Global Solid State Relay market share 2024, Forecast To 2033
4 Mar, 2024
The solid state relay market size has demonstrated strong growth, rising 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 is attributed to the increasing demand for energy-efficient solutions, growing automation and industrialization, enhanced reliability and longevity, and applications in the automotive and transportation sector. Looking forward, the market is expected to witness strong growth, reaching$1.96 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The projected expansion is driven by renewable energy integration, vehicle electrification, applications in medical equipment, telecommunications infrastructure, data center applications, and smart grid implementation. Major trends in the forecast period include advancements in semiconductor technology, digital SSRs and intelligent control, high reliability, and long lifecycle, along with the integration of fault detection and diagnostics.
Global Solid State Relay Market Key Driver
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. In 2023, the market size for solid-state relays is valued at X, and it is projected to reach Y by 2028.
Get A Free Sample Of The Global Solid State Relay Market ReportGlobal Solid State Relay Market Segments
The global 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
By Geography: The regions covered in the solid state relay market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
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.
Major Solid State Relay Industry Players
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, Durex 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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Solid State Relay Market Overview
Solid-state relays are semiconductors similar to electromechanical relays that can manage electrical loads without the use of moving parts. This relay has no moving parts and instead performs input-to-output isolation and switching operations by utilizing the electrical and optical features of solid-state semiconductors.
Solid State Relay Global Market Report 2023 provides data on the global solid state relay market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The solid state relay market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.