Global Timing Relay Market
Overview
According
to a detailed analysis by Market Research Future (MRFR), the timing relay
market is predicted to register a CAGR of 4.50% during the forecast period (2017-2023).
Also acknowledged as time delay relays, timing relays are switches that can be
controlled with the help of a circuit. It is precisely used in industrial
applications where the timing requires to be locked in and offers reliable and
simple control to initiate a motor, affect a process, and control a load. The
burgeoning demand for electrical equipment and rising demand for control
devices in the utility sector is shaping the timing relay market over the
years.
Market Potential and
Pitfalls
The
Global
Timing Relay Market is witnessing a sturdy growth over the past few
years due to the mammoth demand for electrical equipment. The plummeting demand
for control devices in the end-use industries is considered one of the key
factors dictating the growth trajectory of the market across the globe.
Industries across the world are extensively investing in control devices to improve
the growth efficiency besides reducing the error ratio. With increased power
generation capacity addition and manufacturing activities, the market is predicted
to experience a boost in the coming years. The rapid urbanization and
industrialization have led to the increased demand for electricity, thereby encouraging
the growth of the global timing relay market in the foreseeable future.
Economies like Japan, China, and India are considered the prominent markets in
the Asia Pacific region. With the growth in infrastructural developments, especially
in the Middle East & Africa, the timing relay market is predicted to gain
impetus. The burgeoning focus on renewable power generation along with the power
generation capacity addition is likely to influence market growth.
On
the contrary, the high availability of alternatives like smart relays and PLCs are
considered to restrict market growth during the assessment period.
Global Timing Relay
Market: Segmental Analysis
The
timing relay market is segmented on the basis of mounting type, timer, function,
and end-user.
By
mode of the timer, the timer relay market is segmented into on-delay and
off-delay. Among these, the on-delay segment is considered to lead the segment and
acquire the largest market share due to easy implementation compared to off-delay
and other timers. Market players like Littelfuse, Siemens, Panasonic, OMRON,
IDEC Corporation, Carlo Gavazzi, and Macromatics offer on-delay timers.
The
mounting type segment constitutes of panel mounted, and din rail mounted. Among
these, the panel mounted segment is estimated to gain prominence. They are
designed to be easily mounted on heat sinks or flat panels with screws. This
segment is mostly preferred as they can be plugged into a socket or be mounted
on a panel with ease.
Single
and multi-function comprise the function segmentation of timer relay market.
Based
on end-users, the timer relay market comprises utilities, industries, and
others. Among these, the utility segment is predicted to experience the highest
growth owing to its capability to address problems like load restoration, load
shedding, under frequency protection of generators, and motor loads.
Regional Frontiers
Geographically,
the timer relay market spans across the Asia Pacific, North America, Europe,
South America, and the Middle East & Africa.
Considering
the global scenario, the Asia Pacific region is considered the fastest evolving
market mainly due to the surging investments in the power generation sector along
with the growing T&D network expansions in the region. As per the Energy
Information Administration, utilities are highly spending on transmission infrastructure.
Expansion in the transmission network is considered to influence the growth of
the market. 405 miles of transmission lines were being added at the end of 2017
with the completion dates planned by the end of 2024. The market is predicted
to experience growth, especially in economies like China, India, and South-East
Asian nations. The spurring manufacturing activities and power generation
capacity additions in these economies are the major growth factors of the timing
relay market.
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