The global timing relay is expected to grow at CAGR of more than 3.5% during 2020 - 2025. The growing demand for industrial equipment especially in process industries and domestic appliances in the residential sector is increasing the demand for timing relays. With increased application of air conditioning in the residential and industrial sectors, the use of time relays has witnessed significant growth in recent years. On the other hand, the global pandemic of COVID-19 in 2020 has affected the supply chain across various industries, in turn, affecting the manufacturing and transportation of time relays. This, in turn, is expected to have a negative impact on the growth of the market studied.
- With the growing population and developments in the industrial and commercial sectors, appliances like air conditioners, refrigerators, and conveyor systems are witnessing significant growth, driving the market of timing relays considerably.
- With the ambitious goals of several nations to replace the current vehicles market with electric vehicles, is expected to provide an ample opportunity for the timing relay manufacturers and suppliers in the near future.
- With substantial scale growth in the transportation and commercial sector, in countries like India, Japan, and China and upcoming smart city projects, the Asia-Pacific region is expected to witness significant growth during the forecast period.
Key Market Trends
Increasing Demand for Domestic and Commercial Sector to Drive the Market
- A timer relay is a combination of an electromechanical output relay and a control circuit. The contacts will open or close before or after a pre-selected timed interval and regulates the functioning of various devices.
- With growing commercial buildings globally, the demand for timing relays in air conditioning systems, elevators, lighting, and other appliances are significantly increasing. The safe utilization and working of these appliances are dependent on the functioning of timing relays.
- The need for accurate timing, voltages, and functions control for OEM and industrial applications is creating demand to enhance the working of timing relays and creating a significant need for the market.
- With the growing population and urbanization, the usage of the different appliances is increasing globally, which is one of the major driving factors of timing relays in the coming years.
Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to dominate the market for timing relays during the forecast period. The growing industrial sector and transportation sector are likely to create a significant need for timing relays in the coming years.
- China and Australia, being the top mining countries in the region, have been adopting real-time conveyor monitoring systems to improve the operational efficiency and production in the country. Time relays are an essential component of the proper working of these systems.
- Timing relays are likely to grow in the industrial sector to start-up or shut down of machinery equipment, like the delayed switch-off of conveyor belts, opening, and closing of elevators and successive shut down of plants.
- Burglary and safety alarms in industries, commercial buildings, and residential areas are increasing, which are likely to drive the market of time relays in the future significantly.
- The growth of various industries like pump control, car parking barriers, transportation, automatic doors, and others are based on the efficient working of time relays, which are creating significant demand for Timing relays in the region.
The timing relay market is fragmented. Some of the major companies include Schneider Electric SE, General Electric Company, ABB Ltd, Siemens AG, Eaton Corporation plc.
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