More than 53.8 million electronic control relays were sold in 2013, with 13.1 million classified as measuring and monitoring relays, according to the latest IHS study.
The growth is driven by a trend towards more efficient control of electrical systems in industrial applications, which is influence growth in this market, especially in developing regions.
The largest shipment share in 2013 came from electronic control relays sold to building automation applications. These applications accounted for an estimated 19.2% of the world market. The research group said more efficient methods of heating, cooling, and general environmental control are more readily implemented in new construction, which has occurred more frequently in the developing regions in recent years.
The firm said the EMEA (Europe, Middle East, and Africa) market accounted for 49% of the estimated 13.1 million units for measuring & monitoring relays in 2013. EMEA is predicted to grow the slowest to 2018, at a CAGR of 3.1%. This growth rate is 1.5% less than that forecast for the Americas and 2% less than Asia. The research firm said this is due mainly to extended economic weakness seen in the Eurozone region and the lower construction activity there.
to Daily News