Growth of the Global Solid State Relay Market During the Forecast Period 2019–2025


Posted July 15, 2020 by Gauri44

The Global Solid State Relay Market was valued at USD 1.09 Billion in 2018 and is expected to reach USD 1.78 Billion by the end of the forecast period with a compound annual growth rate (CAGR) of 7.23%.

 
Pune, India, 29th November 2019, MRFR Press Release/-Market Research Future published a half-cooked research report on the global solid state relay market.

Market Highlights

The global solid state relay market is expected to depict a significant market growth during the forecast period. Over the past few decades, solid state relays have replaced electromechanical relays owing to low energy consumption and high efficiency with extended operating life. The solid state relays are used to either allow or block the current flow in a circuit. Thus, the inputs fed to these relays is isolated from the actual load in the circuit. This ensures to prevent severe damage to the device due to short-circuit. The demand for solid state relays is accelerated due to increasing automation in the automotive, manufacturing, food & beverages, and healthcare industries. Furthermore, miniaturization of electronic devices has encouraged the device manufacturers to focus on developing highly efficient solid state relays. However, high costs of solid state relays and changing quality standards across geographies might hamper the market growth in the near future.



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The global solid state relay market has been segmented on the basis of mounting type, output voltage, current rating, application, and region.

Key Players

The key players in the solid state relay market are identified across all the major regions based on their countries of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are General Electric (US), Avago Technologies, Ltd (US), Omega Engineering Inc. (US), Crydom Inc. (US), Celduc Relais (France), Infineon Technologies AG (Germany), Omron Corporation (Japan), Fujitsu Limited (Japan), Rockwell Automation, Inc. (US), Teledyne Relays, Inc. (US), ABB Ltd (Switzerland), Carlo Gavazzi Holding AG (Switzerland), Vishay Intertechnology (Siliconix) (US), Fairchild Semiconductor (US), and STMicroelectronics (Switzerland). The companies are focused on innovating in their existing product portfolio as well as innovate new products by investing in research and development to analyze the changing market trends.

Regional Analysis

The market for solid state relays is estimated to register significant growth during the forecast period from 2019 to 2025. The geographic analysis of the global solid state relay market has been done for North America, Europe, Asia-Pacific, the Middle East & Africa, and Central & South America. According to MRFR analysis, North America dominated the global market in 2018 and is expected to maintain its dominance during the forecast period. The region has largely adopted automation and is highly influenced by the Industry 4.0 revolution. Also, the adoption of solid state relays in elevators, conveyor systems, and machining tools in the US and Canada is expected to fuel the growth of solid state relay market in the region. On the other hand, Asia-Pacific is estimated to witness the fastest growth of solid state relays during the forecast period. China, Japan, and Taiwan are the major countries that are attributing to the growth of this region. Increasing demand for switching applications in automotive, consumer appliances, aircraft, heavy vehicles, HVAC and ventilation systems, telecommunication equipment, and industrial machinery is expected to fuel the growth of the overall solid state relay market in Asia-Pacific. Also, the high presence of semiconductor manufacturing companies and low labor costs in China and Taiwan is also boosting the growth of this market. Hence, owing to the above-mentioned factors, the market for solid state relays in the Asia-Pacific region is estimated to witness the fastest growth during the forecast period 2019–2025.



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Tags solid state relay market , solid state relay market report , solid state relay market research
Last Updated July 15, 2020