Northbrook, IL 60062 -- (SBWire) -- 12/19/2022 --Solid state relay market report size is projected to grow from USD 1.1 billion in 2020 to USD 1.5 billion by 2025; it is expected to grow at a CAGR of 6.6% from 2020 to 2025.
The growth of the solid state relaymarket is majorly driven by surging growing adoption of high-tech electronics and automation in consumer electronics industry, increasing complexity in automobile circuits of electric vehicles, and robust features of solid state relays.
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Driver: Growing adoption of high-tech electronics and automation in consumer electronics industry
The consumer electronics industry includes home electronics, beverage dispensing machines, and office machines. The global consumer electronics market is expected to increase owing to the increasing adoption of hi-tech electronics. Home electronics such as TV, AC, microwave oven, and refrigerator are becoming smarter. The digitization of consumer electronics is also evident in beverage dispensing machines and office machines, such as fax and inverters. The change in consumer behavior toward the adoption of advanced, easy-to-use, and smart technologies has led to a rise in the digitization of consumer electronics. SSR is used in many consumer electronics appliances as a replacement to conventional electromechanical relay (EMR). It is used in consumer electronics such as ovens, HVAC equipment, and coffee vending machines for switching applications and providing protection against electrical surgesHence, the growing adoption of high-tech electronics and automation in consumer electronics is propelling the growth of the solid state relay (SSR) market.
Opportunity: Expanding semiconductor industry in APAC
APAC is currently the electronic hub in the world owing to the high demand in countries such as China, India, Japan, South Korea, Taiwan, and Singapore. A large number of electronic devices are manufactured in APAC, which are consumed within the region as well as exported worldwide. The presence of electronics giants such as Samsung, SK Hynix, and Toshiba is aiding the growth of the semiconductor industry in the region. The increasing population in APAC and the capability of companies in APAC to manufacture electronic equipment have increased the demand for semiconductors, which are implemented in devices such as HVAC equipment, robotic equipment, material handling equipment, and building equipment. This is consequently expected to fuel the demand for SSRs and create growth opportunities for the market players in the region.
AC output voltage expected to contribute the largest share to the solid state relay market during the forecast period
AC relays are available in a wide range of current ratings, i.e., 0–150 Amps. They are used in almost all applications, from industrial automation to medical equipment, because of the availability of a wide ampere range. The growing industrial automation market across the world is fueling the demand for AC relays.
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Medium current rating segment expected to lead the solid state relay market in 2020
The medium current rating segment is expected to dominate the solid state relays market in 2020, contributing the largest share. The increasing usage of medium current rating SSRs in the industrial controls, industrial OEMs, and automotive & transportation segments is supporting the growth of the market. On the other hand, Increasing use of high current rating SSR in the elevators, conveyor systems, and machine tools to fuel the growth of high current rating segment.
Solid State Relay Market Report Share Grow $1.5 Bn by 2025