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.
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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Global
timing relay market is expected to witness substantial growth during the
forecast period owing to increasing investments in the power generation sector
and continuous investment in industrial automation. As per BP Energy
Outlook 2017, the share of energy for power generation would rise from 42% in
2015 to 47% by 2035. This would lead to increasing investments
in power generation sector which would drive the growth of timing relay.
Prominent Players:
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)
Industry Segmentation:
The
global timing relay market is further segmented based on end-users, including
utilities, industries, and others. Utility segment of the global timing relay
market is estimated to register the highest growth rate during the forecast
period due to its ability to address problems such as load shedding, load
restoration, motor loads, and under frequency protection of generators.
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Regional Outlook:
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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