North America Safety Relay And Timers Market Size (2024 - 2029)

North America Safety Relay and Timers Market Analysis

The NA Safety Relay And Timers Market size is estimated at USD 1.98 billion in 2024, and is expected to reach USD 2.72 billion by 2029, growing at a CAGR of 6.56% during the forecast period (2024-2029).

Over the last decade, the demand for low-cost, accurate, small-sized, bounce-less operation and long shelf-life protective systems increased in industrial, automotive, energy and infrastructure, healthcare, and building equipment. Increased demand for upgrading the power infrastructure in developed countries to reduce heat generation through thermal dissipation using safety relays is expected to drive the market.

• Safety relays are critical for monitoring safety-related inputs and protecting machines and operators by enabling equipment via outputs only when normal and safe conditions are confirmed. However, traditional hardwired safety relays have limited functionality, leading many to search for upgraded solutions.
• Safety relays and timers are employed in applications like controlling, starting, and protecting circuits in the oil and gas sector. Various process machines employ industrial timers for material handling, machine tools, and process control. According to the EIA, Texas is a significant oil-producing state in the United States. In 2023, Texas produced a total of over 2 billion barrels. In a distant second location was New Mexico, which recorded 667.5 million barrels in the same year.
• According to Baker Hughes, at the end of 2023, 500 active rotary oil rigs were in the United States. The number of operational US 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 the region's offshore oil and gas exploration activities. Offshore oil and gas exploration activities require complex drilling operations, making logistics and operations challenging, hence the need for safety relays.
• Furthermore, the significant advantages of Industry 4.0 have also persuaded OEMs and SMEs to adopt IoT across their operations. IoT is spread across various industries, such as energy and power, healthcare, and the automotive and pharmaceutical industries. Thus, factory automation technologies are witnessing increased demand due to these factors.
• With the increasing technological developments in segments such as healthcare and life sciences, food and beverage, and others, the adoption of cleanroom lighting has continuously increased, demanding the players to invest in this technology through product innovation, expansion activities, mergers, partnerships, etc.
• For instance, in February 2023, ABB launched a Relay Retrofit Program to replace select SPACOM protection relays with the latest protection and control technology, REX610. The REX610 is a safety relay designed to adapt to the requirements of evolving power grids, making it a flexible, sustainable, and future-proof choice.
• However, the complexity of standards and high market competition are expected to hinder the growth of the safety relay and timers market. Additionally, the Russia-Ukraine War caused an additional disruption and affected the supply chains of semiconductors, leading to further increases in the prices of electronics. Overall, the impact of the competition on the electronics industry is expected to be significant. This would hamper the production of safety instrumented systems.

North America Safety Relay and Timers Industry Segmentation

A safety relay is a device that performs safety functions and is needed in installations and systems where a standard electromechanical relay is not safe enough. During the hazard, a safety relay reduces the risk to an acceptable level by initiating a safe and reliable response. A safety timer is either used to produce a precise time delay or to repeat an action after a certain period. Safety timers are processors that not only generate time delays but are also used as counters where these are used to count an activity or event.

The North American safety relay and timers market is segmented by type (single-function safety relays and modular and configurable safety relays), contact (normally closed, time open (NCTO), normally closed, time closed (NCTC), normally open, time open (NOTO), and normally open, time closed (NOTC)), end-user industry (automotive, energy and power, manufacturing, pharmaceutical, construction, semiconductors, oil and gas, and other end-user industries), and country (United States and Canada). The impact of macroeconomic trends on the market is also covered under the scope of the study. The report offers market forecasts and size in value (USD) for all the above segments.