Solid-State Relay Market - By Mounting Type (Panel Mount, DIN Rail mount, PCB Mount), By Output Voltage (AC Solid-State Relay, DC Solid-State Relay, AC/DC Solid-State Relays), By Application & Global Forecast, 2023-2032

Solid-State Relay Market Size

Solid-State Relay Market size was more than USD 800 million in 2022 and is forecasted to record over 5% CAGR from 2023 to 2032. The advancements in semiconductor technology are predicted to improve product adoption over the coming years.
 

Expanding industrial sector across countries like India will complement the solid-state relay market growth. According to estimates, the industrial landscape has improved India’s GDP by almost 3.7% in the first quarter of 2023. While the India Brand Equity Foundation estimates that by 2030, the nation can contribute about USD 500 billion yearly to the global economy and might emerge as a significant global manufacturing powerhouse. The country is becoming a hub for manufacturing supported by growing government initiatives like Make in India and the Smart City Initiatives as well as sector-specific incentives for manufacturing businesses. These factors will complement the demand for solid-state relays across the region.
 

High price of solid-state relays (SSR) is one of the main factors impeding the market growth. SSRs are significantly more expensive than electromechanical relays. Solid-state relays cost between USD 10 and USD 15, while electromechanical relays are priced between USD 1 and USD 5. As a result, electromechanical relays are much widely used in contrast to SSRs. The initial investment required by SSRs is also larger compared to electromechanical relays. However, over the years, it is anticipated that falling SSR prices and an increase in SSR applications would result due to growing technological advancements and increased R&D spending by SSR makers.
 

Solid-State Relay Market Analysis

Solid-state relay market share from the PCB mount segment is predicted to reach more than USD 600 million by 2032. With the advancements in PCB mount technology, the demand for SSRs for PCB mount has grown at a significant rate. Manufacturers are creating PCB-mounted SSRs with higher power ratings, faster switching speeds, and better thermal management capabilities. These advancements have made PCB-mounted SSRs more suitable for high-power & high-current applications like motor control & industrial automation.
 

Based on output voltage, solid-state relay market share from the DC solid state relay segment is forecast to surpass USD 550 million by 2032. Several industries, including automotive, aerospace, and industrial automation, are seeing an increase in demand for effective and dependable power control systems. In contrast to conventional relays, DC SSRs offer an efficient method of managing DC power without the use of mechanical contacts which increases the lifespan. This has fueled the expansion of the DC SSR market, especially in the output voltage segment.
 

Solid-state relay market share from the automotive and transportation segment is anticipated to record more than 4% CAGR from 2023 to 2032. SSRs are highly suitable for automotive applications, particularly in electric vehicles, as they ensure wear-free, silent, and extraordinarily speedy switching operations. They also fulfill the mechanical and electrical standards of the automotive sector. The upgrading of electric vehicles and increasing government regulations are stimulating the SSR market by encouraging EV sales. These relays are a crucial component of the switching network for electric vehicle batteries since they control the battery's temperature and safeguard it from over-current damage.
 

North America solid-state relay market size is forecast to reach USD 500 million by 2032 owing to the expanding industrial sector across the region. This creates the need for more advanced automated solutions like industrial robots to boost production effectiveness. The adoption of automation systems, conveyors, and industrial & collaborative robots will also expand due to increased government investments in the manufacturing sector, driving up demand for solid-state relays in the area. In May 2022, the U.S. Department of Commerce and NIST announced financing of USD 2.08 million to assist the creation of manufacturing technology roadmaps for seven organizations in six U.S. states and to boost productivity & innovations across several industry sectors.
 

Solid-State Relay Market Share

• Broadcom
• Omron Corporation
• Eaton Corporation
• TE Connectivity
• Sensata Technologies Inc
• ABB Ltd.,
• Vishay Intertechnology

 are the leading players prevailing in the global solid-state relay industry. To acquire a competitive edge, the firms in the solid-state relay industry are concentrating on joint ventures, acquisitions, and the launch of novel products.
 

The solid-state relay market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2018 to 2032 for the following segments:

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By Mounting type

• Panel mount
• DIN rail mount
• PCB mount

By Output voltage

• AC solid-state relay
• DC solid-state relay
• AC/DC solid-state relays

By Application

• Automotive and Transportation
• Food and Beverages
• Industrial Automation
• Healthcare
• Building Equipment
• Energy and Infrastructure

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Taiwan
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • Saudi Arabia