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. Timing relay is defined as a control device which
helps to control the functioning of two events. It is a combination of an
electromechanical output relay and a control circuit. Its functions include
on-delay, off-delay, repeat cycle, pulse generator, and memory latch, among
others. Increasing demand for control devices in end-use industries and growing
demand for electrical equipment is likely to drive the market 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.
Industry
Segmentation
Based on mounting type, the market is
segmented as panel mounted and din-rail mounted. The panel mounted segment is
expected to be the largest market, by mounting type, during the forecast
period. Panel mounted timing relays are designed to be easily mounted on flat panels
or heat sinks with screws. It is most preferred mounting type as these relays
can be plugged into a socket or can be mounted on a panel. Considering the
timer segment, the market is segmented into on-delay and off-delay. The
on-delay is expected to have a larger share during the forecast period mainly
due to its wide application such as interference pulse suppression and gradual
starting of motors to avoid overload. On-delay timers are easy to implement
when compared to off-delay timing relays. These factors have resulted in the
larger share of on-delay timers in the timing relay market
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Regional
Analysis
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.
Competitive
Dashboard
The key players of the 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.
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