Solid State Relay Market

Solid State Relay Market Highlights

The global solid state relay market is expected to cross a value of USD 2.2 billion by the end of 2032. The market was valued at USD 1.5 billion in 2023 and is expected to expand at a CAGR of 6.8% between 2024-2032.

• Over the mid-term, the growing adoption of high-tech electronics and automation in consumer electronics industry is the primary factor anticipated to drive the global solid state relay market.
• The growing concern for poor thermal management of SSRs is a major factor to challenge the market growth.
• The Asia Pacific solid state relay market is projected to dominate the global market.

Solid State Relay Market Outlook

An electronic switching device that uses semiconductor devices, including transistors, triacs, or thyristors, for switching electrical loads is known as a solid-state relay (SSR). SSRs rely on semiconductor components for performing the switching function unlike the electromechanical relays, which uses mechanical contacts for making or breaking connections.

Our researchers at KD Market Insights have analyzed that the growing adoption of high-tech electronics and automation in consumer electronics industry is one of the major factors expected to drive the growth of the market. Solid-state relays are known for their durability, high reliability, and longer operational lifespan compared to traditional relays. These characteristics make SSRs a preferred choice in applications where frequent switching or harsh operating conditions could impact the longevity of the relay, such as in industrial machinery and power distribution systems. Omron Corporation, Carlo Gavazzi, and Fujitsu are some of the significant parties in the global market for solid state relay.

                                      Get More Insights on This Report - Request Free Sample PDF

Solid State Relay Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global solid state relay market are:

• Growing Need for Energy-Efficient Solutions: The manufacturers of consumer electronic products are rapidly emphasizing on energy efficiency and sustainability. This is driving the demand for solid-state relays (SSRs) which offers numerous advantages over traditional electromechanical relays, such as lower power consumption, reduced heat dissipation, along with enhanced reliability. With the growing consumer electronics industry, which according to our analysts is predicted to generated a revenue of near to USD 1.2 Trillion by 2025, the demand for SSRs is also expected to increase.
• Surge in Use of Solid State Relays in HVAC and Renewable Energy Systems: The heating, ventilation, and air conditioning (HVAC) systems and renewable energy systems industry is rapidly growing and the use of SSRs in these systems are also expanding. SSRs offer precise control and switching capabilities, supporting the efficient operation of heating and cooling systems. Also, these systems help to integrate renewable energy sources, such as solar and wind.

Which Probable Factors Could Hamper the Growing Solid State Relay Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of solid state relay are:

• Limitations in Voltage Rating: As compared to electromechanical relays, SSRs are known to have limitations in their voltage rating. As a result, in applications where extremely high voltage ratings are required, finding SSRs of such specific voltage requirements is a challenge, which is anticipated to hamper the market growth.
• Concerns for Poor Thermal Management: SSRs are known to generate heat during its operation. Hence, the need for effective thermal management to prevent overheating, especially in high-power applications, remains a major concern, thereby impacting the market growth.

How is the Global Solid State Relay Market Segmented?

Our experts at KD Market Insights have segmented the global solid state relay market as:

What are the Probable Factors Influencing the Asia Pacific Solid State Relay Market Forecast?

The Asia Pacific solid state relay market is majorly driven by the growing industrial automation in manufacturing, automotive, and electronics industries, along with the rapid expansion of renewable energy infrastructure. According to our experts, the revenue generated from industrial automation in the Asia Pacific is projected to cross USD 125 billion by the end of 2032, registering a CAGR of close to 10% during the forecast period. The region is also investing heavily in renewable energy sources, including solar and wind power, thereby creating opportunities for the demand for SSRs. Our analysis predicts that the region is expected to invest close to USD 1.6 trillion in power generation through wind and solar energy over the next decade. Such factors are therefore expected to drive the growth of the market in the Asia Pacific in the coming years.

As per our analysts at KD Market Insights, the following five players lead the Asia Pacific solid state relay market growth:

• Omron Corporation
• Panasonic Corporation
• Fujitsu Limited
• Toshiba Corporation
• Crydom (Sensata Technologies)

Which Key Players Top the Global Solid State Relay Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global solid state relay market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with solid state relay market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global solid state relay market share:

• Omron Corporation
• Carlo Gavazzi
• Fujitsu
• Celduc Relais
• Crydom
• Vishay Intertechnology
• Omega Engineering
• Broadcom
• Rockwell Automation
• Anacon electronic Sales

What are the Recent Developments Observed in the Solid State Relay Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global solid state relay market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, Littlefuse, Inc. shared that it has launched a SSR known as CPC1561B. The normally-open SSR has the highest current (1A, 60V) has dual fault protection benefits and can be used for smart homes, building automation, gaming, battery powered systems, and instrumentation among others.

Further, the Chinese relay OEM, ATO, announced the launch of innovative SSRs which include single- and three-phase relays with load currents ranging from 10A to 120A.