Home > Energy, Mining, Oil & Gas > HVAC Relay Market

HVAC Relay Market Size, Regional Outlook, Growth Potential, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI3583

HVAC Relay Market size is slated to grow at a remarkable pace during 2023-2032, driven by its increasing demand across construction, automotive, healthcare, and other industries. A surge in investment and expansion in non-residential construction is expected to boost the demand for HVAC systems and indoor air quality management solutions, supporting the industry progression.

The escalating trend of the green building concept worldwide, due to the implementation of stringent government regulations and policies, may have a potential impact on the global industry through 2032. These buildings demand more effective energy management systems, thus enunciating the need for smart HVAC systems, which are largely being deployed to augment the efficiency of the buildings, thereby saving significant amounts of money.

Ongoing R&D activities regarding HVAC systems in the construction industry are as well likely to stimulate the HVAC relay market growth. For instance, a 2021 study led by researchers from the Harvard TH Chan School of Public Health revealed that the deployment of HVAC systems with effective filtration could help protect the building occupants from the negative impacts of carbon dioxide and fine particulate matter.

An upsurge in the technological developments in HVAC systems across various industries would further bolster the HVAC relay industry progression during the estimation period. Citing an example, Nomad GO has recently announced using an AI-enabled intelligent vision sensor, IMX500 by Sony Semiconductor, in HVAC systems to reduce energy use by 30%.

However, the high installation and maintenance costs of HVAC systems may cause hindrances to the global HVAC relay market value over the forthcoming years. HVAC systems are one of the essential aspects of any home, maintaining indoor air quality and providing comfort. Nevertheless, as costs for goods and services increase due to inflation, the expenses of owning and maintaining these systems also go up.

With every industry globally dealing with the high cost of materials, labor, and manufacturing due to ongoing inflation, the end-use consumer has to bear the brunt of the unanticipated high prices, thus limiting the uptake of HVAC systems. This, in addition to the supply chain constraints caused by the Russia-Ukraine conflict, may take a toll on the HVAC relay industry in the approaching years.

Based on the type, demand for hybrid HVAC relays is set to grow substantially between 2023 and 2032. These relays combine solid-state and mechanical technologies to deliver the best possible experience for customers in different industries. These relays also make it easier to comply with the latest legislation for energy-using devices. Hybrid relays also combine the best features of electromechanical relays to offer minimal contact resistance and high speed.

In terms of application, the HVAC relay market is touted to observe notable growth from the automotive application segment through 2032. This growth is predicted to come from the rising demand for electric vehicles worldwide. According to the International Energy Agency, despite the pandemic-induced lockdown restrictions and supply chain bottlenecks, the sales of electric cars recorded around two-fold growth from 2020 to reach 6.6 million units in 2021. With the performance of EVs depending solely on battery life, HVAC systems deployed in EVs are estimated to demonstrate high energy efficiency. Various OEMs in the industry are relentlessly working towards installing HVAC systems in EVs, augmenting the industry growth.

North America HVAC relay market would record remunerative growth over 2023-2032, driven by the rising demand for energy-efficient residential as well as commercial buildings. In addition, the region is witnessing a huge demand for electric vehicles from the United States, Canada, and other countries, supporting the development of the market.

Prominent companies operating in the global HVAC relay market are Siemens AG, Control & Switchgear Electric Limited (C&S Electric), General Electric, TE Connectivity Limited, ABB Ltd., Eaton Corporation plc, Mitsubishi (Mitsubishi Group, Renault–Nissan–Mitsubishi Alliance), and more. These industry players have been taking up significant measures like mergers and acquisitions, partnerships, and product developments to gain a competitive edge in the market.

What Information does this report contain?

Historical data coverage: 2018 to 2022; Growth Projections: 2023 to 2032.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

Buy Now

Access to only 1 person; cannot be shared; cannot be printed

Access for 2 to 5 users only within same department of one company

Access to a company wide audience; includes subsidiary companies or other companies within a group of companies

Budget constraints? Get in touch with us for special pricing

Request Discount

Our Market Research Reports Include:

  • Market snapshot
  • Market Segmentation
  • Value Chain Analysis
  • Growth Dynamics
  • Potential Market Opportunities
  • Regulatory Overview
  • Technology Evolution
  • Innovation & Sustainability

Buy Now

Access to only 1 person; cannot be shared; cannot be printed

Access for 2 to 5 users only within same department of one company

Access to a company wide audience; includes subsidiary companies or other companies within a group of companies