New York, Nov. 13, 2023 (GLOBE NEWSWIRE) — The global solid-state relay market size is estimated to attain at ~7% CAGR from 2023 to 2035. The market is expected to garner a revenue of USD 5 billion by the end of 2035, up from a revenue of ~USD 2 billion in the year 2022.The major factor driving the market expansion is the growth in demand for electricity. During the previous 50 years, the amount of power utilized worldwide has risen steadily, and in 2021, it was expected to reach over 25,299 terawatt-hours. Multiple lights may be controlled by solid-state relays in conjunction with the computer system, and sophisticated lighting effects may be employed to enhance the ambience of the stage. Further, owing to its ability to control multiple lights they are extensively used in office spaces.
(GlobeNewsWire)