Relay And Industrial Control Market
The demand for relay and industrial control is on the rise worldwide, with market performance forecasted to expand at a CAGR of +6.2% in volume and +8.6% in value from 2022 to 2030. The United States leads in both consumption and import of relay and industrial control, showcasing significant growth in recent years. Export prices have also been on the rise, with the global average reaching $594 per unit in 2022.
Market Forecast
Driven by increasing demand for relay and industrial control worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +6.2% for the period from 2022 to 2030, which is projected to bring the market volume to 139M units by the end of 2030.
In value terms, the market is forecast to increase with an anticipated CAGR of +8.6% for the period from 2022 to 2030, which is projected to bring the market value to $13.6B (in nominal prices) by the end of 2030.
Consumption
World Consumption of Relay And Industrial Control
In 2022, the amount of relay and industrial control consumed worldwide skyrocketed to 85M units, rising by 25% against the year before. In general, the total consumption indicated resilient growth from 2020 to 2022: its volume increased at an average annual rate of +19.6% over the last two-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +43.2% against 2020 indices. As a result, consumption reached the peak volume and is likely to continue growth in the immediate term.
The global relay and industrial control market value skyrocketed to $7B in 2022, with an increase of 23% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated significant growth from 2020 to 2022: its value increased at an average annual rate of +20.3% over the last two-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +44.8% against 2020 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.
Consumption By Country
The United States (85M units) remains the largest relay and industrial control consuming country worldwide, accounting for 100% of total volume.
From 2020 to 2022, the average annual growth rate of volume in the United States totaled +19.6%.
In value terms, the United States ($7B) led the market, alone.
In the United States, the relay and industrial control market expanded at an average annual rate of +20.3% over the period from 2020-2022.
From 2020 to 2022, the average annual growth rate of the relay and industrial control per capita consumption in the United States totaled +19.0%.
Imports
Imports By Country
In 2022, the United States (97M units) represented the major importer of relay and industrial control in the world, achieving 100% of total import.
The United States was also the fastest-growing in terms of the relay and industrial control imports, with a CAGR of +16.4% from 2020 to 2022. The shares of the largest importers remained relatively stable throughout the analyzed period.
In value terms, the United States ($8B) constitutes the largest market for imported relay and industrial control worldwide.
From 2020 to 2022, the average annual rate of growth in terms of value in the United States amounted to +17.1%.
Import Prices By Country
The average relay and industrial control import price stood at $82 per unit in 2022, standing approx. at the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 2.4% against the previous year. As a result, import price attained the peak level of $83 per unit, and then fell modestly in the following year.
As there is only one major supplying country, the average price level is determined by prices for the United States.
From 2020 to 2022, the rate of growth in terms of prices for the United States amounted to +0.6% per year.
Exports
Exports By Country
In 2022, the United States (11M units) was the major exporter of relay and industrial control in the world, making up 100% of total export.
The United States was also the fastest-growing in terms of the relay and industrial control exports, with a CAGR of -1.7% from 2020 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.
In value terms, the United States ($6.7B) also remains the largest relay and industrial control supplier worldwide.
From 2020 to 2022, the average annual growth rate of value in the United States amounted to +16.2%.
Export Prices By Country
In 2022, the average relay and industrial control export price amounted to $594 per unit, increasing by 14% against the previous year. Over the period from 2020 to 2022, it increased at an average annual rate of +18.2%. The pace of growth was the most pronounced in 2021 an increase of 23% against the previous year. The global export price peaked in 2022 and is expected to retain growth in years to come.
As there is only one major export destination, the average price level is determined by prices for the United States.
From 2020 to 2022, the rate of growth in terms of prices for the United States amounted to +18.2% per year.
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