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 surging 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.
AC output voltage expected to contribute the largest share to the solid state relay market during the forecast period
AC relays are available in a wide range of current ratings, i.e., 0–150 Amps. They are used in almost all applications, from industrial automation to medical equipment, because of the availability of a wide ampere range. The growing industrial automation market across the world is fueling the demand for AC relays.
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Medium current rating segment expected to lead the solid state relay market in 2020
The medium current rating segment is expected to dominate the solid state relays market in 2020, contributing the largest share. The increasing usage of medium current rating SSRs in the industrial controls, industrial OEMs, and automotive & transportation segments is supporting the growth of the market. On the other hand, Increasing use of high current rating SSR in the elevators, conveyor systems, and machine tools to fuel the growth of high current rating segment.
Solid state relay market in APAC contributed the largest share in 2019.
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.
Key Market Players
The Solid state relay players have implemented various types of organic as well as inorganic growth strategies, such as product launches, product developments, and acquisitions to strengthen their offerings in the market. The major players are Crydom (US), Omron Corporation (Japan), Carlo Gavazzi (Switzerland), Vishay Intertechnology (US), Omega Engineering (US).
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