Solid-State Relay Market Analysis

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.