Timing Relay
Market Highlights
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.
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.
Timing Relay
Market Segmentation
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.
Key Players:
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.
Regional
Analysis:
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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