Press release
Solid State Relay Market Size, Share, Trends and Revenue 2024-2033
Solid State Relay Market Size
Solid State Relay Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $1.96 billion In 2028 At A CAGR Of 7.6% :
The solid state relay market size has grown strongly in recent years. It will grow from $1.35 billion in 2023 to $1.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to increasing demand for energy-efficient solutions, growing automation and industrialization, enhanced reliability and longevity, temperature and vibration resistance, wide operating voltage range, automotive and transportation sector.
The solid state relay market size is expected to see strong growth in the next few years. It will grow to $1.96 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to renewable energy integration, electrification of vehicles, increasing in medical equipment applications, telecommunications infrastructure, data center applications, smart grid implementation. Major trends in the forecast period include advancements in semiconductor technology, digital ssrs and intelligent control, high reliability and long lifecycle, integration of fault detection and diagnostics.
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Solid State Relay Market Major Segments
The solid state relay market covered in this report 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
Key Driver - Solid-State Relays Riding The Wave Of Electric Vehicle Surge
The rise in demand for electric vehicles (EVs) is expected to propel the solid-state relay market. 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 relays offer longer operating lives than mechanical relays while at the same time offering higher battery isolation capability in EVs. These adoptions lead to increased demand for EVs and hybrid vehicles, a change from petroleum products to more sustainable power vehicles. For instance, according to the May 2022 report published by the International Energy Agency, a Paris-based autonomous intergovernmental organization, the Global EV Outlook 2022 report, global electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 will have reached 6600000 units from 2980000 units. Therefore, increased demand for electric vehicles drives the solid-state relay market.
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Prominent Trend - Technological Advancements Shaping The Solid-State Relay Market
Technological advancement is a key trend in the solid-state relay market. 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. For instance, in May 2022, Texas Instruments, a US-based semiconductor company, introduced a new portfolio of solid-state relays, which includes automotive-qualified isolated drivers and switches that provide industry-leading dependability and contribute to the safety of electric vehicles (EVs). In addition, the newly isolated solid-state relays enable the smallest solution size while lowering the cost of the powertrain and the safety of the 800-V battery-management system.
Solid State Relay Market Players
Major companies operating in the solid state relay market report are Crydom Inc., Omron Corporation, Carlo Gavazzi Holding AG, Vishay Intertechnology Inc., Omega Engineering, Rockwell Automation Inc., ABB Ltd., Alstom SA, Sensata Technologies Holding CO U.S. B.V., General Electric Company, Fujitsu Limited, Teledyne Relays Inc., Broadcom Inc., Eaton Corporation, TE Connectivity, Avago Technologies Ltd., Celduc Relais, Infineon Technologies, IXYS Corporation, Panasonic Corporation, Sharp Electronics Corporation, Industries, Crouzet Automatismes SAS, AC/DC Electronics Inc., Advanced Energy Industries Inc., Amphenol Borisch GmbH, HONGFA Technology Co. Ltd., Artesyn Embedded Technologies, Axicom Technology Co. Ltd., Bourns Inc.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the solid state relay market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the solid state relay market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Solid State Relay Market Report Structure
3. Solid State Relay Market Trends And Strategies
4. Solid State Relay Market - Macro Economic Scenario
5. Solid State Relay Market Size And Growth
…..
27. Solid State Relay Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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