The global solid state relay market size is projected to grow from USD 1.1 billion in 2020 to USD 1.5 billion by 2025; it is expected to grow at a CAGR of 6.6% from 2020 to 2025. The growth of the Solid state relay market is majorly driven by growing adoption of high-tech electronics and automation in consumer electronics industry, increasing complexity in automobile circuits of electric vehicles, and robust features of solid state relays.
COVID-19 has emerged as a global pandemic that has spread over 215 countries worldwide and disrupted various industries around the world. The prominent players across industries have been affected by this pandemic. The foreseeable decline in the growth of end-user applications may have a considerable direct impact on the Solid state relay market.
“Panel mount solid state relay expected to hold the largest market share during the forecast period.”
Panel mount solid state relay is expected to account for the largest share of the solid state relay market in 2020, followed by PCB mount solid state realys; a similar trend is likely to continue in the near future. The increasing application of panel mount SSRs in the industrial automation and energy & infrastructure segments is expected to support the growth of the market during the forecast period. The panel mount SSR is the simplest form of SSR, which is also easy to assemble and change, if necessary. These features make it the primary choice for a majority of electrical equipment for switching and safety applications..
“Automotive and transportation application is expected to grow at the highest CAGR during the forecast period.”
The solid state relay market for the automotive and transportation is expected to grow at the highest CAGR from 2020 to 2025. The increasing demand for electric vehicles is supporting the growth of the solid state relay (SSR) market for automotive and transportation. Solid state relay offer superior solid state performance for high-power demanding applications and are also an ideal choice for automobiles as they offer variable load control. Automotive OEMs and players within the mobility industry are among the hardest hit due to the COVID-19 pandemic. The impact of COVID-19 on EVs will differ across regions. Post-COVID-19 crisis, the sale of EVs is expected to rebound strongly in China, keeping investment stable, and the projected increase in EV market share on track. The on going pandemic may negatively affect the growth of the solid state relays market for automotive and EV applications for the short term.
“APAC is projected to grow at the highest CAGR during the forecast period.”
Solid state relay market in APAC is expected to grow at the highest CAGR during 2020_2025. The rapid growth of the automotive, food & beverage, building equipment, and manufacturing industries in emerging economies such as China, Japan, India, and South Korea is contributing to the growth of the solid state relay market in APAC. The rapid growth of the automotive, food & beverage, building equipment, and manufacturing industries in emerging economies such as China, Japan, India, and South Korea is contributing to the growth of the solid state relay (SSR) market in APAC. The impact of COVID-19 in the region has led to a significant drop in the demand for transportation connectivity, which has correspondingly declined the investments in the associated sector. This is expected to impact the supply chain of solid state relays in the region.
Break-up of the profiles of primary participants:
- By Company Type – Tier 1 – 46%, Tier 2 – 31%, and Tier 3 – 23%
- By Designation – C-level Executives – 42%, Managers – 37%, and Others – 21%
- By Region – North America - 24%, Europe – 21%, APAC – 49%, and RoW – 6%
Crydom (US), Omron Corporation (Japan), Carlo Gavazzi (Switzerland), Vishay Intertechnology (US), Omega Engineering (US), Broadcom (US), Fujitsu (Japan), Rockwell Automation (US), Anacon Electronic Sales (US), Celduc Relais (France), IXYS Integrated Circuits Division (US), are some of the major players in solid state relay market.
The Solid state relay market has been segmented into type, vertical, application, and region. The Solid state relay market has been studied for North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons To Buy the report:
- Illustrative segmentation, analysis, and forecast of the market 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.
- A value chain analysis has been performed to provide in-depth insights into the solid state relay market ecosystem.
- The report includes pricing analysis, patent analysis, ecosystem analysis as well as technology and case study analysis pertaining to solid state relay.
- The key drivers, restraints, opportunities, and challenges pertaining to the solid state relay market have been detailed in this report.
- Detailed information regarding the COVID-19 impact and related updates on the Solid state relay market has been provided in the report.
- The report includes a detailed competitive landscape of the market, along with key players, as well as in-depth analysis of their revenues and market share.