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HVAC Relay Market Segmentation by Type (Electromagnetic, Solid State, Thermal, and Hybrid Relay); by Application (Automotive, Industrial, Residential, and Commercial) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of HVAC Relay Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • May 3, 2021- Siemens AG launched a force-guided coupling relay in their Sirius 3RQ1 series for electrical systems in infrastructure and industry. The equipment can be assembled easily which reduces the total time required for building control panels.

Global HVAC Relay Market Highlights 2022 – 2030

The global HVAC relay market is estimated to garner a large amount of revenue and grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the rising demand for heating, ventilation and air conditioning systems, increasing construction of non-residential buildings around the world, and growing investments to setup HVAC systems. It is calculated that the demand for HVAC equipment increased by approximately 7 percent since 2019, whereas the shipment for the same rose up by almost 6 percent every year since the same year.  Along with these, escalating implementation of stringent government regulations associated with energy efficiency and savings is projected to bring a shift towards green buildings. This in turn is considered to be a crucial factor offering abundant growth opportunities to the market in the near future. Furthermore, growing demand for indoor air quality systems is also expected to drive market growth in the forthcoming years.

HVAC Relay Market Graph

The market is segmented by type into electromagnetic, solid state, thermal, and hybrid relay, out of which, the electromagnetic relay segment is anticipated to hold the largest share in the global HVAC relay market on account of the fact that this type of relays can be effectively used with AC or DC currents, and their fast operation and reset, and ability to operate in milliseconds. Additionally, on the basis of application, the automotive segment is predicted to observe the highest market growth by the end of 2030, which can be credited to the surge in demand for HVAC equipment from commercial vehicles in heavy and light sections, and rising need for automotive climate control across the globe. Apart from these, increasing demand for passenger vehicles worldwide is also evaluated to boost market growth in the coming years.

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption Graph

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.CLICK TO DOWNLOAD SAMPLE REPORT

Global HVAC Relay Market Regional Synopsis

On the basis of geographical analysis, the global HVAC relay market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the North America is estimated to witness noteworthy growth over the forecast period on the back of the increase in demand for energy efficient and commercial buildings, and high usage of personal vehicles by people in the region. In 2018, the total number of LEED certified projects in the United States increased up to more than 66,000 in 2018, up from only 296 in 2006. In addition, presence of extreme weather conditions and lack of conventional heating methods are also predicted to boost the market growth in the future. Moreover, the market in Asia Pacific is assessed to occupy the largest share during the forecast period in view of the improvements in standards of living of the population, and increasing investments in the residential sector in the region.

The global HVAC relay market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global HVAC relay market includes the following segments:

By Type

  • Electromagnetic Relay
  • Solid State Relay
  • Thermal Relay
  • Hybrid Relay

By Application

  • Automotive
  • Industrial
  • Residential
  • Commercial

Growth Drivers

  • Rising Demand for Heating, Ventilation and Air Conditioning Systems
  • Increasing Construction of Non-Residential Buildings around the World

Challenges

  • High Installation and Maintenance Cost of HVAC Relays

Top Featured Companies Dominating the Market

  • ABB Ltd.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • Control & Switchgear Electric Limited
  • TE Connectivity Limited
  • Siemens AG
  • General Electric Company
  • Eaton Corporation
  • Hitachi Ltd.
  • Toshiba Corporation
  • IXYS Integrated Circuits Division, Inc.
  • Omega Engineering, Inc.

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