(EnergyIndustry.Net, August 23, 2019 ) According to the market report published by MarketsandMarkets™ "Timing Relay Market by Timer (On-Delay, Off-Delay), Mounting Type (Panel Mounted, Din Rail Mounted), Function (Single, Multi-Function), End-User (Utilities, Industries), and Region (Asia Pacific, North America, Europe) - Global Forecast to 2022", The timing relay market is estimated to grow at a CAGR of 4.32%, from 2017 to 2022, to reach a market size of USD 573.5 million by 2022. Deployed to control an event based on time, these devices are used by end-users such as utilities and industries. The rising demand for electrical equipment and the increasing use of control devices in end-use industries are some of the factors contributing to the growth of the timing relay market.
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Asia Pacific is estimated to be the fastest growing market for timing relays from 2017 to 2022. The increasing need for power generation capacity additions, mostly in China and India, along with rising investments in the manufacturing and process industry, has led to the increasing need for electrical equipment. These equipment requires timer relays for precise time delay and reliable switching operations. This is expected to drive the growth of the timing relay market in Asia Pacific. China and Japan are estimated to be the two largest markets for timing relays in the region in 2017. Moreover, the timing relay market is also expected to grow significantly in countries such as India and South Korea during the forecast period.
The on-delay segment is expected to be the fastest-growing segment of the timing relay market from 2017 to 2022. The growth of this segment can be attributed to the easy implementation and operation of on-delay timers. The use of on-delay timers for applications such as interference pulse suppression and gradual starting of motors to avoid mains overload has also resulted in the higher demand for on-delay timers. Asia Pacific and the Middle East & Africa are the fastest growing markets for on-delay timers and offer lucrative business opportunities to on-delay timer manufacturers.
The panel mounted segment is expected to be the fastest growing market, by mounting type, from 2017 to 2022. The panel mount design allows end-users easy access to set-point and various function changes resulting in the fastest projected growth rate of the panel mounted segment. Panel mounted timing relays are can be easily mounted on flat panels or heat sinks with screws or can be plugged into a socket. The DIN rail mounted segment is expected to grow at the second highest CAGR, from 2017 to 2022, as DIN rail enclosures are compact in design, save lots of space, reduce labor, decrease installation time, and enhance design capabilities. All these factors offer lucrative business opportunities in the panel mounted and DIN rail mounted segments.
The multi-function segment is expected to be the fastest-growing segment of the timing relay, from 2017 to 2022. Multi-function timers provide broad timing ranges and functions. The same timer can be used to configure all the applications as per the end-users’ needs. These timers reduce maintenance time, inventory, and service time by providing selectable voltage, timing ranges, and functions in a single unit. All these factors are expected to offer promising business opportunities to the timing relay market in the multi-function segment.
The industries segment is expected to be fastest-growing timing relay market, by end-user, from 2017 to 2022, due to increasing industrial automation and industrialization in developing economies. The major industries that use timing relays include cement, pharmaceutical, semiconductors, metals and mining, water and wastewater, automotive, oil & gas, paper and pulp, textile, power generation, and food and beverage. Equipment such as motors, starters, and pumps are used while carrying out operations in these end-use industries. Timing relays are fixed on such equipment to control industrial processes and achieve certain time delays. All these factors are expected to create new revenue pockets for the timing relay market in the industries segment during the forecast period.