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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

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.

hvac-relay-market

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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.

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.

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.

Frequently asked questions about global HVAC Relay industry

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

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

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

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

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

HVAC Relay Report Scope

Report Attribute Details
Market Value in 2021 USD 1,486.95 million
Market Value in 2028 USD 2,081.56 million
CAGR 4.50% between 2021 and 2028
Past data 2016 – 2021
Forecast period 2022 – 2028
Report coverage Market Size Valuation, Share Analysis and Growth Rate by Segments such as Type and Application, Company Share, Competitive Landscape and Trends Analysis
Segments covered

Type

Electromagnetic Relay

Solid State Relay

Thermal Relay

Hybrid Relay

Application

Automotive

Industrial

Commercial

Residential

Regional scope North America (U.S., Canada and Mexico), Europe (Russia, Spain, Italy, Germany, France, UK, Poland, Belgium, Netherland, Sweden, Denmark, Austria, etc.), Asia Pacific (India, South Korea, China, Japan, Taiwan, Singapore, Vietnam, Thailand, Indonesia, Malaysia, Australia, etc.), Latin America (Peru, Chile, Colombia, Brazil, Argentina, etc.), Middle East (KSA, UAE, Israel, etc.) & Africa (Egypt, Nigeria, South Africa, East African Community, etc.)
Major Players Analysed 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
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Trusted By
Godaddy
Published Date:  Jan 2022
Category:  Industrial Goods
Report ID:   60480
Report Format:   PDF
Pages:   128
Rating:    4.5 (24)
Delivery Time: 24 Hours to 48 Hours   
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