Press release
Solid-State Relays Riding The Wave Of Electric Vehicle Surge: An Emerging Driver Transforming The Solid State Relay Market Landscape
Solid State Relay
What Is the Projected Growth of the Solid State Relay Market?
The market size of solid state relays has experienced robust growth lately. It is forecasted to increase from $1.47 billion in 2024 to $1.59 billion in 2025, indicating a compound annual growth rate (CAGR) of 8.2%. The expansion during the historical period is primarily due to the escalated demand for energy-efficient solutions, heightened automation and industrial processes, amplified dependability and lifespan, and resistance to temperature and vibration. The wide operating voltage range, coupled with the impact of the automotive and transportation sector, also contributed to this growth.
Anticipated to witness robust expansion in the forthcoming years, the market size of solid state relays is projected to reach a valuation of $2.1 billion by 2029, recording a CAGR of 7.2%. This growth trajectory in the projection period is attributable to factors such as the incorporation of renewable energy, vehicle electrification, a surge in the usage of medical equipment, advancements in telecommunications infrastructure, and implementation of smart grids and data center solutions. Other significant trends shaping this forecast period include the evolution in semiconductor technology, the emergence of digital SSRs and intelligent control, high dependability and extended lifecycle, and the integration of fault detection and diagnostics.
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What Are the Different Solid State Relay Market 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 Or DC Output SSR
3) By Power Rating: Low(0-20A), Medium(20A-50A), High(>50A)
4) By Industry: Energy And Infrastructure, Industrial OEM, Building Equipment, Food And Beverages, Automotive And Transportation, Industrial Automation
Subsegments:
1) By Panel: Flush Mount, Surface Mount
2) By PCB: Through-Hole PCB Mount, Surface-Mount PCB Relay
3) By DIN Rail: Standard DIN Rail Mount, Modular DIN Rail Mount
4) By Other Mounting Types (Plug-In): Plug-In Modules, Socket Mounts
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What Are the Primary Drivers Shaping the Solid State Relay Market?
The solid-state relay market is projected to grow, driven by the increasing demand for electric vehicles (EVs). Electric vehicles, characterized by motors powered by battery-stored electricity, rely on charging these batteries with electricity instead of using fossil fuels like gasoline or diesel. Solid-state relays, providing extended operative lifetimes compared to mechanical relays, provide superior battery isolation capacity in EVs. This advancement fuels the growing preference for EVs and hybrid cars, shifting from oil-based products to more environmentally-friendly powered vehicles. For instance, the International Energy Agency, an autonomous intergovernmental organization based in France, reported that approximately 14 million electric cars were sold globally in 2023, constituting 18% of all car sales, a rise from 14% in 2022. Consequently, the heightened demand for electric vehicles is driving the solid-state relay market's growth.
Which Companies Are Leading in the Solid State Relay Market?
Major companies operating in the solid state relay market are Crydom Inc., Omron Corporation, Carlo Gavazzi Holding AG, Vishay Intertechnology Inc., Rockwell Automation Inc., ABB Ltd., Sensata Technologies Holding CO U.S. B.V., Teledyne Relays Inc., Eaton Corporation, TE Connectivity, Celduc Relais, Infineon Technologies, IXYS Corporation, Panasonic Corporation, durex* Industries, Crouzet Automatismes SAS, Advanced Energy Industries Inc., HONGFA Technology Co. Ltd., Axicom Technology Co. Ltd., Bourns Inc.
What Are the Major Trends Shaping the Solid State Relay Market?
Leading firms in the solid-state relay market are concentrating on the creation of innovative products, such as automotive-qualified isolated switches and drivers, to enhance safety and trustworthiness in electric vehicles and high-voltage systems. These components are designed to safely manage high-voltage circuits in vehicles whilst adhering to automotive safety and reliability specifications. To illustrate, Texas Instruments, a semiconductor firm based in the US, launched a new range of solid-state relays in May 2022. This range includes automotive-qualified isolated switches and drivers that offer unparalleled reliability and contribute to the safety of electric vehicles (EVs). Furthermore, these novel isolated solid-state relays help reduce the size of the solution while decreasing the cost of the powertrain and the safety of the 800-V battery-management system.
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What Are the Top Revenue-Generating Geographies in the Solid State Relay Market?
Asia-Pacific was the largest region in the solid state relay market in 2024. 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Solid State Relay Market?
2. What is the CAGR expected in the Solid State Relay Market?
3. What Are the Key Innovations Transforming the Solid State Relay Industry?
4. Which Region Is Leading the Solid State Relay Market?
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Table of Contents:
Table of Contents
1 Study Coverage
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