The Global Solid State Relay Market was valued at USD 1.09 Billion in 2018 and is expected to reach USD 1.78 Billion by the end of the forecast period with a compound annual growth rate (CAGR) of 7.23%.
The global solid state relay market is expected to depict a significant market growth during the forecast period. Over the past few decades, solid state relays have replaced electromechanical relays owing to low energy consumption and high efficiency with extended operating life. The solid state relays are used to either allow or block the current flow in a circuit. Thus, the inputs fed to these relays is isolated from the actual load in the circuit. This ensures to prevent severe damage to the device due to short-circuit. The demand for solid state relays is accelerated due to increasing automation in the automotive, manufacturing, food & beverages, and healthcare industries. Furthermore, miniaturization of electronic devices has encouraged the device manufacturers to focus on developing highly efficient solid state relays. However, high costs of solid state relays and changing quality standards across geographies might hamper the market growth in the near future.
Electricity or power plays a significant role in society. Given the amount of power that is used to perform the day-to-day activities as well as industrial operations, power outage can bring everything to a standstill. Massive industrial growth around the world has propelled the use as well as congestion of electricity.
This is where solid-state relays come into the picture, to deal with these kinds of issues. Solid state relay can be described as a type of electronic device that helps switch the power supply on and off. The system comprises a miniature sensor that helps turn off a high voltage electric signal and avoid electric shocks as well as high voltage load on the appliances. With the emergence of solid-state relay, the growth of the consumer electronics and semiconductors and integrated circuits industry has been noted globally in recent years.
A few examples of solid state relays include power transistor, TRIAC and an SCR. This technology is generally more energy-efficient since it consumes less energy. These are extensively used in electrical industries given their advantages like higher breakdown voltage & low switching loss, low switching time that makes electric current system more efficient.
According to Market Research Future, the global solid state relay market has been segmented on the basis of mounting type, output voltage, current rating, application, and region.
By mounting type, the global solid state relay market has been segmented into panel mount, PCB mount, DIN rail mount, and others. Among these products, the DIN rail mounting type is estimated to witness the largest growth during the forecast period. This type of mounting is used for circuit breakers and industrial control equipment inside equipment racks. Since the structure of these mounts is designed as per industry standards, it is highly accepted across geographies.
Based on output voltage, the global solid state relay market has been segmented into AC solid state relay, DC solid state relay, and AC/DC solid state relay. Among the above-mentioned segments, the AC/DC solid state relay segment is estimated to grow with the fastest rate during the forecast period 2019–2025. One of the major reasons contributing to the growth of this segment is the adoption of AC/DC solid state relay in control system applications.
On the basis of the current rating, the global solid state relay market has been segmented into low (0–20A), medium (20A–50A), and high (50A & above). Among these segments, the market for low current rating of solid state relays is estimated to grow at the fastest rate during the forecast period. The demand for thermostats in devices that generate continuous heat has encouraged the adoption of solid state relays with low current rating.
By application, the global solid state relay market has been segmented industrial automation, building equipment, industrial OEM, energy & infrastructure, automotive & transportation, medical devices, food & beverages, and others. Among these applications, the automotive & transportation segment is estimated to witness the fastest growth during the forecast period. This is due to increasing demand for electric vehicles, advanced driver assistance systems (ADAS), and infotainment systems which are usually battery operated and deployed for several switching applications.
By region, the global solid state relay market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Central & South America. Among these regions, the North American region is expected to dominate the global market during the forecast period, whereas, the Asia-Pacific region is estimated to witness the fastest growth during the forecast period, 2019–2025.
The market for solid state relays is estimated to register significant growth during the forecast period from 2019 to 2025. The geographic analysis of the global solid state relay market has been done for North America, Europe, Asia-Pacific, the Middle East & Africa, and Central & South America. According to MRFR analysis, North America dominated the global market in 2018 and is expected to maintain its dominance during the forecast period. The region has largely adopted automation and is highly influenced by the Industry 4.0 revolution. Also, the adoption of solid state relays in elevators, conveyor systems, and machining tools in the US and Canada is expected to fuel the growth of solid state relay market in the region. On the other hand, Asia-Pacific is estimated to witness the fastest growth of solid state relays during the forecast period. China, Japan, and Taiwan are the major countries that are attributing to the growth of this region. Increasing demand for switching applications in automotive, consumer appliances, aircraft, heavy vehicles, HVAC and ventilation systems, telecommunication equipment, and industrial machinery is expected to fuel the growth of the overall solid state relay market in Asia-Pacific. Also, the high presence of semiconductor manufacturing companies and low labor costs in China and Taiwan is also boosting the growth of this market. Hence, owing to the above-mentioned factors, the market for solid state relays in the Asia-Pacific region is estimated to witness the fastest growth during the forecast period 2019–2025.
The key players in the solid state relay market are identified across all the major regions based on their countries of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are General Electric (US), Avago Technologies, Ltd (US), Omega Engineering Inc. (US), Crydom Inc. (US), Celduc Relais (France), Infineon Technologies AG (Germany), Omron Corporation (Japan), Fujitsu Limited (Japan), Rockwell Automation, Inc. (US), Teledyne Relays, Inc. (US), ABB Ltd (Switzerland), Carlo Gavazzi Holding AG (Switzerland), Vishay Intertechnology (Siliconix) (US), Fairchild Semiconductor (US), and STMicroelectronics (Switzerland). The companies are focused on innovating in their existing product portfolio as well as innovate new products by investing in research and development to analyze the changing market trends.
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