ID: MRFR/E&P/5602-HCR | February 2021 | Region: Global | 111 pages
Timing relay market is expected to grow at ~4.50% CAGR during the forecast period.
Increasing demand for control devices in end-use industries is a major driver for the growth of the global timing relay 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 timing relay 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 timing relay market.
The global timing relay market is expected to grow at ~4.50% CAGR during the forecast period.
Global Timing Relay Market
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. 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.
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.
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 timing relay 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.
|Market Size||2027: Significant Value|
|CAGR||4.50% CAGR (2020-2027)|
|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||
Frequently Asked Questions (FAQ) :
By 2023, the timing relay market can soar at a high CAGR.
The timing relay market can garner high profits by 2023.
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.