PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437525
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437525
Solid State Relay Market size was valued at USD 1,213.5 Million in 2023, expanding at a CAGR of 7.5% from 2024 to 2032.
Electronic devices known as solid state relays (SSRs) may be turned on or off by applying a tiny external voltage across all of their control terminals. They have transistors, diodes, triacs, and thyristors among other semiconductor switching components. Based on its output, SSRs come in three different varieties. AC output In AC power systems, solid state relays regulate the flow of electrical current. To switch ON or OFF, various SSRs use less electricity than electromechanical relay coils.
Solid State Relay Market- Market Dynamics
Growing product launches drives the market growth
The growing product launches are expected to drive the market growth during the forecast period. For instance, in February 2023, the introduction of its proprietary Solid State Relays (SSR) and Timer Relays was announced by ATO, the Chinese relay OEM. These relays are offered in several types and specifications, tailored to suit the requirements of diverse applications. Solid State Relays, or SSRs for short, are contactless switches that are frequently used to regulate big current loads using tiny input control signals. Single-phase and three-phase relays with load currents ranging from 10A to 120A, including DC-AC and AC-AC variants, are part of ATO's SSR product range. With a DC control AC and large current ranges of 60 amps, 80 amps, and 350 amps, the small industrial SSR offered by ATO is appropriate for a variety of applications.
Solid State Relay Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.5% over the forecast period (2024-2032)
Based on dosage form segmentation, PCB was predicted to show maximum market share in the year 2023
Based on application segmentation, the Industrial Automation sector dominates the market
Based on region, North America was the leading revenue generator in 2023
The Global Solid State Relay Market is segmented based on Mounting Type, Output Voltage, Current Rating, Application, and Region.
The market is divided into four categories based on mounting type: DIN Rail, PCB, Panel and Others. PCB sector dominates the market. The PCB industry has been witnessing advancements in technology, including miniaturization, improved materials, and higher integration capabilities. These advancements contribute to the overall improvement in electronic devices, including SSRs.
The market is divided into seven categories based on application: Automotive & Transportation, Building Equipment, Industrial OEM, Energy & Infrastructure, Industrial Automation, Medical and Food & Beverages. The Industrial Automation sector dominates the market and is likely to maintain its dominance during the forecast period. Since its debut, solid state relay technology has become more widely accepted in a number of fields that were previously exclusively the purview of contractors or electromagnetic relays (EMRs). Applications for industrial process control-heat/optimal temperature management, motors, lights, solenoids, valves, and transformers-have accounted for the majority of growth.
Solid State Relay Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the forecast period. as a result of rising investments in the production of electronic machinery and gadgets used in a variety of sectors, as well as a growth in the number of power plants and data centers in the US and Canada. Moreover, solid state relay demand has increased significantly as a result of the increasing use of electric vehicles, and this trend is expected to continue as more and more vehicle charging stations are added. For instance, the U.S. Department of Energy estimates that in 2021 there were around 113,558 charging outlets and 46,290 charging stations in the country.
The market players operating in the Solid State Relay market is Carlo Gavazzi, Rockwell Automation, Fujitsu, Omega Engineering, Omron Corporation, Anacon Electronic Sales, Crydom, Vishay Intertechnology, Broadcom and Celduc Relais among others. These players adopted various strategies to hold a maximum market share such as product launches, acquisitions, expansion and others.
In May 2022, to improve the safety of electric vehicles (EVs), Texas Instruments unveiled a new line of solid-state relays, comprising automotive-qualified isolated drivers and switches. These relays are built to provide industry-leading dependability. Along with these capabilities, the new isolated solid-state relays include 800-V battery-management systems and modest solution sizes to lower the powertrain's bill-of-materials (BOM) costs.
GLOBAL SOLID STATE RELAY MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Carlo Gavazzi
Rockwell Automation
Fujitsu
Omega Engineering
Omron Corporation
Anacon Electronic Sales
Crydom
Vishay Intertechnology
Broadcom
Celduc Relais