Solid State Relay Market (2023 to 2029) – Growth, Trends, COVID-19 Impact and Forecast

Solid State Relay Market was valued at US$ 1.26 Bn in 2022. The Solid State Relay Market size is estimated to grow at a CAGR of 6.3% over the forecast period.
Solid State Relay Market Overview:
The report explores the Solid State Relay market's segments (Mounting Type, Current Type, Application, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2021. The report investigates the Solid-State Relay market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Solid-State Relay market's contemporary competitive scenario.To know about the Research Methodology :- Request Free Sample Report
Solid-State Relay Market Dynamics:
Increasing adoption of hi-tech electronics is expected to lead growth in the consumer electronics industry, which includes home electronics, beverages dispensers, and office machines. Consumer electronics such as TV, air conditioners, microwave ovens, and refrigerators are also becoming more intellectual. This can be seen with beverages dispensers and office equipment, such as fax machines and inverters. Consumption habits have changed toward the adoption of advanced, simple to use, and smart technologies, which has led to a rise in consumer electronics digitalization. As a result, the growth of the Solid-State Relays (SSR) market is being driven by the increasing adoption of high-tech electronics and automation within consumer electronics.

SSRs operate using semiconductor properties rather than moving parts. The heat produced by SSRs varies according to their design and is typically between 1-1.5 W per amp if AC output and 0.2-1.5 W if DC output. As a result, a lack of effective heat dissipation has restrained Solid-State Relays development.

In APAC region, the population is growing and companies are now capable of manufacturing electronic equipment, which increases the demand for semiconductors that are used in devices such as HVAC equipment, robotic equipment, material handling equipment, and building equipment. The regional market players are expected to benefit from this rising demand for SSRs and create growth opportunities. In addition, during the forecast period, solid-state relays are expected to be significantly more expensive than electromechanical relays, thus reducing the growth of the market. It has high output resistance and voltage.

Impact of COVID-19:

COVID-19 restricted the supply and adoption of electronic devices, which in turn could result in a decline in the growth, of the Solid-State Relay Market. Not all companies are experiencing declines in growth as companies have been able to continue working during the lockdown with remote monition systems. Companies are relying on government as well as corporate debt to recover their lower demand.
Solid-State Relay Market Trends:

There has been significant growth in the use of Solid-State Relays in many applications. The major growth sectors are heating/cool temperature control, motors, lamps, solenoids, valves, and transformers. Solid-state relays are not only compatible with a wide range of control systems, but they are also immune to magnetic noise, can be installed in any direction, and are unaffected by strong vibrations, making them excellent for automation applications.
Solid State Relay Market Segment Analysis:
Based on Mounting Type, the Solid-State Relay Market is segmented into Mounting Types- Panel Mount, PCB Mount, and DIN Rail Mount. Panel Mount Solid State Relay is forecasted to hold the largest market share accounting for 44.7% in 2022. The segment growth is attributed to the increasing applications like industrial automation and energy and infrastructure segments which are supposed to help in the growth of the market in the future.

Based on current Rating Type, the Solid-State Relay Market is segmented into Low, Medium, and High. The medium current rating is used widely such as in the industrial controls, industrial OEMs, and automotive & transportation segments, which helps in market growth. High current rating is used in the elevators, conveyor systems, and machine tools.Based on Application, the Solid-State Relay Market is segmented into Industrial Automation, Building equipment, Energy and infrastructure, and others.It is forecasted that the Automotive & Transportation segment will hold the largest market share over the forecast period. This segment offers many applications in automobiles, such as battery electric vehicles, commercial trucks, charging stations, and even combustion engines.
Solid-State Relay Market Regional Insights:
The Asia-Pacific region held the largest market share, accounting for 49% in 2022. In developing countries including China, India, Japan, South Korea, Taiwan, and Singapore, demand for electronic devices is predicted to grow. A wide variety of devices such as material handling equipment, building equipment, and others that integrate semiconductors are also forecasted to make product development projections for the industry participants in this region. Development of building and industrial automation equipment and the presence of top manufacturers will progress the growth of Asia Pacific.

The North American region is expected to witness significant growth through the forecast period. Growth is driven by an increasing number of data centers and power plants, as well as investments in electronic devices and equipment manufacturing in this region. Rising environmental concerns and rigid government regulations are increasing the demand for electric vehicles, which is driving up the demand for Solid-State Relay.

The objective of the report is to present a comprehensive analysis of the global Solid State Relay Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Solid State Relay Market dynamics, and structure by analyzing the market segments and projecting the Solid State Relay Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Solid State Relay Market make the report investor’s guide.
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Solid State Relay Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US$ 1.26 Bn.


Forecast Period 2023 to 2029 CAGR:
6.3%
Market Size in 2029:
US$ 1.94 Bn.


 Segments Covered:
by Mounting Type
• Panel Mount
• PCB Mount
• DIN Rail Mount


by Current Type
• Low
• Medium
• High


by Application
• Industrial Automation
• Building equipment
• Energy and infrastructure
• Others



Solid State Relay Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Solid State Relay Market, Key Players are:
• Panasonic
• Crydom
• Jinxinrong
• IXYS
• AVAGO
• TE
• CELDUC
• Sharp
• Siemens
• Rockwell Automation
• OPT022
• Schneider
• Fujitsu Limited
• Carlo gavazzi
• Jiangsu GIOD Electrical Control Technology
• Vishay
• Bright Toward
• CLION

Frequently Asked Questions:

1. What is the study period of this market?
Ans: The Solid State Relay Market is studied from 2022 to 2029.

2. What is the growth rate of the Solid State Relay Market?
Ans: The Solid State Relay Market is growing at a CAGR of 6.3%.

3. Which region has the highest growth rate in Solid State Relay Market?
Ans: Asia Pacific is growing at the highest CAGR over forecast period.

4. Which region has the largest share in Solid State Relay Market?
Ans: North America holds the highest share in 2022.

5. What segments are covered in the Solid State Relay Market report?
Ans: The Solid State Relay Market segmented is based on Mounting Type, Current Type, Application, and Geography.