India Electromechanical Relay Market is expected to reach $602 million by 2026 estimated to grow at a CAGR of 9.2% during the forecast period 2021-2026. Growing demand for advanced electromechanical relays to reduce power consumption across several industry verticals is major factor driving the India Electromechanical relay market size.
The emergence of renewable energy projects, Wide usage of electromechanical relays and relay switch in electronic appliances and in fuse box of automobile sector to prevent the circuits from overload and faults is also fueling the growth of the market.
Moreover, increasing demand for electrically operated switch due to low cost, long operation life, less power consumption, easy maintenance and advantage of these relay in switching up four different loads than solid state relays are analyzed to drive the India Electromechanical relay Industry in the forecast period 2021-2026.
India Electromechanical Relay Market Segment Analysis - By Poles
Triple pole segment is anticipated to grow at a CAGR of 12.0% during the forecast period, owing to the application of controlling power system. Similarly, these relays are frequently being used in power system networks, electro-hydraulics and electro-pneumatics for controlling, automation, and protection purpose. In addition the triple pole relay is used for routing and signaling in railways segment with the combination of switch fuse or circuit breaker with relay helps in protection of the transformer in this sector. Hence these advantages are analyzed to drive the market in the forecast period 2021-2026.
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India Electromechanical Relay Market Segment Analysis - By End User
Electromechanical relay in automotive industry is growing at a CAGR of 10.2% in the forecast period. Owing to rising adoption of these relays in cars to turn on/off equipped electronic devices within the vehicle. In addition to this, modern car manufacturers are incorporating relay panels into fuse boxes, as it supports easy maintenance of the vehicle. Auto manufacturers in India are playing a crucial role in selecting the most suitable relays, especially in the case of modern device manufacturing.
In the automobile vehicles, relays use a low current signal to control a high current circuit particularly in the applications such as starter solenoid. This application makes EMR indispensable for the automotive sector. These cars also deal with heavy electrical loads. Electronic devices such as fans, horns, wipers, ignition, air-conditioning, and headlamps which are equipped in the vehicle consume a large amount of current to process their operations. Thus, efficient relays installation is in demand to lower the power consumption in different automotive vehicles including lightweight commercial vehicles, cars, and trucks.
Moreover rising investments, production and sales of automotive vehicles significantly will boost the relay market. According to the report given by international organisation of automobile manufacturers (OICA), automobile production in India declined by 12% in 2019 followed by a similar decline projected in 2020 due to the current Covid-19 situation. This drastic fall made several companies focus on investment into future production as the automotive sector in India is set to recover by 2021.
Hyundai is planning to invest US$ 1 billion in India by 2022. SAIC Motor has also announced to invest US$ 310 million in India. Mercedes Benz has increased the manufacturing capacity of its Chakan Plant to 20,000 units per year. The growing investments, expansions accelerate the market to grow constantly post the Covid-19 recovery. Hence, the growing number of motor vehicles in India will augment the need of electromechanical relays fixation, thereby contributing to an increment in the India EMR market size.
India Electromechanical Relay Market Drivers
Significant investments in Renewable Sector
Emergence of Renewable energy generation in the country provides opportunities for Electromechanical Relays as it is used for several applications such as providing very big contact gap, powerful switching capabilities and so on in this sector. In addition to this, the government and several companies in the country have been investing heavily for the development of this sector.
In 2019, Overseas Private Investment Corporation (OPIC), a development finance institution of the US government, has invested USD 350 million in six new solar and wind-power generation facilities in India. Similarly, EverSource Capital plans to invest $1 billion in India's renewable energy sector. In addition to this, the Indian government plans to invest $330 billion on a renewables push by 2030. As electromechanical relays are used for several applications in this sector, these developments are analyzed to drive the market in the forecast period 2021-2026.
Growing application of Electromechanical relays in various verticals
Growing applications of electromechanical relay in the electronics projects to assist the alteration of the voltage & current is enhancing the market. Relays are effective in detecting and isolating the faults during power transmission and distribution system in the application areas pertaining to electrical supply. Lighting control systems, industrial process controllers, traffic control, telecommunication, motor drives control, and protection systems of an electrical power system are some of the most lucrative application areas for ERM. Moreover the industrial growth in the country has also increased the demand for these electromechanical relays.
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India Electromechanical Relay Market Challenges
Design and technical concerns related to EMR
Although Electromechanical Relays market is analyzed to grow at a significant rate, the design concerns are set to hamper the growth of the market. The challenge lies in blending the right mix of miniaturization and technical specifications to meet the designer's specific needs. Applications and technical specifications of these relays vary widely from one industry vertical to other. For instance, emerging broadband communications applications need relays to operate at higher frequencies, while industrial applications need lower power consumption and the automotive industry is demanding higher reliability. Hence these design concerns are set to hamper the market in the forecast period 2020-2025.
India Electromechanical Relay Market Landscape
Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the India Electromechanical relay market. In 2019, the market of India Electromechanical relay has been fragmented with several companies vying for top share. India Electromechanical relay top 10 companies Panasonic, Teledyne Relays, Honeywell International In, General Electric, Omron Corporation, Schneider Electric, Rockwell Automation, Inc., Siemens, Ashida electronics, Electronic Relays India Pvt Ltd, Rao ElectroMechanical Relays Private Limited and FUJITSU among others.
Acquisitions/Technology Launches
In April 2019, Teledyne has manufactured the unique product called GRF172-5 which is an ultra-miniature, hermetically sealed, armature relay for 2.5 GHz RF applications.
Key Takeaways
Electromechanical relay in automotive industry is growing at a CAGR of 10.2% in the forecast period owing to rising adoption of relay switch in cars to turn on and off the equipped electronic devices within the vehicle. This electrically operated switch further enhance the market.
Emergence of Renewable energy generation in the country provides opportunities for Electromechanical Relays as it is used for several applications in this sector.
Growing applications of electromechanical relay in the motor control, automotive applications and industrial applications in assisting alteration of the voltage & current is enhancing the market.
India Electromechanical relay top 10 companies Panasonic, Teledyne Relays, Honeywell International In, General Electric, Omron Corporation, Schneider Electric, Rockwell Automation, Inc., Siemens, Ashida electronics, Electronic Relays India Pvt Ltd, Rao ElectroMechanical Relays Private Limited and FUJITSU among others.
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