2024 Solid State Relay Market Summary: 5 Key Findings
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What Growth Projections are in Place for the Solid State Relay Market Between 2024-2033?
In recent times, the solid state relay market has experienced robust growth. It’s expected to escalate from a value of $1.35 billion in 2023 to $1.47 billion in 2024, representing a compound annual growth rate (CAGR) of 8.2%. The growth witnessed in the past is linked to the heightened demand for energy-efficient solutions, the rise in automation and industrialization, improved dependability and lifespan, resistance to temperature and vibration, a broad range of operating voltage, and the automotive and transportation sector.
The market size of solid state relay is predicted to experience a significant increase over the next couple of years, expanding to $1.96 billion by 2028 with a compound annual growth rate (CAGR) of 7.6%. Factors contributing to the expected growth during this forecasted period include the integration of renewable energy, an increase in medical equipment applications, the electrification of vehicles, telecommunications infrastructure, applications in data centers, and the implementation of smart grids. The anticipated trends during this period encompass advances in semiconductor technology, digitally developed solid state relays and smart control, a high level of dependability and long lifecycle, and the inclusion of fault detection and diagnostics.
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What Are the Major Factors Contributing to the solid state relay Market Expansion?
The growing popularity of electric vehicles (EVs) is predicted to drive expansion in the solid-state relay market. Electric vehicles, powered by electricity stored in batteries, rely on electric motors and recharge their batteries using electrical power rather than traditional fossil fuels like gasoline or diesel. Solid-state relays, known for their long operational life in comparison to mechanical relays, also lend themselves to superior battery isolation functionality in EVs. This enables a shift from petroleum-burning vehicles to more environmentally-friendly hybrids and EVs. According to a May 2022 report from the Paris-based International Energy Agency, the Global EV Outlook 2022 revealed that global sales of electric vehicles doubled in 2021 from the previous year, reaching a peak of 6.6 million. The figure for the number of electric cars sold worldwide in 2021 was a rise to 6600000 units from 2980000 units. Hence, the rising demand for electric vehicles stimulates the growth of the solid-state relay market.
What Are the Distinct Segments of the Solid State Relay Market?
The solid state relay market covered in this report is segmented –
1) By Mounting Type: Panel, PCB, DIN Rail, Other Mounting Types (Plug-in)
2) By Output: AC SSR, DC SSR, AC/DC Output SSR
3) By Power Rating: Low(0-20A), Medium(20A-50A), High(>50A)
4) By Industry: Energy And Infrastructure, Industrial OEM, Building Equipments, Food And Beverages, Automotive And Transportation, Industrial Automation
What Are the Transformative Trends Influencing the Solid State Relay Market?
The solid-state relay market is experiencing a significant trend towards technological advancement. The ongoing evolution of electronic devices propels the business requirement for electronic relays. A sophisticated design is increasingly crucial in manufacturing a product that boasts high reliability, high power flux, and resistant to high temperatures. The market is observing the inclusion of cutting-edge technologies like the Industrial Internet of Things (IIoT), Solid State Relays (SSRs) with improved power supply rates, smart grids fitted with SSR, and insulation technology. This insulation technology optimizes Electric Vehicles (EVs) driving by isolating both power and signal, resulting in high power density, minimal electromagnetic interference, and excellent reliability. Top-tier companies in the market aim at product innovation to solidify their market standing. For example, in May 2022, Texas Instruments, a semiconductor firm located in the US, launched a new array of solid-state relays. This array includes isolated drivers and switches engineered for automotive use that provide remarkable reliability and enhance the safety of electric vehicles. Furthermore, these newly isolated solid-state relays contribute to lessening the powertrain costs and increasing the safety of the 800-V battery management system while offering the smallest possible solution size.
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What Regions Are Leading the Growth Trajectory of the Solid State Relay Market?
Asia-Pacific was the largest region in the solid state relay market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the solid state relay market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Solid State Relay Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the solid state relay market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Solid State Relay Market Include
1. Solid State Relay Market Executive Summary
2. Solid State Relay Market Segments
3. Solid State Relay Market Size And Template Market Growth Rate
4. Key Solid State Relay Market Trends
5. Major Solid State Relay Market Drivers
……
25. Key Mergers And Acquisitions In The Solid State Relay Market
26. Top Solid State Relay Companies
27. Solid State Relay Market Opportunities And Strategies
28. Solid State Relay Market, Conclusions And Recommendations
29. Appendix
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