The Business Research Company’s Solid State Relay Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Solid State Relay Global Market Report 2023 evaluates solid state relay impact market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global solid state relay market size is expected to grow from $1.25 billion in 2022 to $1.33 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the solid state relay market size is expected to reach $1.80 billion in 2027 at a CAGR of 7.8%.
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 relay offers longer operating life than mechanical relays while at the same time offering higher battery isolation capability in EVs, these adoptions lead to increased demand for EV and hybrid vehicles, a change from petroleum products to more sustainable power vehicles. For instance, according to May 2022 published, according to the International Energy Agency, a Paris-based autonomous intergovernmental organization, 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 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 impact market segments in the report are:
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
The table of contents in TBRC’s solid state relay impact market report includes:
- Executive Summary
- Solid State Relay Market Characteristics
- Solid State Relay Market Trends And Strategies
- Solid State Relay Market – Macro Economic Scenario
- Solid State Relay Market Size And Growth
.
- Solid State Relay Market Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions In The Solid State Relay Market
- Solid State Relay Market Future Outlook and Potential Analysis
- Appendix
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