The global timing relay market is
estimated to expand at ~4.50% CAGR during the forecast period.
Timing Relays are switches that are
controlled by a circuit. It provides simple and reliable control to start a
motor, control a load, or affect a process. Timing relays are installed
wherever simple time-controlled processes are required. The availability of
broad time delay ranges in timing relays, rising industrial automation, and
increased demand for control devices in end-use industries have boosted the
demand for timing relays.
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The growing demand for timing relays
market is attributed to the increasing focus on renewable power generation and
increasing power generation capacity additions. For instance, global installed
power capacity reached 6,437 GW in 2016 with growth rate of 4.1%. Also,
significant development being made in Asian countries such as China and India
including the increasing use of coal resources has driven the growth of timing
relay used in the power sector. One of the major restraints for the global
timing relay market is availability of alternatives such as smart relays and
PLCs.
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Prominent
Players:
The key players of global timing relay
market are Siemens (Germany), ABB (Switzerland), General Electric (US),
Schneider (France), Eaton (Ireland), Rockwell (US), Omron (Japan), Littlefure
(US), TE Connectivity (Switzerland), Mitsubishi Electric (Japan), Fuji Electric
(Japan), and Infitec (Germany), among others.
Asia
Pacific is estimated to be the fastest growing market for timing relays.
Region wise, it is estimated that
Asia-Pacific region would be the fastest growing market during the forecast
period, due to increasing investments in the power generation sector and
increasing T&D network expansions in the region. For instance, according to
Energy Information Administration (EIA), utilities continue to increase
spending on transmission infrastructure. Expansion in transmission network
would positively impact the growth of timing relay market. At the end of 2017,
405 miles of transmission lines were added with its completion dates planned
through 2024. Similarly, the timing relay market is expected to experience
growth in the countries such as India, China, and South-East Asian countries.
Power generation capacity additions and increasing manufacturing activities in
these countries are the main factors spurring the growth of the timing relay
market.
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