The Global Solid State Relay Market size is predicted to reach $1.84 billion by 2030, growing at a CAGR of 5.5% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. Surging demand for solid state relays is fuelled by their advantages over traditional relays such as faster switching, lower maintenance, energy efficiency, and versatility in various applications, leading to sustained market growth, finds IndustryARC in its recent report, titled “Solid State Relay Market Size, Share & Trends Analysis Report By Mounting Type (DIN Rail Mount, Panel Mount, PCB Mount and Others), By Output (AC/DC, AC/AC, DC/DC), By Phase (Single Phase, Three Phase), By Application (HVAC, Motor Control, EV Charging Station, Industrial Machineries, Printing & Packaging, Medical equipment, Lighting Control, Fire and Security Systems, Others) By Industry (Energy and Infrastructure, Industrial OEM, Building Equipment, Automotive & Transportation, Food and Beverage, Medical & Healthcare, Industrial Automation, Others), By Region and Segment Forecasts, 2023–2030”
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APAC to Register Highest Growth:
The Solid State Relay industry in this region is expanding due to the rise in demand for automation solutions. Additionally, APAC has several companies that are actively involved in the production and development of solid-state relays. Some notable players in the Japanese SSR market include Panasonic Corporation, Omron Corporation, Toshiba Corporation, Fuji Electric Co., Ltd., and NEC Corporation. These companies offer a wide range of solid-state relays with different specifications. The manufacturing company’s continuous investment in innovative product launches and developments drives market growth in the region.
For instance, in June 2022, Fujitsu Limited Japan company has acquired Fujitsu Australia, this acquisition plans for Asia-Pacific region’s largest independent ServiceNow-specialist that enables Professional Services. This acquisition continues the company’s approach of using M&A as a tool to support Fujitsu’s growth ambitions
Solid State Relay Market 2023-2030: Segmentation
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Solid State Relay Market Report – Key Takeaways:
- EV Charging Station Process is Leading the Market
In the Solid State Relay Market analysis, the EV Charging Station Process segment is estimated to grow with the highest CAGR of 8.2% during the forecast period. The expansion of electric vehicle (EV) charging stations is increasing owing to the adoption of electric vehicles, as more people shift to electric cars due to environmental concerns and government incentives.
For instance, in October 2022, Ather Energy announced the installation of the 580th public fast charging point, the Ather Grid, spanning 56 cities in India. As the firm develops its national reach, Ather Energy expects to add 820 more grids, increasing the total to 1400 by the end of FY23. Ather Grids are strategically distributed throughout markets, with 60% of existing installations in tier-II and tier-III cities. Such government investments are anticipating market growth
- Increasing Industrial Automation is leading the Market Growth
According to the Solid State Relay Market forecast, Motor Control held the largest market valuation of $ 223.7 Million in 2022. Solid-state relays are compatible with a wide range of control systems and are immune to magnetic noise; their solid-state nature allows them to be mounted in numerous orientations and is also resistant to significant vibration, making them perfect for industrial automation. The expansion of the industrial sector in recent decades, particularly in emerging countries such as Asia Pacific and Latin America is boosting demand for solid-state relays. According to the National Bureau of Statistics of China, industrial production in China expanded by 4.2% year on year in August 2022, compared to 3.8% in July. Following the epidemic, industrial production increased for the fourth month in a row.
- Asia Pacific is Leading the Market
Asia Pacific region held a major market share of 37% in 2022. The strong presence in this region can be attributed to the exponential growth of the construction industry and the demand for Solid State Relay in residential and commercial projects. According to the Korea Automobile Manufacturers Association, EV sales increased by 28.7% in 2023. Last year, EV sales totaled 448,934 units, surpassing diesel vehicle sales of 333,522 for the first time. By this, the demand for Solid State Relay is increasing in South Korea. This development is likely to generate increased demand for Solid State Relay solutions in the region, resulting in market expansion in the Asia-Pacific (APAC) region.
- Enhanced performance, reliability with SSRs featuring thermal protection technology is an opportunity for market growth
SSRs equipped with integrated thermal protection technology are poised to create exciting market prospects. By enhancing switching precision and preventing overheating, these innovative products offer improved performance and reliability across a wide range of applications. This presents businesses with new opportunities to meet the growing demand for advanced and dependable solutions in the market
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Key Opportunity Analysis:
- Expanding Semiconductor Industry for Solid State Relay Market
Government initiatives aimed at expanding the semiconductor industry, with funds allocated for R&D in materials, manufacturing, and design, are expected to foster the growth of efficient and cost-effective semiconductor components, like SSRs, driving their adoption across diverse applications. For Instance, the Government of India approved the Semicon India program, allocating INR 76,000 crore ($9.24 Billion) to develop the semiconductor manufacturing ecosystem, fostering growth in electronics manufacturing and innovation as a result of rising government initiatives to expand the semiconductor industry to fuel the Solid State Relay Market Growth.
- Growing Demand for Power Savings Requires Efficient, Energy-Saving Solutions.
The solid-state relay market is experiencing increased demand due to heightened power-saving needs in the residential and industrial sectors. As energy efficiency becomes a top priority, these electronic switches offer reliable and efficient power control, contributing to reduced energy consumption and cost-effectiveness.
- The Wide Spread of IoT Devices Is Fuelling the Solid State Relay Market Growth.
The solid-state relay market has an attractive opportunity owing to the fast spread of Internet of Things (IoT) devices across numerous industries. Small, effective, and reliable solid-state components, including microcontrollers and sensors, are becoming more and more in demand as IoT applications in fields like home automation, industrial automation, healthcare, and smart cities continue to emerge.
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The Report also Covers the Following Areas:
- Solid State Relay Market Size and Forecast
- Solid State Relay Market Trends
- Solid State Relay Market Analysis by Product Type
Solid State Relay Market 2023-2030: Key Highlights
- CAGR of the market during the forecast period 2023-2030
- Value Chain Analysis of key stakeholders
- Detailed analysis of market drivers and opportunities during the forecast period
- Solid State Relay Market size estimation and forecast
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Solid State Relay Market
Covid and Ukrainian Crisis Impact:
The COVID-19 pandemic’s impact on electronic device supply and adoption might cause a slowdown in the growth of the Solid-State Relay Market. However, certain companies managed to maintain growth by utilizing remote monitoring systems during lockdowns. To cope with reduced demand, businesses are depending on government support and corporate debt for recovery. Despite challenges, Solid-State Relays are still witnessing significant growth in various sectors such as temperature control, motors, lamps, solenoids, valves, and transformers, owing to their compatibility, immunity to magnetic noise, and suitability for automation applications.
The Ukraine Crisis caused fluctuations in the supply chain, leading to potential disruptions in the production and distribution of electronic components like solid-state relays. Prices may have risen due to uncertainty and geopolitical tensions, impacting availability and cost for industries relying on these components, the Solid State Relay Market faces further challenges
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List of Key Market Players in Solid State Relay Market:
The Global Solid State Relay Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- Rockwell Automation
- ABB Ltd.
- Sensata Technologies, Inc.
- Omron Corporation
- Phoenix Contact GmbH
- Vishay Intertechnology
- Omega Engineering
- Carlo Gavazzi
- Schneider Electric SE
- Fujitsu Ltd.
- General Electric
- Littelfuse, Inc
- Teledyne Relays
- Ametek, Inc
- Broadcom Inc
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