The Solid State Relay Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Solid State Relay Global Market Report 2024, The solid state relay market size has grown strongly in recent years. It will grow 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 can be attributed to increasing demand for energy-efficient solutions, growing automation and industrialization, enhanced reliability and longevity, temperature and vibration resistance, wide operating voltage range, automotive and transportation sector..
The solid state relay market size is expected to see strong growth in the next few years. It will grow to $1.96 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to renewable energy integration, electrification of vehicles, increasing in medical equipment applications, telecommunications infrastructure, data center applications, smart grid implementation.. Major trends in the forecast period include advancements in semiconductor technology, digital ssrs and intelligent control, high reliability and long lifecycle, integration of fault detection and diagnostics..
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.
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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/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
Technological advancement is a key trend in the solid-state relay market. Electronic device development progresses the industry demand for electronic relays. Advanced design becomes increasingly important in producing a product with high reliability, high power flow, and high temperature resistance. The market is witnessing the implementation of advanced technologies such as IIoT, SSRs with higher power supply rates, smart grids installed with SSR, and isolation technology (isolating both power and signal to optimize EVs driving through high power density, reduced electromagnetic interference, and good reliability). Major companies operating in the market focus on innovating new products to strengthen their market position. For instance, in May 2022, Texas Instruments, a US-based semiconductor company, introduced a new portfolio of solid-state relays, which includes automotive-qualified isolated drivers and switches that provide industry-leading dependability and contribute to the safety of electric vehicles (EVs). In addition, the newly isolated solid-state relays enable the smallest solution size while lowering the cost of the powertrain and the safety of the 800-V battery-management system.
The solid state relay market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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