The Global HVAC Relay Market generated revenue of around USD 1,486.95 million in 2021 and is anticipated to grow a CAGR of over 4.50% during the forecast period from 2021 to 2028 to reach around USD 2,081.56 million in 2028. While, cumulative growth opportunity presented by the global HVAC Relay is around USD 12.87 billion during 2022 to 2028.
Global HVAC Relay Market, 2021 – 2028 (USD Million)
The HVAC relay market is projected to grow rapidly during the coming years. Its fast growth will be driven by growing demand across healthcare, automotive, construction, and other industries. Increasing investment and the continued rise of non-residential construction activity will raise the demand for air quality management systems and HVAC solutions. This will support market growth over the next few years.
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Electromagnetic HVAC Relay to Grow at Rapid Pace
Electromagnetic Relay, Solid State Relay, Thermal Relay and Hybrid Relay are some of the important types of HVAC Relay used across different industries. However, Electromagnetic HVAC Relay are growing in demand and held significant share in total revenue generation with over 25% in 2021. While, hybrid and Solid state relay market are poised to play important role growth of HVAC relay in the years to come.
Automotive Industry to Govern Future Growth of HVAC Relay Industry
Automotive, Industrial, Commercial and Residential are major application markets for the global HVAC relay industry. Automotive industry held the largest share of global HVAC Relay industry in 2021 with over 30% contribution to revenue generated by HVAC Relay market. Especially, growing adoption of electric vehicle is likely to fuel the demand for HVAC Relay in the years to come.
While, industrial, commercial and residential applications are also expected to contribute in growth of HVAC Relay industry. However, ever increasing prices of raw material, huge installation and maintenance cost, and COVID 19 subsequences are likely to hinder the growth of HVAC Relay industry over the forecast period.
North America is Leading HVAC Relay Demand
North America is leading the HVAC Relay industry with over 30% share in 2021. Increasing demand for energy efficient building, adoption of electric vehicles and strangely government regulation are some of the major factors influencing the demand for HVAC relay in the region. U.S. is single largest market for the HVAC relay.
Major players operating in the HVAC relay industry include but not limited to Siemens AG, Control & Switchgear Electric Limited, General Electric, TE Connectivity Limited, ABB Ltd., Eaton Corporation plc, Mitsubishi, Littlefuse Inc., Hitachi Ltd., Rockwell Automation, Toshiba Corp., Schneider, OMRON, Omega Engineering and Celduc Realis. Global HVAC Relay market is characterized by the presence of large number of manufacturers across the world. Increasing production capacity in order to achieve economies of scale and growing in market share is primary focus of the industry participants.
Market Segmentation
Global HVAC Relay Market by Type, 2016 – 2028
- Electromagnetic Relay
- Solid State Relay
- Thermal Relay
- Hybrid Relay
Global HVAC Relay Market by Distribution Channel, 2016 – 2028
- Automotive
- Industrial
- Commercial
- Residential
Global HVAC Relay Market by Company, 2016 – 2028
- Siemens AG
- Control & Switchgear Electric Limited
- General Electric
- TE Connectivity Limited
- ABB Ltd.
- Eaton Corporation plc
- Mitsubishi
- Littlefuse Inc.
- Hitachi Ltd.
- Rockwell Automation
- Toshiba Corp.
- Schneider
- OMRON
- Omega Engineering
- Celduc Realis
- Others
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