HVAC Relay Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3583
HVAC Relay Market size will witness growth on account of surging demand for air conditioning and heating systems across residential and commercial establishments along with strong economic growth. Ability to operate both on AC and DC, robustness, fast operation and reliability, are some of the key parameters enhancing product adoption. Furthermore, growing efforts toward optimum use of electricity along with exponentially soaring energy demand will further complement the industry landscape.
Hybrid HVAC relay market is set to witness robust growth owing to its ability to effectively work on both as an electromagnetic and solid-state relay. Low power dissipation along with ability to switch AC load at zero current associated to solid state relays are some of the indispensable factors propelling the product demand. In addition, increasing penetration of electronic components in electrical appliances to control the switching of a high-voltage circuit by low-voltage signals will boost the product demand.
Positive outlook toward automotive sector along with surging demand for air conditioning and heating in vehicles will drive the automotive HVAC relay market during forecast period. For instance, in 2018, as per Statista, 78.7 million cars were sold globally, witnessing a growth of over 43% from 2015. Moreover, growing per capita income along with increasing number of road transport vehicle will further accelerate the product adoption.
Growing investments toward construction of green building infrastructure on account of stringent government regulations and policies pertaining to energy management will stimulate the residential HVAC relay market. Rapid population growth & urbanization along with increasing purchasing power parity are some of the prominent factors influencing the investments toward residential sectors. Furthermore, growing access to electricity in addition to declining costs has made the use of HVAC appliances more affordable over the time, which in turn will positively influence the product demand.
Asia Pacific HVAC relay market is anticipated to witness robust growth owing to improving living standards coupled with ongoing investments toward development of commercial & industrial sector. For instance, in 2017, China has witnessed foreign investment worth of USD 11.5 billion toward development of commercial real estate sector. Further, growing demand for light and heavy vehicles along with increasing purchasing power parity will complement the business outlook.
Increasing severity and frequency of extreme weather conditions coupled with lack of conventional heating methods will propel the North America HVAC relay market size. For instance, in January 2019, Canada experienced extreme cold waves causing temperatures to dip below -400 C. Technological advancement in design of equipment to improve efficiency and reduce cost will further enhance the product adoption.
Key players operating in the global HVAC relay market are Control & Switchgear Electric Limited, TE Connectivity Limited, Siemens AG, General Electric, Eaton Corporation, ABB Ltd., Littlefuse, Hitachi Ltd., Mitsubishi, Rockwell Automation, Schneider Electric and Toshiba Corporation.
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