Safety Relays and Timers - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Safety Relays and Timers market is growing at a CAGR of 6.5% during the forecast period. Some of the key factors such as rising demand for cost-effective systems, high demand for functional safety and increasing usage in oil & gas industries are driving factors for the market growth. However, high market competition and complexity of standards acts as the restraining factors for the market growth.
Safety Relays are devices that generally implement and monitor safety functions. They help in checking a safety system and enable the machine to either begin or execute the commands to stop the machine. The forthcoming plans of these relays have made it capable of saving up on a lot of machines startup time and even human efforts. In the event of a hazard, the task of safety functions is to use appropriate measures to reduce the existing risk to an acceptable level.
By end-user, oil and gas segment is going to have a lucrative growth during the forecast period due to growth in applications such as controlling, starting and protecting circuits. The deployment of process machines has increased due to the considerable rise in offshore oil and gas exploration activities. By geography, Asia-Pacific is going to have a lucrative growth during the forecast period due to rapid development in construction, energy and power, automotive, manufacturing industries.
Some of the key players in this market include ABB, Eaton Corp., OMRON Industrial Automation, Rockwell Automation, TE Connectivity, SICK AG, Altech Corp., Siemens AG and Pilz GmbH & Co. KG.
• Normally Open, Time Open (NOTO)
• Normally Closed, Time Closed (NCTC)
• Normally Open, Time Closed (NOTC)
• Normally Closed, Time Open (NCTO)
• Modular & Configurable Safety Relays
• Single-Function Safety Relays
• Oil & Gas
• Energy & Power
• Chemical and Petrochemical
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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