Wilmington, Delaware, United States, June 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global solid state relays market stood at US$ 1.3 billion in 2022, and the global market is projected to reach US$ 2.3 billion by 2031. The global industry is anticipated to record a CAGR of 6.3% between 2023 and 2031.
The value of solid state relays market is increasing, owing to the increasing adoption of SSRs in the industrial automation sector. SSRs are widely used in industrial control systems for applications such as motor control, heating and ventilation control, and machine automation.
The ability of SSRs to provide precise and reliable switching in industrial environments, along with their long lifespan and resistance to mechanical wear, makes them ideal for industrial automation applications.
The rising demand for energy-efficient solutions, is another significant factor contributing to the market growth. SSRs offer improved energy efficiency compared to electromechanical relays, as they have lower power consumption and generate less heat.
SSRs are being widely adopted in energy management systems, smart grids, and renewable energy applications such as solar and wind power systems, with increasing emphasis on energy conservation and the need for green solutions.
The market prospects have been driven by factors such as demand from automotive industry. SSRs are used in automotive applications such as lighting control, power distribution, and battery management. The increasing demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs) is expected to further fuel the adoption of SSRs in the automotive sector. SSRs offer fast and reliable switching capabilities, which are essential for efficient and safe operation of automotive electrical systems.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 1.3 Bn | |
| Estimated Value | US$ 2.3 Bn | |
| Growth Rate - CAGR | 6.3% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 231 Pages | |
| Market Segmentation | By Mounting Type, By Output Voltage, By Current Rating, By End-use Industry | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Anacon Electronic Sales, Inc., Broadcom, CARLO GAVAZZI, Celduc Inc., Gefran SPA, Littelfuse, Inc., NOVUS Automation Inc., OMRON Corporation, Rockwell Automation, Solid State PLC, Schneider Electric, Sensata Technologies, Inc., Texas Instruments Incorporated, Vishay Intertechnology, Inc. | |
Key Findings of the Market Report
- On the basis of mounting type, din rail mount segment is likely to be most preferred, expected to expand at a significant share, attributed to the ease of installation, and enhanced thermal management.
- By output voltage, AC segment is anticipated to be the most preferred, owing to a wide range of applications, as well as improved safety and reliability.
- By end-use industry, the industrial automation segment is expected to boost the market growth, attributed to factors including increasing adoption of automation, and growing demand for energy-efficient solutions.
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Global Solid State Relays Market: Growth Drivers
- The global solid state relays market is projected to expand at a steady pace from 2023 to 2031, owing to increasing focus on safety, and growing demand for SSRs from emerging applications such as robotics, aerospace & defense, among others.
- Other factors that are projected to augment the market growth include growing demand for smart homes & building automation, and expansion of the renewable energy sector.
- Rapid growth of the electronics & semiconductor industry, and increasing adoption of SSRs in the automotive aftermarket, are the major factors that are anticipated to fuel the market prospects in the near future.
Global Solid State Relays Market: Regional Landscape
- Asia Pacific is expected to dominate the solid state relays market, and is expected to hold a significant share during the forecast period, attributed to industrial automation & manufacturing, and increasing energy & infrastructure sectors in the region.
- The regional market is witnessing an increase, due to the factors such as expansion of the automotive industry, as well as technological advancements & innovation.
- Adoption of renewable energy sources, and favorable government initiatives & investments in the region, are also anticipated to escalate the growth of the regional market over the analysis period.
Global Solid State Relays Market: Key Players
Some of the key market players in the global solid state relays market are:
- Anacon Electronic Sales, Inc.
- Broadcom
- CARLO GAVAZZI
- Celduc Inc.
- Gefran SPA
- Littelfuse, Inc.
- NOVUS Automation Inc.
- OMRON Corporation
- Rockwell Automation
- Solid State PLC
- Schneider Electric
- Sensata Technologies, Inc.
- Texas Instruments Incorporated
- Vishay Intertechnology Inc.
Competitive Landscape
Prominent players in the solid state relays industry are taking advantage of the rapidly increasing demand for solid state relays. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In 2023, Omron Corporation introduced the G3RV-NJU Slim I/O SSR series, featuring a compact size and reduced power consumption. The series offers improved reliability and high-speed response for industrial automation applications.
- In 2022, Crydom, a brand of Sensata Technologies, launched the SeriesOne DR45 and DR66 DIN rail-mount SSRs. The SSRs feature high power density, low leakage current, and enhanced thermal performance, catering to the growing demand for efficient solid-state relays.
- In 2021, Infineon Technologies AG unveiled the TRENCHSTOP Advanced Isolation Package for SSRs. This package combines the benefits of Infineon's TRENCHSTOP IGBT technology with high-voltage isolation, providing improved performance, efficiency, and reliability for industrial applications.
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Global Solid State Relays Market: Segmentation
By Mounting Type
- Panel Mount
- PCB Mount
- Din Rail Mount
- Plug-in
By Output Voltage
- AC
- DC
- AC/DC
By Current Rating
- Up to 20 A
- 21 to 50 A
- 51 to 100 A
- Above 100 A
By End Use Industry
- Industrial Automation
- Food & Beverage
- Automotive & Transportation
- Energy & Utility
- Healthcare
- Chemical
- IT & Telecommunication
- Building & Construction
- Others (Oil & gas, Metal & Mining, etc.)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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