Market Trends of Safety Relays and Timers Industry
This section covers the major market trends shaping the Safety Relays & Timers Market according to our research experts:
Safety Relays to Have High Demand Across Various Industries
- In the oil and gas sector, safety relays and timers are used in applications such as controlling, starting, and protecting circuits. Safety relays is an integral component of the oil and gas industry as it requires heavy machinery that must be controlled through safety relays. Industrial timers are suitable for use in material handling, machine tools, and process control in various process machines.
- The deployment of process machines has increased due to the considerable rise in offshore oil and gas exploration activities. Offshore oil and gas exploration activities require complex drilling operations, making it challenging in terms of logistics and operations.
- In the chemical and petrochemical industry, the safety relay is used in the application such as pumping and storage. Increase in chemical and petrochemical plants boost the use of safety relays and timers.
- In the power industry, with the increase in connected and electronic devices, there has been a rise in power generation. Also, industries are widely using automation in their process line which is creating demand for safety relay and timers.
- In the United Kingdom, there was an increase in sales of relays over the past few years compared to previous years due to the increase in usage in construction, manufacturing, oil and gas, energy and power and semiconductors industries.
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Asia-Pacific to be the Fastest Growing Market
- In APAC, countries like China, India are the major market for the safety relay and timers due to rapid development in construction, energy and power, automotive, manufacturing sectors.
- The shift of manufacturing industries to Asia, the growing dispensable income among the middle class, and the developments in South East Asia, including the ‘Make in India’ campaign by the Indian government, will boost the safety relays & timers market in Asia.
- For instance, In May 2018, India ranked 4th in the Asia Pacific region out of 25 nations on an index that measures their overall power. The Indian power sector is undergoing a significant change that has redefined the industry outlook. Sustained economic growth continues to drive electricity demand in India.
- The Government of India’s focus on attaining ‘Power for all’ has accelerated capacity addition in the country. At the same time, the competitive intensity is increasing at both the market and supply sides (fuel, logistics, finances, and manpower). The total installed capacity of power stations in India stood at 350.16 Gigawatt (GW) as of February 2019. Thus, power sector drives the safety relays and timers market too.
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