The safety relays market is estimated to grow at a CAGR of 7.43% to reach a market size of US$838.575 million in 2027, from US$505.807 million in 2020.
Safety relays aid in the testing and monitoring of a safety system by allowing the machine to start or execute orders to stop the operation. The forthcoming innovations of safety relays have enabled them to save a significant amount of machine startup time as well as physical work. The growing usage of safety relays and timer devices in the oil and gas, industrial, and petrochemical sectors, as well as the strong demand for this equipment in the automotive and food and beverage industries, will propel market expansion. Safety relays are used in the oil and gas industry for purposes such as regulating, initiating, and protecting circuits. They are an integral part of the oil and gas sector because heavy gear must be controlled by safety relays. Material handling, industrial machinery, and control systems in different processing equipment are all applications for industrial timers.
The safety relay is utilized in applications such as pumps and storage in the petrochemical and chemical industries
The increased usage of safety relays and timers in the petrochemical and chemical industries. With the expansion of connected and electronic gadgets, there has been an increase in power generation in the power business. Furthermore, because of its numerous end-use applications across various end-use industrial verticals, the market is likely to rise at a rapid rate. The existence of severe laws such as the OSHA and Machinery Directive is also boosting market demand while keeping the safety of industrial operations and workers in mind. Furthermore, growing worries about the safety and security of industrial people are adding further fuel to market expansion throughout the projection period. Additionally, the market is expected to grow rapidly as a result of the use of automation solutions in potentially dangerous industrial facilities.
In the projected period, the industry 4.0 trend is paving the way for the adoption of safety relay devices
Global industrial automation is expected to increase in the future years. This is due to a growing interest in embracing digital technology, which is contributing to the rise of industrial automation. Additionally, increasing labor costs are boosting market demand in the approaching years. Furthermore, the growing desire to reduce the risk of accidents on industrial sites is boosting the demand for factory automation, increasing market demand as well. Furthermore, automation enables firms to obtain real-time information about industrial activities, making constant monitoring of activities possible. Moreover, the adoption of linked technologies such as the industrial internet of things (IIoT) is expected to boost automation in industries. For instance, in December 2021, Rockwell Automation Inc., the world’s largest company dedicated to industrial automation and digital transformation, announced new investments today to strengthen its information technology (IT) and operational technology (OT) cybersecurity offerings, providing customers with the protection they require in today’s perilous environment. Strategic relationships with Dragos, Inc. and CrowdStrike are among these projects, as is the construction of a new Cybersecurity Operations Centre in Israel.
Innovative product launches, offerings, and expansion of the safety relay market
There have been major developments in this market segment that have increased profitability for the safety relay market. For instance,
- In December 2021, as part of a long-term collaboration arrangement, TE Connectivity acquired Phoenix Contact’s force-guided narrow safety relay (NSR) technology. TE will manufacture and sell the PSRmini single-pole NSR relays as part of its commitment to bringing miniaturized systems and sophisticated safety technologies to market, particularly for robot, PLC, elevator, and servo drive applications.
- In May 2021, ABB has introduced the REX610, a new member of its Relion product family that is designed to promote safe, intelligent, and sustainable electricity. REX610 simplifies the safety of grids, industrial activities, and people by drawing on ABB’s legacy of programmable multifunctional relay and protection algorithms to produce a system that delivers appropriate protection for all fundamental power distribution applications. It is also prepared for a changing grid. As the market and requirements evolve, the modules may be simply added, deleted, or updated without having to replace the complete relay.
- MSR100 Single-function Safety Relays from Rockwell Automation handle a wide range of input devices and output combinations. These relays are suited for relatively modest safety applications and single-zone control and are available in electromechanical or solid-state variants for high-cycle-rate applications.
- In September 2022, Festo Didactic and SICK Sensor Intelligence launched their Safety Awareness Bundle. The package is intended for students and contains lectures on robot risk assessment. Festo Didactic’s manufacturing and production platform and a simulated cyber-physical smart manufacturing with a six-axis robot are included in the bundle. There are also area scans, safety programming logic processors, and safety relays from SICK.
According to analysts, the Asia Pacific region is expected to occupy a notable share of the market in the coming years
Increased automation in a variety of end-use industries such as factory automation and metalworking is likely to fuel demand for the worldwide industrial safety relay market. The regulatory body’s regulation requiring the deployment of industrial safety relays on manufacturing sites to improve facility safety is anticipated to drive demand. During the projection period, the Asia Pacific region is expected to develop at a quick rate. This is mostly due to the increased use of complicated machinery in response to the region’s strong demand for items created for a large customer base. With rising family income and disposable money, the burgeoning middle-class population adds to the expanding customer base. The expanding industrial automation with the introduction of Industry 4.0, the increasing urban population with fast urbanization, and the development of manufacturing activities are expected to fuel the growth of the worldwide safety relays market during the forecast period.