Solid State Relay Market Size USD 1374.6 Million By 2026 At CAGR Of 5.5% - Valuates Reports

Solid State Relay Market Size USD 1374.6 Million By 2026 At CAGR Of 5.5% - Valuates Reports

PR Newswire

BANGALORE, India, Jan. 5, 2021

BANGALORE, India, Jan. 5, 2021 /PRNewswire/ -- The Solid State Relay market is segmented by Product Type - PCB Mount, Panel Mount, Din rail Mount, Digital I/O Modules, Application - Industrial Controls, Household and electrical appliances, Medical equipment, Communications, Others, Region & key Players: Global Opportunity Analysis and Industry Forecast, 2020–2026. This report is published on Valuates Reports in the Electronics & Electricals category.

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In 2019, the global Solid State Relay market size was USD 938.5 Million, and it is expected to reach USD 1374.6 Million by the end of 2026, with a CAGR of 5.5% during 2021-2026.

Major factors driving the growth of Solid State Relay market size are growing adoption of high-tech electronics and automation in the consumer electronics industry, increasing complexity in automobile circuits of electric vehicles, and robust features of solid state relays.

The report offers a comprehensive Solid State Relay market forecast and accurate statistics on revenue by the player for 2021-2026. It also offers detailed analysis supported by reliable statistics on price and revenue (global level) by players for 2021-2026.

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COVID-19 IMPACT ON SOLID STATE RELAY MARKET SIZE

The projected growth of the Solid State Relay (SSR) market size for multiple applications is expected to decline as the pandemic limits the availability and adoption of electronic devices.

However, not all electronic device companies are experiencing a decline in growth as remote monitoring of electronic devices has enabled companies to continue to operate throughout the lock-down phase. In addition, tracking and logistics are busier than ever before, and food packaging firms can barely keep up with increased demand.     

The Solid State Relay market is expected to recover during the latter half of 2021. The level of recovery will depend on government support as well as on the amount of corporate debt and how businesses and markets compete with reduced demand.

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TRENDS INFLUENCING THE SOLID STATE RELAY MARKET SIZE

The growing adoption of high-tech electronics and automation in the consumer electronics industry is expected to drive the growth of the Solid State relay market size. Solid state relay is used in many consumer electronics as a substitute for traditional electromechanical relays (EMR). It is used in consumer electronics such as ovens, HVAC equipment, and coffee vending machines to switch applications and protect against electrical surges. As a result, the increasing adoption of high-tech electronics and automation in consumer electronics is driving the growth of the solid state relay (SSR) market.

The expanding semiconductor industry in the APAC region is expected to prove a lucrative growth opportunity for the growth of solid state relay market size. The growing population of APAC and the capabilities of APAC companies to produce electronic equipment have increased the demand for semiconductor equipment used in devices such as HVAC equipment, robotic equipment, material handling equipment, and construction equipment. This, in turn, is expected to stimulate demand for solid state relays during the forecast period. 

Furthermore, the rising demand for the upgrading of existing power infrastructure and the construction of new power infrastructure in developing regions is expected to drive the growth of a solid state relay market size.

The cost of a solid-state relay is considerably higher than that of an electromechanical relay and can impede the growth of the market. However, ongoing technical developments are expected to reduce the solid state relay price and boost its application.

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SOLID STATE RELAY MARKET SHARE ANALYSIS

North America is expected to hold the largest solid state relay market share during the forecast period. This dominance of North America is attributed to the increasing investment in the manufacturing of electronic devices and equipment used in various industries, as well as the increase in the number of data centers and power plants across the United States and Canada.

Asia Pacific is expected to witness the highest growth in the solid state relay market size during the forecast period. Countries such as China and Japan are the driving force behind the growth of the market in this region. China is crucial due to its large industrial and manufacturing sectors. Other factors that are fueling the solid state relay market size in the Asia-pacific region are the increasing demand from the automotive and transportation industry.

TOP KEY PLAYERS

SEGMENT BY TYPE

SEGMENT BY APPLICATION

PRODUCTION BY REGION

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SIMILAR REPORTS :

AC Solid State Relay Market is segmented by Product Type - DIN Rail Mounting, Panel-mount, Surface-mount, Other, Application - Heating, Lighting, Automotive ADAS, Other, by key players , Region - North America, LAMEA, Middle East, Asia pacific. etc.

-  The Global Transformer Coupled Solid State Relay Market is segmented by Product Type -  High Voltage, Low Voltage, Application - Electronics, Automotive, Power, by key players, Region - North America, LAMEA, Middle East, Asia pacific. etc.

DC Solid State Relay Market is segmented by Product Type - DIN Rail Mounting, Panel-mount, Surface-mount, Other, Application - Electronic Equipment, Lighting, Home Appliance, Other, by key players , Region - North America, LAMEA, Middle East, Asia pacific. etc.  

PCB Solid State Relays market is segmented by Product Type - AC Output SSRs, DC Output SSRs, AC/DC Output SSRs, Application: Building Equipment, Energy & Infrastructure, Food & Beverage, Automotive & Transportation, Medical, by key players , Region - North America, LAMEA, Middle East, Asia pacific. etc.

-  The Miniature Relay Market Size was valued at 4050 Million USD in 2018 and is projected to reach 4940 Million USD by 2025, at a cagr of 2.5% during the forecast period. The report is segmented by product type - general purpose relays, miniature power relays, miniature signal relays, miniature safety relays, miniature semiconductor relays, Application - pcb, quick-terminal, sockets, others, Key Players & Regions.

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