The global timing relay market is predicted to develop at a 4.50% CAGR during the forecast period 2023- 2030, states the latest Market Research Future’s (MRFR) timing relay market report.
Timing relay, also popularly known as time delay relays, put simply, are switches which are controlled by a circuit.
It offers reliable and simple control for starting a motor, controlling a load, or affecting a process. Typically it is used in industrial applications where the timing needs to be locked in.
Various factors are fuelling the global time relay industry growth. As per the recent MRFR’s timing relay market statistics, such factors include increasing need for control devices in utilities and different industries, growing need for electrical equipment, rising need for control devices in end use industries, rising demand for electrical equipment globally, rising population, and growing urbanization in developing economies.
The additional factors adding to the timing relay market revenue include the rising focus on renewable power generation, increasing power generation capacity additions, rising need for electrical equipment, growing industrial automation, growing need for control devices in end use industries, demand for HVAC applications, burgeoning need for electrical equipment, growing demand for control devices in end use industries, and the availability of broad time delay ranges.
On the contrary, the availability of alternatives like smart relays and PLCs and the COVID-19 impact may impede the global timing relay market growth over the forecast period as per the timing relay market forecast.
Key Players
The leading players profiled in the global timing relay market report include Infitec (Germany), Fuji Electric (Japan), Mitsubishi Electric (Japan), TE Connectivity (Switzerland), Littlefure (US), Omron (Japan), Rockwell (US), Eaton (Ireland), Schneider (France), General Electric (US), ABB (Switzerland), and Siemens (Germany), among others.
The global timing relay market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global timing relay market based on end user, function, mounting type, and timer.
By timer, the global timing relay market is segmented into off-delay and on-delay. Of these, the on-delay segment will lead the market over the forecast period for its easy implementation over off-delay and other timers.
By mounting type, the global timing relay market is segmented into din-mail mounted and panel mounted. Of these, the panel mounted segment will dominate the market over the forecast period.
By function, the global timing relay market is segmented into multi-function and single function. Of these, the single function segment will spearhead the market over the forecast period.
By end users, the global Programmable timing relays market is segmented into industries, utilities, and others. Of these, the utility segment will have the lions share in the market over the forecast period for its ability of addressing issues such as under frequency protection of generators, motor loads, load restoration, and load shedding.
Regional Analysis
By region, the global covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, South America, & the Middle East and Africa (MEA). Of these, the APAC region will steer the market over the forecast period.
Increasing investments in the power generation sector, increasing T&D network expansions, growing demand for electricity, growing industrialization, rapid urbanization in emerging economies of China and India, growing power generation capacity additions, and growth of the manufacturing and process industries in the region are adding to the global timing relay market growth in the region. China and Japan will have the utmost market share followed by India and South-East Asia.
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