Solid State Relay Market to Reach $2.14 Billion, Globally, by 2032 at 6.78% CAGR: Allied Market Research
The Solid-State Relay market is driven by factors such as rise of automation and smart technologies across materials, device architectures, packaging techniques, and manufacturing processes which enable the development of high-performance Solid State Relays with improved efficiency.
WILMINGTON, Del., March 4, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Solid State Relay Market by Type (AC Solid State Relay, DC Solid State Relay, and AC/DC Solid State Relay), Mounting Type (Panel Mount, PCB Mount, Din Rail Mount, and Others), and End User (Energy & Power, Industrial Automation, Automotive, Food and Beverage, and Others). According to the report, the global solid state relay market was valued at $1.12 billion in 2022 and is estimated to reach $2.14 billion by 2032, exhibiting a CAGR of 6.78% from 2023 to 2032.
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233– Pages
181– Tables
56– Charts
Prime determinants of growth
The solid-state relay market is expected to witness notable growth owing to rise of automation and smart technologies across various sectors. Moreover, increasing adoption of electric vehicle, and the implementation of smart grid technologies and the Internet of Things (IoT) to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, the complex procedure of thermal management presents integration challenges which limits the growth of the solid-state relay market.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2022–2032 |
Base Year | 2022 |
Market Size In 2022 | $1.12 Billion |
Market Size In 2032 | $2.14 Billion |
CAGR | 6.78 % |
No. Of Pages In Report | 250 |
Segments Covered | Type, Mounting Type, End User, And Region |
Drivers | Rise In Adoption Of Automation In Manufacturing Industry Expanding Applications In Electric Vehicles And Renewable Energy Systems Continuous Advancements In Semiconductor Technology |
Opportunities | The Integration Of Renewable Energy Sources Such As Solar And Wind Power Into The Electrical Grid |
Restraints | The High Cost Of Acquisition Compared With Other Relays |
The AC solid state relay segment to maintain its leadership status throughout the forecast period
Based on type, the AC solid state relay segment held the highest market share in 2022, accounting for nearly two-fourths of the global Solid State Relay market revenue and is estimated to maintain its leadership status throughout the forecast period. Solid state relays command the highest revenue due to their wide applicability in HVAC systems, industrial automation, and lighting control. AC SSRs offer efficient switching solutions for alternating current loads, providing advantages such as faster response times, reduced electromagnetic interference, and compatibility with various AC applications. Their reliability and performance make them a preferred choice for numerous applications, contributing to their dominance in the SSR market.
The PCB mount segment to maintain its leadership status throughout the forecast period
Based on mounting type, the PCB mount held the highest market share in 2022, accounting for nearly two-fifths of the global Solid State Relay market revenue and is estimated to maintain its leadership status throughout the forecast period. The PCB mount segment is projected to manifest the highest CAGR of 7.89% from 2023 to 2032. It is convenient to integrate onto printed circuit boards (PCBs), offering compactness and ease of installation. PCB-mounted SSRs are widely utilized across telecommunication and automotive industry for their efficient performance and compatibility with modern electronic systems.
The energy and power segment to maintain its leadership status throughout the forecast period
Based on end user, the energy and power segment held the highest market share in 2022, accounting for nearly two-sixths of the global solid state relay market revenue and is estimated to maintain its leadership status throughout the forecast period, due to its extensive usage in power distribution, renewable energy systems, and smart grid applications. SSRs play a crucial role in optimizing energy management, enhancing power system performance, and ensuring reliable switching solutions in these sectors. Their efficiency, precision, and reliability make them irreplaceable components for various energy and power-related applications, driving their dominance in the SSR market.
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Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global solid state relay market revenue owing to its robust industrial infrastructure, rapid technological advancements, and expanding manufacturing sector. The rising automotive, electronics, and telecommunications industries drive the demand for SSRs. In addition, government initiatives promoting energy efficiency and automation further bolster SSR adoption. The region's large population and increasing urbanization also contribute to the high market share of Asia-Pacific in the SSR market.
Key Industry Trend-
In May 2022, Texas Instruments introduced a new portfolio of solid-state relays, including automotive-qualified isolated drivers and switches, designed to deliver industry-leading reliability to help make electric vehicles (EVs) safer. The new isolated solid-state relays also include features such as small solution sizes to reduce the bill-of-materials (BOM) cost of the powertrain and 800-V battery-management system.
In September 2022, ABB launched a solid-state circuit breaker to enable the next generation of safe, energy-efficient direct current (DC) power systems. DC power distribution is at the forefront of strategies to make shipping and marine vessels more sustainable and energy efficient.
Leading Market Players:
Crydom (Sensata Technologies)
Omron Corporation
Carlo Gavazzi
Vishay Intertechnology
Panasonic Corporation
IXYS Corporation (Littelfuse)
TE Connectivity
Infineon Technologies AG
Sharp Corporation
Fujitsu Limited, Ltd.
The report provides a detailed analysis of these key players of the global Solid State Relay market. These players have adopted different strategies such product launch, acquisition and partnership to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
To provide an accurate view of future investment pockets, this study provides analytical estimates for solid state relay market size along with current trends and estimations.
In order to be able to achieve a more prominent position, the overall Solid State Relay market analysis is based on an understanding of prevailing profitability trends.
The report presents information related to key drivers, restraints, and solid state relay market opportunity with a detailed impact analysis.
In order to measure financial competence, solid state relay market forecasts shall be quantitatively analyzed from 2022 until 2032.
Porter's five forces analysis shows that buyers and suppliers are more powerful in the solid-state relay market.
Key vendor shares and solid-state relay market trends are included in the report.
Solid State Relay Market Key Segments:
By End User:
Energy and Power
Industrial Automation
Automotive
Food and beverage
Others
By Voltage:
AC Solid State Relay
DC Solid State Relay
AC/DC Solid State Relay
By Application:
Panel Mount
PCB Mount
DIN Rail Mount
Others
By Region:
North America (U.S., Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
LAMEA (Brazil, Saudi Arabia, UAE, South Africa, Rest of LAMEA)
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