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Global HVAC Relay Market Share, Size, Forecast, Growth, Analysis, Trends: By Source: Solid State Relay, Electromagnetic Relay, Thermal Relay, Hybrid Relay; By Application: Residential, Automotive, Commercial, Industrial; Regional Analysis; Market Dynamics; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028
Global HVAC Relay Market Outlook
The global HVAC relay market is expected to grow at a CAGR of 6.80% in the forecast period of 2023-2028. The development of the market is aided by stringent government regulations for air quality management and improved power management systems.
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Global HVAC Relay Market Trends
HVAC stands for Heating, Ventilation, and Air Conditioning. These HVAC relay systems are different systems for temperature control and air quality control purposes. HVAC relays are open or closed circuits that are used to control the flow of electricity to different components of the HVAC system.
Increased Utilisation of HVAC Systems in End-Use Applications
The flourishing automobile industry and rising construction activities have led to increased demand for HVAC systems for indoor air quality management.
Development of Smart Relays
As the demand for HVAC systems keeps rising for various end-use applications, manufacturers have developed smart HVAC relays. These smart relays offer extended lifespan to the system as it breaks the circuit immediately if it detects a fault, protecting the equipment from any further damage.
Stringent Government Policies for Energy Efficiency
Governments around the world are adopting the trend of green building, which has improved energy management systems. This will propel the demand for smart HVAC relays for increasing the energy efficiency of the building, enhancing the development of the market.
Rapid Technological Developments to Offer Lucrative Opportunities to the Market
Manufacturers have started developing AI-enabled sensors to make HVAC systems more efficient and reduce the energy consumption.
High Capital Requirement for HVAC Systems to be a Major Challenge for the Industry
The installation process of an HVAC system is complex and requires a high initial cost. The installation process, depending on when it is carried out, can be tedious and time-consuming. It can require alterations to be made to a building's plumbing system. The infrastructure needs to meet the requirements for the installation of an HVAC system. These factors can hinder market growth significantly.
Global HVAC Relay Market Analysis
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Based on source, the market can be segmented into solid state relay, electromagnetic relay, thermal relay, and hybrid relay. Based on the application, it can be bifurcated into residential, automotive, commercial, and industrial. The regional markets for the market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global HVAC relay market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.
- TE Connectivity Corporation
- Eaton Corporation
- ABB Ltd.
- Hitachi, Ltd.
- Mitsubishi Electric Corporation
- Others
Different Sources for HVAC Relays in the Market
Based on the source, the market segments include solid-state relay, electromagnetic relay, thermal relay, and hybrid relay. Among these segments, the electromagnetic relay is expected to hold the largest market share owing to lower costs and wide usage for its capability of handling large amounts of output.
The hybrid relay is a combination of both static-relay and electro-mechanical relay. It utilises both the advantage of minimal voltage drop with high durability and removing interference generation. This segment is expected to experience rapid growth during the forecast period.
Applications in the Global HVAC Relay Market
HVAC relays find applications in residential, automotive, commercial, and industrial. The automotive segment holds a major share of the market. It is expected to show rapid development due to the increasing sales of vehicles and rising demand for advanced air quality management systems in vehicles. The improving living standards are expected to further propel the market expansion.
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Competitive Landscape
TE Connectivity Corporation is a global leader in manufacturing industrial technologies such as connectors, relays, fibre optics, sensors, energy and power, among many others. Their target industries include the automotive industry, industrial equipment manufacturers, data communication systems, defence and military, medical industries, among other industries.
It is an American-Swiss domiciled company, headquartered in Switzerland, and it was founded in 2000.
Eaton Corporation is an international power management company, founded in 1911 in the United States. Headquartered in Dublin, Ireland, this company is engaged in manufacturing energy-efficient products and services for more efficient and sustainable electrical, hydraulic, and mechanical power management for customers. Their products include utility and grid solutions, connectors, enclosures, industrial controls, sensors, and electronic components, among many other products.
Hitachi, Ltd. is a multinational conglomerate corporation headquartered in Tokyo, Japan. The company was founded in 1910. The company offers products and services related to digital systems, green energy and mobility, the connective industry, and the automotive industry. It is one of the most diversified companies comprised of more than 1000 subsidiaries which include multiple overseas corporations.
Their products include information and telecommunication systems, automotive systems, construction machinery, and electronic systems and equipment.
Other market players include ABB Ltd., and Mitsubishi Electric Corporation, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Source |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global HVAC Relay Market Analysis
8.1 Key Industry Highlights
8.2 Global HVAC Relay Historical Market (2018-2022)
8.3 Global HVAC Relay Market Forecast (2023-2028)
8.4 Global HVAC Relay Market by Source
8.4.1 Solid State Relay
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Electromagnetic Relay
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Thermal Relay
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Hybrid Relay
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2022)
8.4.4.3 Forecast Trend (2023-2028)
8.5 Global HVAC Relay Market by Application
8.5.1 Residential
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Automotive
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Commercial
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Industrial
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2022)
8.5.4.3 Forecast Trend (2023-2028)
8.6 Global HVAC Relay Market by Region
8.6.1 North America
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Europe
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Asia Pacific
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Latin America
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.6.5 Middle East and Africa
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2022)
8.6.5.3 Forecast Trend (2023-2028)
9 North America Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 TE Connectivity Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Eaton Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 ABB Ltd.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Hitachi, Ltd.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Mitsubishi Electric Corporation
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global HVAC Relay Market: Key Industry Highlights, 2017 and 2021
2. Global HVAC Relay Historical Market: Breakup by Source (USD Million), 2018-2022
3. Global HVAC Relay Market Forecast: Breakup by Source (USD Million), 2023-2028
4. Global HVAC Relay Historical Market: Breakup by Application (USD Million), 2018-2022
5. Global HVAC Relay Market Forecast: Breakup by Application (USD Million), 2023-2028
6. Global HVAC Relay Historical Market: Breakup by Region (USD Million), 2018-2022
7. Global HVAC Relay Market Forecast: Breakup by Region (USD Million), 2023-2028
8. North America HVAC Relay Historical Market: Breakup by Country (USD Million), 2018-2022
9. North America HVAC Relay Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Europe HVAC Relay Historical Market: Breakup by Country (USD Million), 2018-2022
11. Europe HVAC Relay Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Asia Pacific HVAC Relay Historical Market: Breakup by Country (USD Million), 2018-2022
13. Asia Pacific HVAC Relay Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Latin America HVAC Relay Historical Market: Breakup by Country (USD Million), 2018-2022
15. Latin America HVAC Relay Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Middle East and Africa HVAC Relay Historical Market: Breakup by Country (USD Million), 2018-2022
17. Middle East and Africa HVAC Relay Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Global HVAC Relay Market Structure
Key Questions Answered in the Report
The market is expected to grow at a CAGR of 6.80% during the period 2023-2028.
The market is driven by the growing automotive industry and the increasing application of HVAC systems for better air quality management.
The manufacturing of smart HVAC systems for better power efficiency and the utilisation of AI-enabled sensors for automation of the system are key trends in the market.
The regional markets for HVAC relay include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
The different sources in the market include solid state relay, electromagnetic relay, thermal relay, and hybrid relay.
The applications available in the market include residential, automotive, commercial, and industrial.
The key players in the market include TE Connectivity Corporation, Eaton Corporation, ABB Ltd., Hitachi, Ltd., and Mitsubishi Electric Corporation, among others.
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