Surface Mount Reed Relays Market Trends

Growth Drivers

Rising Trend of E-Vehicles – The properties of surface mount reed relays such as high frequency, high voltage, and suitability for surface mount soldering make them more suitable for operation in the automotive sector. The rising demand for electric vehicles is expected to boost the market segment of the Surface Mount Reed Relay market. According to data from the International Energy Agency, in 2021, sales of electric vehicles stood at about 6.6 million and electric vehicles accounted for about 10% of worldwide car sales in the same year, which is four times the market share in 2019.
Growth in Telecom Industry – Surface mount reed relays have the properties of high insulation resistance and are capable of switching voltages, which makes them more suited for medical equipment and telecommunications. Therefore, the growth of the telecom industry is estimated to result in an increased volume of surface-mount reed relays in the market. As per recent data, in the Union Budget 2022-23, around USD 11 billion was allocated to the Department of Telecommunication of India.
Increased Research and Development Expenditure – As per data by the World Bank, research and development expenditure in proportion to gross domestic product (GDP) was around 2.63% in 2020, up from 2.2% in 2018.
Growth of Appliances and Consumer Electronics Industry – As per data, in the Asia Pacific region, the appliances and consumer industry was valued at around USD 9 billion in 2021 and is estimated to reach a valuation of USD 21 billion by the end of 2025.
Rising Demand for Medical Equipment – In the Asia Pacific region, Foreign Direct Investment (FDI) in the medical devices sector grew by 98% YoY, i.e., USD 301 million in 2020, up from USD 151 million in 2019, as per data.

Challenges

Less Awareness about the Benefits of Surface Mount Reed Relays in the Market – Not many people across the globe are aware of the properties and benefits of surface mount reed relays. This as a result can hamper the market growth in the forecast period.
Shortage of Raw Material for Manufacturing of Surface Mount Reed Relays
Not Suitable for Very High Currents

Surface Mount Reed Relays Market: Key Insights

Base Year	2023
Forecast Year	2024-2036
CAGR	5.7%
Base Year Market Size (2023)	USD 3.17 billion
Forecast Year Market Size (2036)	USD 6.52 billion
Regional Scope	North America (U.S. & Canada) Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa)

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of surface mount reed relays is assessed at USD 3.34 Billion.

The surface mount reed relays market size was over USD 3.17 Billion in 2023 and is likely to reach USD 6.52 Billion by 2036, growing at around 5.7% CAGR during the forecast period i.e., between 2024-2036. The growth of the telecom industry and the rise of e-vehicles are the major factors driving the growth of the market.

North America industry is estimated to have the highest growth through 2036, driven by advancement of cutting-edge technology.

Standex International Corporation, Pickering Electronics Limited, Reed Relays and Electronics India Limited, Coto Technology, Inc., Hamilton Electronics Pvt. Ltd., Comus International, TE Connectivity Corporation, SANYU ELECTRIC, INC (SANYU SWITCH CO., LTD.), RS Components & Controls (I) Ltd., Misensor Tech Co., Ltd

Surface Mount Reed Relays Market Trends