Solid-State Relay Market Size

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.