Market Trends of Timing Relay Industry
This section covers the major market trends shaping the Timing Relay Market according to our research experts:
Increasing Demand for Industrial and Commercial Sector to Drive the Market
- A timer relay combines an electromechanical output relay and a control circuit. The contacts will open or close before or after a pre-selected timed interval and regulate the functioning of various devices.
- The timing relays are used in control, starting, and protective circuits for all switching operations involving time delays. The compact design of the timing relay is the ideal timer module for industrial manufacturers of control cabinets, switchgear, and control systems. The timing relays are ideal for heating, ventilation, air-conditioning systems, and compressors.
- With growing commercial buildings globally, the demand for timing relays in air conditioning systems, elevators, lighting, and other appliances increases. The safe utilization and working of these appliances are dependent on the functioning of timing relays.
- The increasing demand for control devices in numerous industries and the availability of broad time delay ranges are expected to propel the demand for time relays during the forecast period.
- 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 making a significant need for the market.
- As per IEA statistics 2021, the global air conditioners stock registered 1.93 billion units in 2020. There has been a 4.3% Y-o-Y growth in air conditioners stock compared to 2019. The increasing demand for air conditioning systems is expected to provide opportunities for the timing relay market.
- Therefore, with the growing population and urbanization, the usage of different appliances is increasing globally, which is one of the major driving factors of timing relays in the coming years.
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Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to dominate the market for timing relays during the forecast period. The growing industrial and transportation sectors are likely to create a significant need for timing relays in the coming years.
- Being the top mining countries in the region, China and Australia have been adopting real-time conveyor monitoring systems to improve 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 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 may drive the market for time relays in the future.
- Therefore, the growth of pump control, car parking barriers, transportation, and automatic doors are based on the efficient working of timing relays, thus dominating the market in Asia-Pacific during the forecast period.
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