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Solid State Relay Market worth $4.79 billion by 2030, growing at a CAGR of 7.67% - Exclusive Report by 360iResearch
Solid State Relay Market | 360iResearch
The Global Solid State Relay Market to grow from USD 2.85 billion in 2023 to USD 4.79 billion by 2030, at a CAGR of 7.67%.
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Solid state relays (SSRs) are the semiconductor equivalents of electromechanical relays and, therefore, can be used to control electrical loads. SSRs employ semiconductor switching elements, such as triacs, thyristors, diodes, and transistors, that do not have mechanical moving parts. SSRs can switch 24 VAC or 24 VDC on or off for external loads, including actuators, relays, or indicators. The potential demand due to the rising number of electric and connected vehicles has driven market growth for the last few years. This is because solid-state relays can efficiently disconnect and reconnect the loads in a few microseconds, enabling the safe operation of high-voltage automotive systems. Moreover, the rapidly growing industrial automation trends significantly contribute to the market growth owing to its ability to automate complete manufacturing operations while reducing the operations time and improving productivity. Despite these growth factors, maintaining specific temperature control and waste heat generation has restricted market growth for the last few years. The emergence of low-cost alternatives such as electromechanical relays is being developed, affecting the production and distribution of solid-state relays. However, the key manufacturers have shifted their focus towards SSR innovation and advancement, which creates a scope for the market in the near future.
The Americas showcases the growing landscape for the solid state relay (SSR) market attributed to growth in industrial automation, smart homes, and focus on expanding native electronic product manufacturing. Asia-Pacific represents a significant market space for the SSR, with a major manufacturing hub of SSR and related components and increasing exports of SSR. In addition, expanding industrialization in the emerging economies in the Asia-Pacific provide a brighter prospect for the SSR market development. The focus on energy-efficient equipment, the advanced medical and automotive sector, and increasing electrization for smart and automated residential and commercial buildings drives the growth of the SSR market in Europe, the Middle East & Africa region.
Market Segmentation & Coverage:
This research report categorizes the Solid State Relay Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Mounting Type, market is studied across DIN Rail, DIP, Panel, PCB, Plug-in, and SO4. The DIN Rail commanded largest market share of 23.64% in 2023, followed by Panel.
Based on Output Voltage, market is studied across AC, AC/DC, and DC. The AC commanded largest market share of 36.75% in 2023, followed by AC/DC.
Based on Current Rating, market is studied across High (More than 50A), Low (0A-20A), and Medium (20A-50A). The Medium (20A-50A) commanded largest market share of 41.09% in 2023, followed by High (More than 50A).
Based on Application, market is studied across Automotive & Transportation, Building Equipment, Communication Devices, Energy & Infrastructure, Food & Beverages, Industrial Automation & OEM, and Medical. The Automotive & Transportation is further studied across Aircraft Power Supplies, Electric Passenger Cars & Utility Vehicles, Emergency Vehicle, Refrigerated Vehicles, and Train Control Systems. The Building Equipment is further studied across HVAC Systems, Office Lighting Systems, Radiant Underfloor Heating & Roof Heating, Security & Access Control Systems, and Warehouse & Theatrical Lighting Systems. The Energy & Infrastructure is further studied across Battery Storage Devices, Power Distribution, Solar Tracking Systems, and Wind Turbines. The Food & Beverages is further studied across Coffee Makers & Vending Machines, Ovens & Toasters, and Steamers & Warming Trays. The Industrial Automation & OEM is further studied across Conveyor Systems & Elevators, Hoists & Fitness Equipment, Industrial Robotics & Material Handling Equipment, Packaging Devices, and Plastic & Printing Devices. The Medical is further studied across Dialysis Machines & Portable Respiratory Equipment, Drug Dispensing System, Imaging Systems, and Medical Sterilizers & Incubators. The Automotive & Transportation commanded largest market share of 19.11% in 2023, followed by Industrial Automation & OEM.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 36.62% in 2023, followed by Asia-Pacific.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Solid State Relay Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Solid State Relay Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Solid State Relay Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Anacon Electronic Sales, Inc., Arico Technology Co., Ltd., ATO.com, Autonics Corporation, Broadcom, Inc., Cabur S.r.l., Carlo Gavazzi Group, Celduc Groupe, Connectwell Industries Pvt. Ltd., Digi-Key Electronics, E. Dold & Söhne GmbH & Co. KG, Eaton Corporation PLC, Ecobee, Inc., Finder S.p.A., Fuji Electric Co., Ltd., Fujitsu Limited, Gefran S.P.A., General Electric Company, HP Inc., IDEC Corporation, Infineon Technologies AG, Interface Solutions UK Ltd., Jiangsu Gold Electric Control Technology Co., Ltd., NOVUS Automation Inc., Omega Engineering, Inc., Omron Corporation, Panasonic Holdings Corporation, Phoenix Contact GmbH & Co. KG, Rockwell Automation Inc., Sai Tech Controls, Satronix (India) Pvt. Ltd., Schneider Electric SE, Sensata Technologies Holding PLC, Sharp Corporation, Siemens AG, Standex Electronics, Inc., TE Connectivity Ltd., Teledyne Technologies Incorporated, Texas Instruments Incorporated, Toshiba Corporation, Vishay Intertechnology, Inc., Weidmüller Interface GmbH & Co. KG, Zhejiang Hugong Automation Technology Co., Ltd., and Zonit Structured Solutions, LLC.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Solid State Relay Market, by Mounting Type
7. Solid State Relay Market, by Output Voltage
8. Solid State Relay Market, by Current Rating
9. Solid State Relay Market, by Application
10. Americas Solid State Relay Market
11. Asia-Pacific Solid State Relay Market
12. Europe, Middle East & Africa Solid State Relay Market
13. Competitive Landscape
14. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Solid State Relay Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Solid State Relay Market?
3. What is the competitive strategic window for opportunities in the Solid State Relay Market?
4. What are the technology trends and regulatory frameworks in the Solid State Relay Market?
5. What is the market share of the leading vendors in the Solid State Relay Market?
6. What modes and strategic moves are considered suitable for entering the Solid State Relay Market?
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