Global Solid Relay Market to Witness Growth Acceleration by 2024-2032

Solid Relay Market Size And Forecast

Solid Relay Market size was valued at USD 1.09 Billion in 2020 and is projected to reach USD 1.86 Billion by 2028, growing at a CAGR of 6.90% from 2021 to 2028.

Increasing digitization and automation in the consumer industry has led to the growth of the Global Solid Relay Market. Furthermore, the growing modernization of electric vehicles is boosting the growth of the Solid Relay Market. The Global Solid Relay Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Solid Relay Market Definition

A solid-state relay is an ON-OFF electronic semiconductor device that is used to switch electricity to the load when an external voltage is applied across its terminals. In the solid-state relay, there are no moving parts, unlike mechanical relays. Solid-state relies on includes semiconductor switching elements such as thyristors, Triac, diodes, and transistors. Solid-state relays require less power than electromechanical relay coils to turn on or off. They are very energy efficient as it consumes less energy in triggering from ON to OFF condition and vice versa.

It offers several advantages such as low switching time, higher breakdown voltage, and low switching loss to make electric current systems more efficient and hence are widely being used in electrical industries. It is being deployed in various industrial process control applications such as temperature control, motors, lamps, solenoids, valves, and transformers, etc.

Global Solid Relay Market Overview

The popularity of solid-state relays is gaining traction owing to its various advantages such as robust design, the long operational life of approximately 50 million to 500 million, low operating noise, and fewer maintenance costs. Furthermore, the growing automation in the consumer electronics sector along with modernization in the design of electric vehicles are also some of the factors identified which are aiding the growth of the Solid Relay Market. Moreover, the use of solid-state relays various vending machines, elevator control systems, medical equipment, display units, security systems, and instrumentation systems are boosting the growth of the Solid Relay Market.

The SSR offers robust features such as high switching frequency and resistance to shock and vibration which is further supporting the growth of the Global Solid Relay Market. However, some restraints are limiting the growth of the Global Solid Relay Market. SSR requires transient reverse recovery time when closed because it generates high heat and electrical noise which further leads to the deployment of the heat sink to manage the thermal load. Furthermore, the cost price of the SSR is high compared to EMR. Additionally, current leakage during switching off SSR may negatively influence the growth of the Solid Relay Market.

Global Solid Relay Market: Segmentation Analysis

The Global Solid Relay Market is Segmented on the basis of Product, Application, and Geography.

Solid Relay Market, By Product

• Panel Mount• PCB Mount• DIN Rail Mount

Based on Product, the market is bifurcated into Panel Mount, PCB Mount, and DIN Rail Mount. The market for PCB mount is anticipated to grow at the highest CAGR during the forecast period. The PCB mount SSR is mounted on a printed circuit board using surface mount technology. They are used in various applications such as professional food equipment, laboratory ovens, etc. Their demand is constantly increasing owing to the need for compactness and ease of transportation.

Solid Relay Market, By Application

• Building Equipment• Energy & Infrastructure• Industrial• Automotive & Transportation• Medical• Others

Based on Application, the market is bifurcated into Building Equipment, Energy & Infrastructure, Industrial, Automotive & Transportation, Medical, and Others. The automotive and transportation industry segment is growing at a rapid pace during the forecast period. Solid-state relays find their uses in various automotive applications such as battery electric vehicles, charging stations, commercial trucks, etc. The growing use of solid-state relays in a wide range of applications has led to the growing Global Solid Relay Market.

Solid Relay Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

Based on regional analysis, the Global Solid Relay Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The largest share in the market will be dominated by Asia pacific. The dominance of this region can be credited to factors such as the growth of the automotive industry, building equipment, manufacturing industries, and food and beverage industries in the said region. Countries such as India, china, japan, and other emerging economies are lucrative markets for the growth of Solid-state relay manufacturers.

Key Players

The “Global Solid Relay Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Omron, Carlo Gavazzi, Omega Engineering, Rockwell Automation, Vishay, Celduc Relais, IXYS, Fujitsu, Avago Technologies, Crydom, Broadcom, Phoenix Contact, Schneider Electric, TE Connectivity, Littelfuse, Panasonic, STMicroelectronics, Teledyne Relays, Toshiba.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

Partnerships, Collaborations and Agreements

• On October 2021, OMRON Corporation is pleased to announce signing an agreement for capital investment in Techman Robot, Inc. Taiwan, the world’s second-largest producer of collaborative robots that work with people at manufacturing sites. OMRON will hold a stake of approximately 10% in Techman.

Product Launches and Product Expansions

• On April 2019, TowerJazz, and Vishay Siliconix, one of the world’s foremost manufacturers of low voltage power MOSFETs, announced manufacturing portfolio expansion of existing and next-generation power semiconductor products for the automotive markets, to be produced in two of TowerJazz’s worldwide IATF16949 qualified manufacturing facilities. The newly developed automotive dedicated platforms will enable improved efficiency of power management circuitry in end products while reducing space requirements.

• On February 2020, Celduc Relais launched a new range of two-phase solid-state relays in okpac housing with push-in spring power terminals.

• On June 2020, Littelfuse, Inc, the parent company of IXYS Integrated Circuits Division, launched the PLA172P OptoMOS Relay, an 800 V normally open single-pole 6-pin solid-state relay, which comes with guaranteed electrical parameters at 105°C ambient operating temperature.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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