Solid State Relay Market Size & Analysis
Market Research Future (MRFR) projects the global Solid State Relay Market was valued at USD 1.09 Billion in 2018 and is expected to reach USD 1.68 billion by 2030 with a compound annual growth rate (CAGR) of 5.12%
Solid state relays use a silicon-controlled rectifier (SCR), triode for alternating current (TRIAC), or switching transistor output instead of mechanical normally-open (NO) contacts to switch both AC and DC currents. Since they have no moving parts, no contact failures, and produce little to no noise, these relays are suitable for a wide variety of switching applications. Solid state relays have been widely used in consumer electronics, communication equipment, medical equipment, transportation, and industrial machinery. Advancement in automation across industry verticals is one of the significant factors driving the growth of the global solid state relays market. Furthermore, the long operating life and low maintenance of solid state relays have prompted manufacturers to replace electromechanical relays with solid state relays. Nevertheless, demand for heat sinks to handle the thermal load, as well as regional differences in quality standards, are expected to stymie global market development.
COVID-19 Impact on the Global Solid State Relay Market
The COVID-19 virus originated in China and is now spreading throughout the world. The pandemic has had an effect on many markets, both positively and negatively. During the pandemic crisis, the healthcare sector expanded exponentially; however, the manufacturing industry suffered. People's health and safety have risen to the top of the priority list, prompting governments in most countries to enact nationwide lockdowns. According to MRFR research, revenues in China fell by more than 20% during the first quarter of 2020. The spread of the coronavirus has brought the manufacturing sector to a halt. The exports of raw materials from China to other emerging markets have also been impacted. Solid state relays are commonly used in the production of industrial machinery, home electronics, transportation, and medical and communication equipment. The COVID-19 pandemic, on the other hand, has severely hampered demand in the consumer electronics and machinery industries.
Companies are actively investing in the R&D of advanced solid state relays. Sensata Technologies, for example, announced the introduction of two new 3-phase DIN-rail and panel-mount solid state relays in November 2019. The PM67 and DR67 relays are VDE, UL, and CE accredited for global use in HVAC & R, pump controls, plastic injection, industrial ovens, moulding, packaging, and food processing equipment. Post-lockdown, the new product releases are projected to increase demand for solid state relays in a variety of industries.
Solid State Relay Market Segmentation
The global solid state relay industry has been segmented based on mounting type, output voltage, current rating, and application.
Based on mounting type, the global solid state relay market has been segmented into panel mount, PCB mount, DIN rail mount, and others.
Based on the output voltage, the global solid state relay market has been segmented into AC solid state relay, DC solid state relay, and AC/DC solid state relay.
Based on the current rating, the global solid state relay market has been segmented into low (0–20A), medium (20A–50A), and high (50A & Above).
Based on application, the global solid state relay market has been segmented into industrial automation, building equipment, industrial OEM, energy & infrastructure, automotive & transportation, medical devices, food & beverages, and others.
Solid State Relay Market Regional Analysis
By region, the global solid state relay market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Central & South America.
In 2018, the North American region dominated the global solid state relay industry. The automotive, food and beverage, building equipment, and manufacturing industries have had a significant presence in the market. As a result, the market for solid state relays for use in various industrial process control applications has increased. The Asia Pacific region, on the other hand, is expected to experience the fastest growth in the solid state relay market during the forecast period. The rise of automation and industrialization in China, Japan, India, and South Korea has contributed to the expansion of the global solid state relay industry.
Solid State Relay Market Key Players
MRFR has recognized a few companies as key players in the global solid state relay market. These include Rockwell Automation, Inc. (US), Omron Corporation (Japan), General Electric (US), Fujitsu Limited (Japan), Teledyne Relays, Inc. (US), Crydom Inc. (US), ABB Ltd (Switzerland), Avago Technologies, Ltd (US), Omega Engineering Inc. (US), Celduc Relais (France), Vishay Intertechnology (Siliconix) (US), Infineon Technologies AG (Germany), Fairchild Semiconductor (US), Carlo Gavazzi Holding AG (Switzerland), and STMicroelectronics (Switzerland).
Apart from the players mentioned above, Texas Instruments Incorporated (US), Linear Technology (US), Arico Technology (Taiwan), Ametek (US), Eaton (Ireland), Broadcom Ltd (US), Ixys Integrated Circuits Division (US), and TE Connectivity (Switzerland) also have a noteworthy presence in the global solid state relay market.
Summary
The global solid state relay market is set to reach USD 1.78 billion at a CAGR of 7.23% from 2019 to 2025 (forecast period). Automation advancements across industry verticals are one of the major factors driving the growth of the global solid state relays market. Furthermore, the long operating life and low maintenance of solid state relays have prompted manufacturers to replace electromechanical relays with solid state relays.
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