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Timing Relay Market Research Report Information by Timer (On-Delay, Off-Delay), Mounting Type (Panel Mounted, Din Rail mounted), Function (Single Function and Multi-function), End-User (Utilities and Industries), and Region ‚Äď Global Forecast till 2030


ID: MRFR/E&P/5602-HCR | 111 Pages | Author: Chitranshi Jaiswal| May 2024

Timing Relay Market Scenario


Timing relay market is expected to grow at ~4.50% CAGR during the forecast period of 2022‚Äď2030.


Timing relays commonly referred to as time delay relays are circuit-controlled switches. It allows you to start a motor, control a load, or alter a process with ease and reliability. It's most commonly utilized in industrial applications where precise timing is required. The market for timing relays is expected to be driven by the rising need for control devices in utilities and other industries, as well as the rising demand for electrical equipment. The electrical and industrial electronics business, for example, grew by 12.8%. This would be beneficial to the timing relay market growth.


Due to rising investments in the power generation industry and ongoing investments in industrial automation, the global market is likely to rise significantly over the forecast period. The growing need for control devices in end-use industries is propelling the worldwide market forward. Various sectors are extensively investing in control devices to boost production efficiency while lowering the mistake ratio. Expanded manufacturing operations and power generation capacity, would have a favorable impact on the timing relay industry. The global timing relay market is expected to expand rapidly over the forecast period, owing to the rising global demand for electrical equipment. The growing emphasis on renewable energy generation and the addition of additional power generation capacity around the world will stimulate the expansion of the timing relay industry.


Increasing demand for control devices in end-use industries is a major driver for the growth of the global market. Various industries are investing heavily in control devices to increase the production efficiency and simultaneously reduce error ratio. This would positively impact the timing relay market with increased manufacturing activities and power generation capacity addition.


The global timing relay market is projected to grow at a high rate during the forecast period, mainly due to the growing demand for electrical equipment globally. Market growth in this region can be attributed to increasing electricity demand and rising industrialization and urbanization. Countries such as China, Japan, and India are the key markets for timing relays in Asia Pacific.


The increasing infrastructural developments in the Middle East & Africa are expected to drive the market in the region. Rising population and urbanization in developing economies would result in increased demand for electricity, which would drive the need for control devices such as timing relay device. In addition, the increasing focus on renewable power generation and increasing power generation capacity additions globally would accelerate the growth of timing relay market. The availability of alternatives such as PLCs and smart relays would act as a restraint for the market. 


The global 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. Moreover, it is estimated that over 1 billion people currently do not have access to electricity, mainly in Africa, India and other parts of developing Asia.  Thus, increase in the demand for electricity would result in growth of electrical equipment market which would drive the timing relay market in the coming years.  


Key Players


The key players of 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.


Industry News



  • Weidmulle unveiled its new TFI series of timing relays in December 2020. With rotary switches, the new variety of relays allows for a straightforward arrangement. They also meet several standards and have a variety of approvals that make them suitable for a wide range of markets and applications.

  • ABB introduced a new all-in-one protective relay in May 2021 that provides unique simplicity. The REX610 is designed to make simple power distribution applications easier to secure and regulate.

  • The SIRIUS 3UG5 line monitoring relays, which Siemens has introduced, are the easiest way to monitor standards-compliant grid stability and quality, ensuring proper system operation and a long service life of components like motors or compressors. Critical areas like hospitals or the process industry, which require a high-quality, fail-safe supply of power, are among the applications for grid monitoring relays. Other areas of application include cranes, elevators, air and air conditioning compressors, as well as the timber industry.


Market Segmentation


Timing Relay Market Share


Timing Relay, also known as time delay 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. It is typically used in industrial applications where the timing needs to be locked in. Increasing demand for control devices in utilities & various industries and growing demand for electrical equipment is likely to drive the market for timing relays. For instance, according to the Indian Electrical and Electronics Manufacturers’ Association (IEEMA), the electrical and industrial electronics industry has witnessed growth of 12.8% in 2017-2018. This would have a positive impact on the growth of timing relay market.


Global market has been segmented based on timer, mounting type, function, end-user, and region. Based on timer, the market is classified into On-Delay and Off-Delay.  On-Delay segment is leading the market and has the largest market share, mainly due to easy implementation when compared to off-delay and other timers. 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.  

Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   4.50% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022 to 2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Timer, Mounting Type, Function and End-User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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)
  Key Market Opportunities   New product launches and R&D amongst major key players
  Key Market Drivers Increasing demand for control devices in utilities & various industries Growing demand for electrical equipment


Frequently Asked Questions (FAQ) :

By 2030, the timing relay market can surge at a 4.50% CAGR.

The timing relay market can garner high profits by 2030.

Omron (Japan), TE Connectivity (Switzerland), Littlefure (US), and Mitsubishi Electric (Japan) are some reputed names in the timing relay market.

The hike in investment for power generation projects can impel the timing relay market expansion.

The surge in need for controlled devices can prompt the timing relay market growth in North America.

Timing Relay Market

Timing Relay Market share is expected to reach USD 705 Million by 2027, expanding at a compound annual growth rate (CAGR) of 4.50% during the forecast period.

Segmentation
By Timer On-Delay Off-Delay
By Mounting Type Panel Mounted Din Rail Mounted
By Function Single Function Multi-function
By End-User Utilities Industries
Key Players
Companies Profiled   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)    Infitec (Germany)
Drivers
Market Driving Forces   Increasing demand for control devices in utilities & various industries    Growing demand for electrical equipment
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