The dual relay board market revenue by the end of 2022 was US$ 605.5 million. The market is expected to reach US$ 911.0 million by 2033, as it is estimated to grow at a CAGR of 3.9% from 2023 to 2033.
Attributes
Details
Estimated Year (2023) Market Value
US$ 619.4 million
Projected Year (2033) Market Value
US$ 911.0 million
CAGR% (2023 to 2033)
3.9%
Top 5 Vendor Market Share
Around 37%
Relay boards are computer boards that contain a number of relays and switches. They are meant to manage the voltage supply and can be implemented in both input and output terminals.
Dual relay boards link to a Switch-It or Switch8 decoder to offer one DPDT (Double Pole Double Throw) or two SPDT (Single Pole Double Throw) relay outputs for power switching of up to 2 amps. It allows autonomous, real-time control for each of the onboard relay channels.
The dual relay board market accounts for 14% of the total global protection relay market.
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2018 to 2022 Dual Relay Board Market Demand Outlook Compared to 2023 to 2033 Forecast
The dual relay board market is estimated to grow at a CAGR of 3.9% for the forecast period compared to the historic CAGR of 1.8% for the historic period 2018 to 2022.
With the rapid growth of the electronic and electrical sectors, more equipment with new innovations and technology drives the market growth. The dual relay board is used in many newly produced and launched electrical equipment to provide more security, safety, and voltage load, resulting in a longer life for the product or equipment.
Prominent Factors like Automotive Electronics and Rise Instances of Voltage Fluctuation Driving Dual Relay Board Market
The acceptance of dual relay boards in industries is due to their multiple qualities. A printed circuit board carrying a number of relay switches makes a dual relay board the most essential constituent of any electrical circuit.
Irregularities in the power distribution lines cause fluctuation between high and low voltages, which damages electronic equipment that has an input voltage lower than 5V.
Hybrid automobiles embedded with modern electronic gadgets and a rise in demand for safety features are becoming popular among customer choice leads, driving up demand for this market.
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Regional Analysis
East Asia was the region estimated to hold the largest market share 2022 of 24.1% in 2022, and South Asia and the Pacific are estimated to be the fastest-growing regions for the dual relay board market, with a CAGR of 6.3% for the forecast period.
East Asia's dominance is backed by increasing electrical connectivity and distribution networks across the region. The countries in the region are establishing new factories in various sectors, which necessitates the use of large electrical equipment that necessitates the use of dual relay boards for proper voltage regularities in order to protect against damage.
High demand for new electronic devices and an inclination toward hybrid vehicles grow demand in South Asia and the Pacific and drive sales of dual relay boards.
The rising expenditure on smartphones and the expansion in acceptance of miniature electric devices in this region are driving growth for this market.
Country wise insights
Inventing New Technology and Its Application in China Makes Prominent Market for Dual Relay Board
China is one of the world's fastest developing countries, having invented new technology and implementing it in the production of new electrical and industrial devices. A new product is developed with some requirements and has different features with different power consumption, but irregularities in the power supply interrupt the product life cycle. A dual relay board is embedded for better performance and to increase the sales of the product across the world.
Due to these factors, China was estimated to have a larger market share of 18.2% in 2022.
Embracing Technology and Rapid Industrialization Increases Dual Relay Board demand in USA
When it comes to adopting and growing innovative technology, the US is on par with the front runners. Increased use of smartphone services, the entry of various well-known manufacturers in the US, and an increased electrical connectivity and distribution network are likely to boost the US market.
Due to these reasons, the US is estimated to be a fast-growing market for dual relay boards, with a CAGR of 10.3% for the forecasted period.
Government Initiatives to focus on renewable energy drive the Growth of Dual Relay Board in India
The government of India is focused on renewable energy projects and energy-efficient sectors to connect with renewable energy sources. Foreign companies also invest in the country in collaboration with the government to support electrification and transportation across the country.
For this reason, India is estimated to grow at a CAGR of 13.4% for the forecast period.
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Category wise Insights
Why DC Power Product Type for Dual Relay Board Has Largest Market Share?
As these devices are embedded in many electrical home appliances and also positioned in many electrical devices, the demand for DC Power dual relay boards is increasing.
Companies operating in the automobile sector are developing and introducing safety features to meet consumer needs like parking assistance and collision avoidance systems, which require automotive relays that are designed for DC voltages in safety systems.
Due to this factor, DC power product types in dual relay boards were estimated to have a larger market share of 42.1% in 2022.
Why Household Application Has Fastest Growing Dual Relay Board Market?
The household application segment showed lucrative growth due to the high level of development that reduced the size, weight, and power consumption of heavy electronics products that can be used in homes.
Due to these factors, the household application is estimated to have the highest CAGR over the forecast period of 6.1%.
Competitive Landscape
With the increased production of new and innovative electronic goods by important players in order to give customers better products and experiences. Some key players are Jameco, Solarbiotics Ltd, Phidgets, MicroController Pros, Laurel Electronics, Leashelectronics, Intelligent Appliance, Arduino, Omega, Pentek, Honeywell International, and Pencom Design.
In August 2020, OMRON launched HD-1500 Mobile Robot with a 1500kg payload capacity is the strongest and newest addition to the company's portfolio of mobile robots.
In November 2020, TE Connectivity has acquired the DRI Relays. This acquisition has led the DRI Relays to provide strong and complex strategies for TE’s defense, aerospace, and marine businesses.
Scope of report
Attribute
Details
Market value in 2022
US$ 605.5 million
Market CAGR 2023 to 2033
3.9%
Share of top 5 players
Around 37%
Forecast Period
2023 to 2033
Historical Data Available for
2018 to 2022
Market Analysis
USD Million for Value
Key Regions Covered
North America, Latin America, Europe, South Asia & Pacific, East Asia, and the Middle East & Africa
Key Countries Covered
USA, Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey, and South Africa
