Timing Relay Market: Development Status, COVID – 19 Impact and Segmentation by 2023

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. Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 on Timing Relay Market is included in the present report.

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.

Competitive Dashboard

The top players dominating the global timing relay market comprises ABB (Switzerland), Siemens (Germany), Schneider (France), General Electric (US), Rockwell (US), Eaton (Ireland), Littlefure (US), Omron (Japan), Mitsubishi Electric (Japan), TE Connectivity (Switzerland), Infitec (Germany), and Fuji Electric (Japan).

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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