Growing At A CAGR Of Over 4%, Timing Relay Market Is Estimated To Reach USD 573.65 Billion By 2024
Global Timing Relay Market is estimated to reach USD 573.65 Billion by 2024, growing at a CAGR of over 4%, in value terms owing to the rising adoption of timing relays across various end-users like the utilities, industrial segment etc. Moreover, increasing demand for electrical equipment coupled with the growing focus on renewable power generation is expected to drive the growth of Timing Relay Market during the forecast period. Based on the timer, the on-delay segment is anticipated to lead the market in the next five years due to its cost-effectiveness and ease of usage. Based on the functions, the single function segment is expected to lead the market by 2024, due to the growing need for accurate time control in OEM and industrial applications. Asia-Pacific is projected to lead the market in the next five years due to growing demand for electricity, rising industrialization and rapid urbanization in emerging economies like India and China. Years considered for this re...