“Solid state relay market to exhibit significant growth during 2019–2024”
The solid state relay market is estimated to grow from USD 1.2 billion in 2019 to USD 1.6 billion by 2024, at a CAGR of 5.7%. The key factors driving the growth of the market include increasing digitization and automation in the consumer electronics industry; growing modernization of electric vehicles; robust features of SSR, such as high switching frequency and resistance to shock and vibration; and low noise while operating, long operating life, and low maintenance and compact size of SSR. However, the requirement of heat sink to manage thermal load, higher cost of SSR than EMR, and current leakage during switching OFF SSR are the key restraining factors for market growth.
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“PCB-mount SSR to witness high growth potential during forecast period”
The market for PCB-mount SSR is expected to grow at the highest CAGR from 2019 to 2024. The PCB-mount SSRs have comparatively smaller size and built-in heat sink with high surge capability, making them suitable for applications such as electromagnetic waves, electric machines, and filament lamp control. Further, a PCB-mount SSR is ideal to use in applications where a small, power-dense package is required as is the case with a lot of commercial and industrial equipment. Growing demand for miniaturization of electrical circuits is fuelling demand for PCB-mount SSRs in automotive owing to their smaller size and lightweight properties.
“Market for AC/DC SSR to grow at highest CAGR during forecast period“
The AC/DC SSR market is estimated to grow at the highest CAGR from 2019 to 2024. The AC/DC output relays are used for switching both AC and DC outputs. They consist of a DC–AC converter circuit. In case of a DC input signal, the DC–AC converter is used to convert the signal to AC and is then applied to the triggering switch. In case of an AC input signal, it is directly applied to the triggering switch. The low current ratings of AC/DC relays limit its scope of usage in various application segments; however, the adoption of AC/DC relays in automotive and transportation is expected to aid the growth of this market during the forecast period.
“Market for high current rating SSR to grow at highest CAGR during forecast period“
The high current rating SSR market is estimated to grow at the highest CAGR from 2019 to 2024. High current rating SSRs include relays from 50A to 200A. The high current rating SSRs are mainly used in building equipment, and energy and infrastructure. SSRs with high current ratings (150A and above) are expensive due to their power semiconductor and heat-sinking requirements. Increasing use of high current rating SSR in elevators, conveyor systems, and machine tools is fuelling the growth of this market.
“Solid state relay market for automotive & transportation to grow at highest rate during forecast period”
The solid state relay market for automotive and transportation is expected to grow at the highest CAGR from 2019 to 2024. SSR has wide applications in automobiles such as battery electric vehicles, hybrid electric vehicles, charging stations, commercial trucks, and even combustion engine vehicles. The major use of SSR is in mobile HVAC system, which is used in various types of transportation systems, including rail, bus, aircraft, and truck. Growing demand for electric vehicles is supporting the high growth rate of SSR in automotive and transportation. SSRs offer exceptional performance in a panel-mounted industrial package, which has an efficient thermal design. SSRs offer superior solid state performance for high-power demanding applications and are also an ideal choice for automobiles as they offer variable load control.
“APAC to be largest market for solid state relay during forecast period”
APAC is expected to lead the solid state relay market, in terms of size, from 2019 to 2024. China and Japan are the countries driving the growth of the SSR market in APAC. APAC has huge growth potential for the SSR market. The market growth in this region can be attributed to the tremendous growth of automotive, food & beverages, building equipment, and manufacturing industries in emerging economies such as China, Japan, India, and South Korea. China is a key contributor to the growth of the SSR market in APAC owing to its huge industrial and manufacturing sectors. It is also the fastest-growing market for SSR in APAC. Japan is also witnessing a steady growth in the SSR market owing to the presence of key manufacturers of SSRs such as Omron and Fujitsu.
Profile break-up of primary participants for the report is given below:
- By Company Type – Tier 1 – 43%, Tier 2 – 32%, and Tier 3 – 25%
- By Designation – C level – 45%, Director level – 32%, and Manager level – 23%
- By Region – North America - 33%, Europe – 20%, APAC – 42%, and RoW – 5%
The key players in the market include Carlo Gavazzi (Switzerland), Omron Corporation (Japan), Vishay Intertechnology (US), Crydom (US), Omega Engineering (US), Broadcom (US), Fujitsu (Japan), Rockwell Automation (US), Anacon Electronic Sales (US), Celduc Relais (France), IXYS Integrated Circuits Division (US), Teledyne Relays (US), Ametek (US), Arico Technology (Taiwan), Connectwell Industries (India), Eaton (Ireland), Emtech Solutions (India), Panasonic (Japan), Phoenix Contact (Germany), and TE Connectivity (Switzerland).
The global solid state relay market is segmented into mounting type, output voltage, current rating, application, and geography. The market based on mounting type is segmented into panel, PCB, DIN Rail, and others. Based on output voltage, the solid state relay market has been split into AC, DC, and AC/DC. Based on current rating, the solid state relay market has been split into low (0A–20A), medium (20A–50A), and high (50A & above). The applications that are included in the study of the solid state relay market include industrial automation, building equipment, industrial OEM, energy & infrastructure, automotive & transportation, medical, and food & beverages. The solid state relay market is segmented into 4 regions, namely, North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons To Buy the report:
- Illustrative segmentation, analysis, and forecast for markets based on mounting type, output voltage, current rating, application, and region have been conducted to give an overall view of the solid state relay market.
- The value chain analysis has been performed to provide an in-depth insight into the solid state relay market.
- Major drivers, restraints, opportunities, and challenges for the solid state relay market have been detailed in this report.
- The report includes a detailed competitive landscape along with key players, in-depth analysis, and revenue of key players.