What Has Been the Growth Trajectory of the Solid State Relay Market?
The solid state relay market has seen considerable growth due to a variety of factors.
• In recent years, the market size for solid state relay has substantially increased. The market is forecasted to expand from $1.47 billion in 2024 to $1.59 billion in 2025, with a compound annual growth rate (CAGR) of 8.2%. The historical growth can be accredited to the burgeoning demand for energy-efficient solutions, the rise in automation and industrialization, improved dependability and durability, resistance to temperature and vibration, broad operating voltage range, as well as the automotive and transportation sector.
How Does the Forecast Look for the Solid State Relay Market Size?
The Solid State Relay market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipations hint towards a robust expansion of the solid state relay market in the forthcoming years, with projections suggesting it to soar to a hefty $2.1 billion by 2029, boasting a compound annual growth rate (CAGR) of 7.2%.
The upward trajectory during the estimated period is credited to factors like the incorporation of renewable energy, the advent of vehicular electrification, growth in medical equipment applications, enhancements in telecommunications infrastructure, the use of data centers, and the establishment of smart grids. Further, the forecast period also hints at significant trends such as advancements in semiconductor technology, the emergence of digital SSRs and smart control, high dependability and extended lifespan, and the integration of fault detection and diagnostic features.
What Are The Leading Drivers Of Growth In The Solid State Relay Market?
Growth in the electric vehicle (EV) sector is likely to fuel the solid-state relay market. Electric vehicles, which are powered by battery-stored electricity and run on electric motors, are increasingly being preferred over traditional vehicles that burn fossil fuels. Superior lifespan and enhanced battery isolation capacity of the solid-state relays make them an attractive option in the EV market. This shift towards EVs and hybrid cars, which represent a move away from petroleum products to more eco-friendly vehicles, is driving demand. To illustrate, the France-based International Energy Agency reported in April 2024 that around 14 million electric cars were sold around the world in 2023, which was 18% of total vehicle sales, a rise from 14% the previous year. This surge in electric vehicle uptake is pushing growth in the solid-state relay market.
How Are The Segments Defined Within The Global Solid State Relay Market?
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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How Are New Trends Expected To Influence The Growth Of The Solid State Relay Market?
Key players in the solid-state relay market are concentrating their efforts on the creation of innovative products such as automotive-qualified isolated drivers and switches. These components not only enhance the safety and dependability of electric vehicles and high-voltage systems, but also adhere to stringent automotive safety and reliability standards. For instance, in May 2022, Texas Instruments, an American semiconductor company, launched a new collection of solid-state relays. Included in this portfolio are automotive-qualified isolated drivers and switches that set a new industry standard for reliability and play a key role in enhancing the safety of electric vehicles (EVs). Furthermore, these new isolated solid-state relays offer the most compact solutions, while reducing both the cost of the powertrain and ensuring the safety of the 800-V battery-management system.
Who Are the Key Players In The Solid State Relay Market?
Major companies operating in the solid state relay market include:
• 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 Is The Most Dominant Region 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.
