Latching relays, also known as bistable relays, are essential components used to control electrical circuits. Unlike standard relays, which return to their default position once power is removed, latching relays can maintain their position without a continuous power supply. This unique feature allows for energy savings, as only short pulses of electricity are needed to change the relay's state. As a result, latching relays are especially valued in applications requiring low power consumption and reliability, such as in energy meters, security systems, and automated machinery.