Press release
Solid State Relay Market Report 2023: Size, Growth, Share, Trends, Competitive Landscape, Forecast To 2032
Solid State Relay Market
The Business Research Company's Solid State Relay Global Market Report 2023 identifies demand for electric vehicles (EVs) as the major driver for the Solid State Relay market's growth in the forecast period. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries. It operates on electric motors and charges its batteries with electricity rather than utilizing fossil fuels such as gasoline or diesel. Solid-state relay offers longer operating life than mechanical relays while at the same time offering higher battery isolation capability in EVs, these adoptions lead to increased demand for EV and hybrid vehicles, a change from petroleum products to more sustainable power vehicles.
The global solid state relay market size is expected to grow from $1.25 billion in 2022 to $1.33 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The solid state relay market size is expected to reach $1.80 billion in 2027 at a CAGR of 7.8%.
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Major competitors in the Solid State Relay market are Crydom, Omron Corporation, Carlo Gavazzi, Vishay Intertechnology, Omega Engineering, Fujitsu, Rockwell Automation, Celduc Relais, Abb Ltd., STMicroelectronics, General Electric, Fairchild Semiconductors, Infineon Technologies AG, Broadcom, and Teledyne Automation Inc.
A key trend in the Solid State Relay market includes technological advancement. Electronic device development progresses the industry demand for electronic relays. Advanced design becomes increasingly important in producing a product with high reliability, high power flow, and high-temperature resistance. The market is witnessing the implementation of advanced technologies such as IIoT, SSRs with higher power supply rates, smart grids installed with SSR, and isolation technology (isolating both power and signal to optimize EVs driving through high power density, reduced electromagnetic interference, and good reliability). Major companies operating in the market focus on innovating new products to strengthen their market position.
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The Solid State Relay market is segmented -
1) By Mounting Type: Panel, PCB, DIN Rail, Other Mounting Types (Plug-in)
2) By Output: AC SSR, DC SSR, AC/DC Output SSR
3) By Power Rating: Low (0-20A), Medium (20A-50A), High (>50A)
4) By Industry: Energy And Infrastructure, Industrial OEM, Building Equipments, Food And Beverages, Automotive And Transportation, Industrial Automation
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Solid State Relay market.
The Business Research Company's "Global Solid State Relay Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Solid State Relay Market Include:
1. Executive Summary
2. Solid State Relay Market Characteristics
3. Solid State Relay Market Trends And Strategies
4. Solid State Relay Market - Macro Economic Scenario
5. Solid State Relay Market Size And Growth
......
26. Africa Solid State Relay Market
27. Solid State Relay Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Solid State Relay Market
29. Solid State Relay Market Future Outlook and Potential Analysis
30. Appendix
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