HVAC relay market is expected to reach US$ XX Mn by 2027 with a CAGR of XX% in the forecasting period 2018-2026.

HVAC relay is a major component of the HVAC control system. HVAC relays are used to control, and open or close contacts that are attached to the motor. Relays are a type of an electrical circuit or switch that control the opening or closing of a different electrical circuit either electronically or electromagnetically. The relay can be described as a type of switch that is usually electromagnetically or electronically controlled to close or open contacts in a different electronic circuit. Relays help control a large voltage circuit with the low power signal.

HVAC relay is described as a switch that is generally used to control the operation of small capacity compressors, fan motors of condensers, evaporators, and cooling tower motors. Increase in demand for HVAC systems in the automotive industry for automotive climate control is expected to drive the demand for HVAC relay, as the demand for automobiles is increasing across the globe. The rise in construction of non-residential buildings and growth in investments in the sector are also driving the HVAC relay market. High initial setup costs of HVAC systems are likely to hamper the market in the near future. HVAC Relay Market report evaluates the growth rate and market value based on market dynamics, growth-inducing factors.

The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.

The HVAC relay market is segmented by product, application, and region. In terms of product, the Electromagnetic relay is the dominant segment with more than 40% share in terms of value in 2017. However, the hybrid relay is likely to be the fastest growing segment during the forecast period. In terms of application, the market can be divided into automotive, residential, commercial, and industrial. These segments have been analyzed based on present and future trends. This trend is expected to continue during the forecast period. Residential segment is the major application segment of the HVAC relay market. Demand for passenger vehicles and commercial vehicles has been rising across the globe.