The global surface mount reed relays market is estimated to garner a moderate revenue by the end of 2031 by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 3 billion in the year 2021. The market is estimated to grow on the back of continuous demand for high voltage reed relays that are reliable and suitable for surface mount soldering for various applications in the electronics industry. The development of the electronic industry is expected to increase the demand for surface mount reed relays. According to recent data, India's electronics manufacturing industry is projected to reach ~USD 520 billion by the end of 2025.
The global surface mount reed relays market is also estimated to witness growth on account of rising demand for cost effective surface mount reed relays along with rise in industrial automation. Surface Mount Reed Relays are smaller in size and have very few internal components so takes up less board space and are heavily used in the manufacturing of Printed Circuit Boards (PCBs). For instance, production of PCB in Taiwan was around 680 million square feet in 2019. Furthermore, in Thailand, production of printed circuits board assembly was around 29 Million Units during 2021-2022. Such a factors, is therefore estimated to boost the market segment in coming years.
The global surface mount reed relays market is segmented and analyzed for demand and supply by end-user industry into automotive, aerospace & defense, healthcare, IT & telecom, consumer electronics and others. Out of these segments, automotive segment is estimated to garner the largest market share over the forecast period, owing to the growing adoption of reed relays in production of automobiles. As per data, total production of automobiles till mid-2022 was around 22.93 million vehicles. Further, increasing foreign direct investment along with various government policies is expected to boost segment growth in the coming years.
Regionally, the global surface mount reed relays market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in Asia Pacific is projected to hold the largest market share by the end of 2031. This can be accredited to the presence of strong automobile infrastructure along with rising growth of electronics industry. According to data, in 2021, India's exports of electronic goods stood at around USD 11 billion. Furthermore, the demand for electronic products in India is projected to grow to ~USD 400 billion by the end of 2025, up from ~USD 33 billion in the year 2020. In addition, in China, the manufacturing industry is one of the high growth industries and is anticipated to result in the development of industrial automation process and digitization of manufacturing phases. Such factors are estimated to foster the market growth in the APAC region.
Further, the market in the Europe is estimated to gain the significant growth during the forecast period, owing to the growing adoption of surface mount technology amongst small and medium-sized businesses in the region. Moreover, increasing industrial automation and rising demand for surface mount reed relays from various industries such as IT & telecom, military and defense are also estimated to result in growth of surface mount reed relays market in the European region.
The global surface mount reed relays market is further classified on the basis of region as follows:
Our in-depth analysis of the global surface mount reed relays market includes the following segments:
By End-User Industry
FREQUENTLY ASKED QUESTIONS
The growth of telecom industry and rising trend of E-vehicles are estimated to majorly boost the market growth.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031.
Less awareness about the benefits of surface mount reed relays in the market is estimated to challenge the market growth.
The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Pickering Electronics Limited, Reed Relays and Electronics India Limited, Coto Technology, Inc., Hamilton Electronics Pvt. Ltd., Comus International, TE Connectivity Corporation and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by volt, end user industry, and by region.
The automotive segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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