NA Safety Relay and Timers Market Size

North America Safety Relay & Timers Market Analysis

The North America Safety Relay and Timers market is expected to register a CAGR of 6.5% during the forecast period. The upsurge in the need for flexible modular designs with integrated functional requirements is significantly driving the market growth in the region.

• Safety relays are critical for monitoring safety-related inputs and for protecting machines and operators by enabling equipment via outputs only when normal and safe conditions are confirmed. But traditional hardwired safety relays have limited functionality, leading many to search for upgraded solutions.
• In February 2021, IDEC Corporation announced the release of its new HR6S safety relay module. The microcomputer-based device supports various connections, input devices, and operating modes and adds convenient diagnostic and status monitoring important for the growing number of manufacturing sites relying on important internet of things (IoT) data.
• Safety relays and timers are employed in applications like controlling, starting, and protecting circuits in the oil and gas sector. Industrial timers are employed for material handling, machine tools, and process control in various process machines. According to EIA (Energy Information Administration), in 2021, crude oil production in Texas totaled to1.7 billion barrels. New Mexico produced around 459.8 million barrels in the same year.
• According to Baker Hughes, the Permian basin is the region with the largest number of oil rigs in the United States. As of the end of May 2022, there were 341 active rigs in the basin. The number of operational U.S. oil and gas rigs has increased from a pandemic-induced slump on the back of tighter fuel supplies due to the Russia-Ukraine war. The deployment of process machines has increased due to the considerable rise in offshore oil and gas exploration activities in the region. Offshore oil and gas exploration activities require complex drilling operations, making it challenging in terms of logistics and operations, hence driving the need for safety relays.
• However, due to the volatility in raw material prices, designing and manufacturing safety relays could be an expensive task. The global supply chains have also been impacted by the COVID-19 pandemic, which has added to the volatility in raw material costs, doubling as a significant restraint to the market growth.