LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global industrial safety relays and timers market is expected to grow at a CAGR of more than 4% during the predicted period.
This research report titled 'Global Industrial Safety Relays and Timers Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Safety relays and timers are widely used devices in industries owing to the safety features that they provide. The global industrial safety relays and timers market is expected to grow exponentially during the forecast period because of the widespread use of safety relays and timers in precision-dependent end-user industries such as chemical and petrochemical, oil and gas, power, and mining. These end-user industries, owing to their nature, require safety relays and timers.
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Technavio's analysts categorize the global industrial safety relays and timers market into five end-user segments:
- Chemical and petrochemical industry
- Oil and gas industry
- Power industry
- Mining industry
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The top three segments of the global industrial safety relays and timers market are discussed below:
Global industrial safety relays and timers by chemical and petrochemical industry
Industrial safety relays and timers in the chemical and petrochemical industry are used for applications such as storage and pumping. Industrial safety timers are equipped with a multifunctional control to provide better control over processes. Globally, there is an increase in the number of chemical and petrochemical companies that have been opting for backward integration.
According to Kalle Deepak, a lead automation research analyst from Technavio, “The use of industrial safety relays and timers in the chemical and petrochemical industry is increasing owing to the growing offerings of modular and configurable monitoring safety relays by vendors. These are appropriate in industries that deploy a large and diverse number of safeguarding devices.”
Global industrial safety relays and timers market by oil and gas industry
Safety relays and timers are used in applications such as controlling, starting, and protecting circuits in the oil and gas industry. Safety relays form an integral component of the oil and gas industry as it requires heavy machineries that must be controlled through safety relays. Industrial timers are ideal for use in machine tools, material handling, and process control in various process machines.
“The deployment of process machines has increased considerably in the last decade as there has been a significant rise in offshore oil and gas exploration activities. Offshore oil and gas activities require complex drilling operations, making it challenging in terms of operations and logistics,” says Deepak.
Global industrial safety relays and timers market by power industry
Safety relays are rapidly gaining momentum in the power industry owing to the increase in power consumption. An increase in the use of electronic and connected devices has boosted the demand for power. Industries are increasingly using automation in their process lines.
There has been a transition in the power industry in terms of power generation source from coal-fired to gas-fired power plants and renewable power sources. Renewable sources of energy include the solar and wind power. The solar and wind power are prone to high voltage fluctuation, which is due to the change in solar irradiation and wind speeds.
The top vendors highlighted by Technavio's research analysts in this report are:
- Rockwell Automation
- Schneider Electric
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