay
7.2.4.Thermal Relay
7.2.5.Hybrid Relay
7.3.Europe HVAC Relay Market, by Application, 2016-2028(US$ Bn)
7.3.1.Overview
7.3.2.Automotive
7.3.3.Industrial
7.3.4.Commercial
7.3.5.Residential

8.Asia Pacific
8.1.Asia Pacific HVAC Relay Market, by Country, 2016-2028(US$ Bn)
8.1.1.China
8.1.2.Japan
8.1.3.South Korea
8.1.4.India
8.1.5.Australia
8.1.6.New Zealand
8.1.7.Taiwan
8.1.8.Southeast Asia
8.1.9.Central Asia
8.1.10.Rest of Asia Pacific
8.2.Asia Pacific HVAC Relay Market, by Type, 2016-2028(US$ Bn)
8.2.1.Overview
8.2.2.Electromagnetic Relay
8.2.3.Solid State Relay
8.2.4.Thermal Relay
8.2.5.Hybrid Relay
8.3.Asia Pacific HVAC Relay Market, by Application, 2016-2028(US$ Bn)
8.3.1.Overview
8.3.2.Automotive
8.3.3.Industrial
8.3.4.Commercial
8.3.5.Residential

9.Latin America
9.1.Latin America HVAC Relay Market, by Country, 2016-2028(US$ Bn)
9.1.1.Brazil
9.1.2.Argentina
9.1.3.Peru
9.1.4.Chile
9.1.5.Colombia
9.1.6.Rest of Latin America
9.2.Latin America HVAC Relay Market, by Type, 2016-2028(US$ Bn)
9.2.1.Overview
9.2.2.Electromagnetic Relay
9.2.3.Solid State Relay
9.2.4.Thermal Relay
9.2.5.Hybrid Relay
9.3.Latin America HVAC Relay Market, by Application, 2016-2028(US$ Bn)
9.3.1.Overview
9.3.2.Automotive
9.3.3.Industrial
9.3.4.Commercial
9.3.5.Residential

10.Middle East
10.1.Middle East HVAC Relay Market, by Country, 2016-2028(US$ Bn)
10.1.1.UAE
10.1.2.KSA
10.1.3.Israel
10.1.4.Turkey
10.1.5.Iran
10.1.6.Rest of Middle East
10.2.Middle East HVAC Relay Market, by Type, 2016-2028(US$ Bn)
10.2.1.Overview
10.2.2.Electromagnetic Relay
10.2.3.Solid State Relay
10.2.4.Thermal Relay
10.2.5.Hybrid Relay
10.3.Middle East HVAC Relay Market, by Application, 2016-2028(US$ Bn)
10.3.1.Overview
10.3.2.Automotive
10.3.3.Industrial
10.3.4.Commercial
10.3.5.Residential

11.Africa
11.1.Africa HVAC Relay Market, by Country, 2016-2028(US$ Bn)
11.1.1.South Africa
11.1.2.Egypt
11.1.3.Nigeria
11.1.4.Rest of Africa
11.2.Africa HVAC Relay Market, by Type, 2016-2028(US$ Bn)
11.2.1.Overview
11.2.2.Electromagnetic Relay
11.2.3.Solid State Relay
11.2.4.Thermal Relay
11.2.5.Hybrid Relay
11.3.Africa HVAC Relay Market, by Application, 2016-2028(US$ Bn)
11.3.1.Overview
11.3.2.Automotive
11.3.3.Industrial
11.3.4.Commercial
11.3.5.Residential

12.Global
12.1.Global HVAC Relay Market, by Type, 2016-2028(US$ Bn)
12.1.1.Overview
12.1.2.Electromagnetic Relay
12.1.3.Solid State Relay
12.1.4.Thermal Relay
12.1.5.Hybrid Relay
12.2.Global HVAC Relay Market, by Application, 2016-2028(US$ Bn)
12.2.1.Overview
12.2.2.Automotive
12.2.3.Industrial
12.2.4.Commercial
12.2.5.Residential

13.Company Profiles
13.1.Siemens AG
13.2.Control & Switchgear Electric Limited
13.3.General Electric
13.4.TE Connectivity Limited
13.5.ABB Ltd.
13.6.Eaton Corporation plc
13.7.Mitsubishi
13.8.Littlefuse Inc.
13.9.Hitachi Ltd.
13.10.Rockwell Automation
13.11.Toshiba Corp.
13.12.Schneider
13.13.OMRON
13.14.Omega Engineering
13.15.Celduc Realis
13.16.Others

List of Figures

FIG. 1Global HVAC Relay Market: Research Methodology
FIG. 2Market Size Estimation – Top Down & Bottom up Approach
FIG. 3Global HVAC Relay Market Segmentation
FIG. 4Global HVAC Relay Market, by Type, 2019 (US$ Bn)
FIG. 5Global HVAC Relay Market, by Application, 2021 (US$ Bn)
FIG. 6Global HVAC Relay Market, by Geography, 2021 (US$ Bn)
FIG. 7Attractive Investment Proposition, by Geography, 2021
FIG. 8Global Market Positioning of Key HVAC Relay Market Manufacturers, 2019
FIG. 9Global HVAC Relay Market Value Contribution, By Type, 2021 & 2028 (Value %)
FIG. 10Global HVAC Relay Market, by Electromagnetic Relay, Value, 2016-2028 (US$ Bn)
FIG. 11Global HVAC Relay Market, by Solid State Relay, Value, 2016-2028 (US$ Bn)
FIG. 12Global HVAC Relay Market, by Thermal Relay, Value, 2016-2028 (US$ Bn)
FIG. 13Global HVAC Relay Market, by Hybrid Relay, Value, 2016-2028 (US$ Bn)
FIG. 14Global HVAC Relay Market Value Contribution, By Application, 2021 & 2028 (Value %)
FIG. 15Global HVAC Relay Market, by Automotive, Value, 2016-2028 (US$ Bn)
FIG. 16Global HVAC Relay Market, by Industrial, Value, 2016-2028 (US$ Bn)
FIG. 17Global HVAC Relay Market, by Commercial, Value, 2016-2028 (US$ Bn)
FIG. 18Global HVAC Relay Market, by Residential, Value, 2016-2028 (US$ Bn)
FIG. 19U.S. HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 20Rest of North America HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 21U.K. HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 22Germany HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 23France HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 24Italy HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 25Spain HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 26Russia HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 27BENELUX HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 28Poland HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 29Austria HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 30Rest of Europe HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 31Japan HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 32China HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 33India HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 34South Korea HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 35Australia HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 36Southeast Asia HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 37Rest of Asia Pacific HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 38Middle East & Africa HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 39South Africa HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 40Nigeria HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 41Egypt HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 42GCC HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 43Israel HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 44Latin America HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 45Mechanicalzil HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 46Argentina HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 47Colombia HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 48Peru HVAC Relay Market, 2016-2028 (US$ Bn)
FIG. 49Chile HVAC Relay Market, 2016-2028 (US$ Bn)

List of Tables

TABLE 1Market Snapshot: Global Beauty Devices (HVAC Relay) Market
TABLE 2Global HVAC Relay Market, by Type, 2016-2028 (US$ Bn)
TABLE 3Global HVAC Relay Market, by Application, 2016-2028 (US$ Bn)
TABLE 4Global HVAC Relay Market, by Geography, 2016-2028 (US$ Bn)
TABLE 5North America HVAC Relay Market, by Type, 2016-2028 (US$ Bn)
TABLE 6North America HVAC Relay Market, by Application, 2016-2028 (US$ Bn)
TABLE 7North America HVAC Relay Market, by Country, 2016-2028 (US$ Bn)
TABLE 8Europe HVAC Relay Market, by Type, 2016-2028 (US$ Bn)
TABLE 9Europe HVAC Relay Market, by Application, 2016-2028 (US$ Bn)
TABLE 10Europe HVAC Relay Market, by Country/Region, 2016-2028 (US$ Bn)
TABLE 11Asia Pacific HVAC Relay Market, by Type, 2016-2028 (US$ Bn)
TABLE 12Asia Pacific HVAC Relay Market, by Application, 2016-2028 (US$ Bn)
TABLE 13Asia Pacific HVAC Relay Market, by Country/Region, 2016-2028 (US$ Bn)
TABLE 14Latin America HVAC Relay Market, by Type, 2016-2028 (US$ Bn)
TABLE 15Latin America HVAC Relay Market, by Application, 2016-2028 (US$ Bn)
TABLE 16Latin America HVAC Relay Market, by Country/Region, 2016-2028 (US$ Bn)
TABLE 17Middle East HVAC Relay Market, by Type, 2016-2028 (US$ Bn)
TABLE 18Middle East HVAC Relay Market, by Application, 2016-2028 (US$ Bn)
TABLE 19Middle East HVAC Relay Market, by Country/Region, 2016-2028 (US$ Bn)
TABLE 20Africa HVAC Relay Market, by Type, 2016-2028 (US$ Bn)
TABLE 21Africa HVAC Relay Market, by Application, 2016-2028 (US$ Bn)
TABLE 22Africa HVAC Relay Market, by Country/Region, 2016-2028 (US$ Bn)

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Frequently Asked Questions

How COVID 19 Impacted HVAC Relay Market?

Likewise other industries, COVID 19 also taken a toll on HVAC Relay market with around 13.71% decline in its revenue in 2020 as compare to 2019

Which is the leading regional market for HVAC Relay?

U.S. is the largest regional market with highest share in the total volume of HVAC Relay consumed in 2021

What is the major growth driving factors for global HVAC Relay market?

Growing green building trend and increasingly stringent government regulation is major factor driving the demand for HVAC Relay

Which is major segment in HVAC Relay market by Type?

Electromagnetic Relay segment dominated the HVAC Relay market in 2021 with over 30% share

Which is major segment in HVAC Relay market by application?

Automotive segment was the largest application of HVAC Relay in 2021 with over 35% share

About Author

Rajdeep Kumar Deb

Lead Analyst – Consumer & Finance

Rajdeep brings a decade of consumer goods and financial services insight to strategic market analysis.

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