Industrial Overload Relays Market Size, Share, Growth, and Industry Growth, By Type (Thermal Overload Relays, Magnetic Overload Relays, and Others), By Application (Motors and Generators), Regional Forecast To 2031

Updated On: 08 April 2024

INDUSTRIAL OVERLOAD RELAYS MARKET REPORT OVERVIEW

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global industrial overload relays market size was USD 161.9 million in 2022 and market is projected to touch USD 252.96 Million By 2031, exhibiting a CAGR of 5.1% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with industrial overload relays experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Electrical equipment called an overload relay is used to prevent an electric motor from overheating. Therefore, having enough motor protection is crucial. Overload relays, fuses, or circuit breakers can be used to operate an electrical motor safely. However, unlike the circuit breaker or fuse that would safeguard the circuit, this relay protects the engine. Fuse and circuit breaker devices are specifically designed to detect overcurrent in the circuit, whereas relay devices are designed to detect overheating if an electric motor becomes heated. 

An overload relay, for instance, can wander without tripping a CB (circuit breaker). The one does not make the other whole. An overview of overload relays, their types, and how they operate are covered in this article. Industrial overload relays are the relays that open the circuit after the circuit load exceeds a preset limit to offer overload protection. It usually responds to high currents, but sometimes it also responds to higher values of power. 

COVID-19 Impact: Closure of Inventories and Power Plants Affected Market Growth

The effects of the pandemic were allegedly severe as it affected the economy on a global scale. The industrial overload relays market growth was reportedly influenced by the outbreak of COVID-19. The market witnessed a negative impact of the pandemic and the lockdown due to various restrictions in manufacturing and supply chains. The demand for energy and power went low during the pandemic due to closed inventories and power plants. The demand for industrial overload relays witnessed a stagnancy due to stringent regulations on the supply of the materials. The market experienced a significant impact on the growth and is still recovering from it. 

LATEST TRENDS

Increasing Knowledge on Power Generation Safety to Propel Market Growth

Growing consumer concern over the safeness of generators and motors in the generation of power is anticipated to drive the industrial overload relays market. The demand for electricity is rising globally as a result of rising industrialization, development of the industrial sector, and population growth. This aspect is anticipated to have an indirect impact on the end-user industries' utilization of industrial overload relays. Additionally, a rising number of energy subsidiary needs is forecasted to help in the activation of circuit breakers and switches of alarm in the event of voltage fluctuation and unstable electricity flow in order to meet the demands of residential and commercial power consumers. This factor is projected to fuel market growth. 

INDUSTRIAL OVERLOAD RELAYS MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into thermal overload relays, magnetic overload relays, and others. 

• By Application Analysis

Based on application, the market is classified into motors and generators. 

DRIVING FACTORS

"Steady Adoption of Various Overload Relays to Elevate Growth in the Market"

The wholesome expansion of the industry is expected to foster the market. A eutectic alloy, a heater coil, and a mechanism for severing the electrical connection are all components of industrial overload relays. Heater coils monitor current changes in engines, motors, and generators and convert any excess current into heat. The heat is also used to determine whether an engine has reached its maximum capacity. This aspect is expected to accelerate market expansion in the coming years. The use of products in motors is expected to aid market growth, backed by the rising demand from motors and the transport industry.

RESTRAINING FACTORS

"High Initial Investment to Affect Market Growth"

The higher initial investment in the installation and setup of industrial overload relays may resist the growth of the market. Additionally, the regular maintenance of the product also costs higher, which may affect market growth.

INDUSTRIAL OVERLOAD RELAYS MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market Due to Rising Urbanization"

Asia Pacific is most likely to hold a dominating part of the industrial overload relays market share due to rapid urbanization and industrialization. The presence of the fastest growing countries in the region is also anticipated to contribute to the growth.  

North America is forecasted to hold a commendable share in the market growth due to the rising demand for overload relays from manufacturing, electronics, and other sectors.

"Expanding Demand for Reliable Power Sources to Surge Product Demand"

The market is estimated to grow owing to the steadily expanding R&D efforts to increase motor safety coupled with the rising demand for power internationally. Additionally, the global market for industrial overload relays is estimated to experience a significant rise due to the expanding trend of trustworthy renewable energy industries using power-producing techniques. This factor is anticipated to gain traction in the industrial overload relays market.

KEY INDUSTRY PLAYERS

"Key Players Must Focus On Product Development for Global Market Growth"

The businesses are working on developing new power and energy products that provide customers with better effectiveness and greater value. Companies also use innovation, acquisitions, and investments to try to increase sales. They are raising their production capacity in order to better serve their various markets. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. Key competitors are striving to gain joint ventures and establish their individual identities.

List of Market Players Profiled

• ABB (Switzerland)
• Eaton (Ireland)
• Rockwell Automation (U.S.)
• Schneider Electric (France)
• Siemens (Germany)
• WEG (Brazil)
• General Electric (U.S.)
• Sprecher+Schuh (U.S.)
• Littelfuse (U.S.)
• GREEGOO Electric (China)
• Finder (Australia)
• MTE (U.S.)
• Riken Electric (Japan)
• Benshaw (Canada)
• Meba Electric (China)
• GWIEC Electric (China)
• Lovato Electric (Italy)
• Kawamura Electric (Japan)
• Mitsubishi Electric (Japan)
• Fuji Electric (Japan)
• Texas Instruments (U.S.)
• Danfoss (Denmark)
• Emera (Canada)
• Tsubakimoto Chain (Japan)
• Hubbell Industrial Controls (U.S.)
• Struthers-Dunn (U.S.)

REPORT COVERAGE

The report covers various market aspects, such as:

• The product description is added to a brief about the product.
• Impacts of the lockdown followed by the pandemic.
• A driving factor becoming the new trend in the market.
• The factors which are likely to drive growth.
• Factors expected to decline in growth in the market.
• An in-depth regional analysis of the market is performed.
• Key players and their headquarters are also covered in the report.