Safety Relays and Timers Market expected to reach US dollar 2.8Bn by 2026 TMR Research
Published on : Tuesday 09-02-2021
Major drivers for safety relays and timers market are growing the use of smart and programmable timers.
February 2021 – According to Trends Market Research Global Safety Relays and Timers Market is expected to reach US$ 2.8Bn by 2026 from US$ 1.5Bn in 2017 at CAGR of 8.11%.
Global industrial safety relays and timers market report consists of various multinational and local vendors. Some vendors offer both safety relays and timers and the market also has vendors who exclusively offer safety relays or timers.
Major drivers for safety relays and timers market are growing the use of smart and programmable timers. There have been technological advances inside electronic timers. These advanced timers recommend smart operations with developed control and monitoring functions. The key benefit that these timers offer is that they can be operated within a wider temperature range, making it easy to use them under harsh environmental conditions. Increase in use of safety PLCs over safety relays is the challenge of safety relays and timers market.
Single-Function Safety segment is leading the global industrial safety relays and timers market. The single-function safety relays are mainly economical when compared to the modular & configurable safety relays. The former is preferred for smaller machines that need to dedicated logic devices to complete the safety functions, while the latter is preferable where large and diverse safeguarding devices and minimal zone controls are required.
Chemical and petrochemical industry was the major end-user to the global industrial safety relays and timers market. Factors such as the rising usage of industrial relays and timers for applications such as storage and pumping and the availability of modular and configurable monitoring safety relays will contribute to the growth of this industry segment in the upcoming years.
Region-wise, North Americas will be the major revenue contributor to the industrial safety relays and timers market during the forecast period. The growing use of safety relays and timer devices in the oil and gas, chemical, and petrochemical industries and high demand for these devices in the automotive and food and beverage industries in the US will drive the market growth in North America region
Key players operating in Global safety relays and timers market, ABB, EATON, Rockwell Automation, Schneider Electric, Siemens, Euchner-USA, Panasonic Electric Works, Pilz, SICK, Yokogawa Electric.
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