Selbyville, Delaware, May 03, 2023 (GLOBE NEWSWIRE) — As per the report published by Global Market Insights Inc., the Global Solid-State Relay Market was estimated at USD 800 million in 2022 and is expected to surpass a valuation of $ 1.5 Billion by 2032, progressing at a CAGR of 5% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
The automobile sector is edging toward software-enabled vehicles which has resulted in a significant increase in software and electronic systems in vehicles. Electronics are frequently used for enabling the installation of new features and functionalities in automobiles. They have become more prevalent in applications such as the vehicle body, safety management, engine, and comfort or infotainment. Passenger safety is a key factor that influences the adoption of automated driving technologies. Due to the introduction of safety systems and features in automobiles throughout the past few decades, fewer traffic accidents and fatalities have been recorded lately. Such factors are complementing the global market development.
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Multiple features of panel mount SSR
As per mounting type, the solid-state relay market share from panel mount segment is expected to cross USD 500 million by 2032. Panel mount SSR is simply placed on heat sinks using screws that pass through flat panels and the baseplates of solid-state relays. Panel mount SSR has numerous benefits, including its ability to save significant amounts of energy, use less power, be silent, and be resistant to vibrations and shocks. It also enables high switching frequency for precise adjustments which is expected to drive market growth over the coming years.
Key reasons for solid-state relay market growth:
- Growing adoption of high-tech electronics and automation in the consumer electronics industry
- Rise in the number of SMEs globally
- Rapid infrastructure development of various end-use segments
- Rising adoption of relays in the automotive sector
- The expanding manufacturing sectors
High dependability of AC SSR to influence product uptake
In terms of output voltage, the solid-state relay market share from the AC SSR segment is anticipated to surpass USD 300 million by 2032. In several sectors, including industrial automation, automotive, and aerospace, there is a growing need for energy-efficient and dependable power control systems. In contrast to conventional relays, AC SSRs offer a dependable and efficient method of managing AC power without the use of mechanical contacts. This results in improved dependability and a longer lifespan. This feature is expected to fuel the expansion of the AC SSR market in the future years.
Expanding applicability of SSR in the food and beverage segment
Solid-state relay market share from the food and beverages segment is forecasted to record over 10% CAGR from 2023 to 2032. Solid-state relays are used in appliances like dishwashers, dryers, refrigerators, and ovens. SSRs commonly take the role of electromechanical relays because they are more trustworthy, use less power, and switch more quickly. Additionally, solid-state relays can be used to control how much power is delivered to an appliance. These benefits raise consumer demand for SSR in the food and beverage industry.
Increasing smart grid applications in the Asia Pacific region
Asia Pacific solid-state relay market size is predicted to witness more than USD 700 million by 2032. Smart grids have emerged as a result of the Internet of Things (IoT) growing popularity, particularly across smart cities in Asia Pacific. These intelligent grids, which stretch from end consumers to distribution and transmission systems, rely on cutting-edge technologies to update electrical networks. Smart meters, which have two levels of relays—AC power relays and solid-state relays—are a crucial component of smart grids. They can increase efficiency and decrease heat loss because of using these SSRs. Solid-state relays are also superior to conventional electromechanical relays in several ways, including rapid switching speed, low power consumption, and long service life, which makes them a perfect fit for smart grid applications.
Competitive landscape of the global solid-state relay market share
The major companies operating in the global solid-state relay industry are Omron Corporation, Eaton Corporation, Vishay Intertechnology, Broadcom, ABB Ltd., TE Connectivity, and Sensata Technologies, Inc. These companies are working on the development of new strategies for market growth like product launches, collaborations, partnerships, and joint ventures.
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For instance, in April 2023, ABB declared that it would invest over USD 170 million in creating job opportunities in manufacturing, innovation, and distribution operations in order to grow its business in the United States. To meet the rising demand from elite clients and to assist the transition of moving toward clean energy as well as the trend of moving production to the United States, the company plans to increase its electrification and automation operations in the country.
Partial chapters of report table of contents (TOC):
Chapter 3 Solid-State Relay Industry Insights
3.1 Impact of COVID-19 outbreak
3.2 Impacts of the Russia-Ukraine war
3.3 Solid-state relay industry ecosystem analysis
3.4 Technology & Innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Industry impact forces
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company market share, 2022
4.3 Major Market Players, 2022
4.4 Competitive positioning matrix
4.5 Strategic outlook matrix
Chapter 5 Solid-State Relay Market, By Mounting type
5.1 Key trends, by mounting type
5.2 Panel Mount
5.3 DIN rail mount
5.4 PCB Mount
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.