Solid State Relay Market - Forecast (2020 - 2025)

The amount of heat generated through thermal dissipation during the switching currents is the biggest challenge in solid state relays. To address the issue the use of the proper heat sinking system along with the steady stat current ratings with protected systems from thermal dissipation can result in the growth of solid state relay market. Asia-Pacific dominated the Solid State Relay Market with a share of 26% in the year 2020. APAC region is expected to grow with a CAGR of 6.83% during the forecast period 2020-2025. With the rising demand for the solid state relays in automotive and transportation industry in countries such as China and India is expected to drive the market of solid state relay in APAC region. The increasing investments in manufacturing sector in the near future is also expected to drive the market of the solid state relays in APAC region.

Solid State Relay Market Outlook:

Advancements in manufacturing process with the use of the MOSFET which helps in reducing the size of the semiconductor is expected to create opportunities in solid state relay market.  According to findings, Panel Mount type of solid state relays is projected to grow more among all the different types mounting type. The market owing to its capabilities such as performing in largest load current which ranges from 0.1Amp to 160 Amp. Solid State Relays are fast and reliable in switching at high current and are easy to mount onto a metal plate. The launch of the new products which provide flexible control voltage options and LED input status indicator is expected to drive the market of the panel mount type of solid state relays.

The average selling price of the panel mount is estimated to be the highest valuing around $137.23 in 2020 and this product category is also estimated to witness the highest decline around a CAGR of 1.52%during 2020-2025.

Solid State Relay Market Growth Drivers:

The increasing demand for up gradation of the power infrastructure in developing regions using solid state relays and establishment of new power infrastructure is expected to drive the growth of the solid state relay market.

Solid State Relay Market Challenges:

The cost of purchasing a solid state relay is significantly higher than an electromechanical relay and this is expected to be a significant challenge affecting the growth of the market in near future. With the ongoing technical advancements regarding the solid state relays is expected to reduce the price of the product. The reduction in these procurement prices of these solid state relays will boost the growth of the market.

Solid State Relay Market Research Scope:

The base year of the study is 2020, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the plastics in electric vehicle market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of solid state relay market, and their specific applications in different types of vehicles.

Solid State Relay Market Report: Industry Coverage

• Mounting types of Solid State Relay: Panel Mount, PCB Mount, DIN Rail Mount

• Output of Solid State Relay: AC Solid State Relay, DC Solid State Relay, AC/DC Output Relay, Current Rating

• End Users of Solid State Relay: Industrial OEM, Building Equipment, Food & Beverages, Healthcare, Automotive & Transportation, Industrial Automation

Solid State Relay market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions.

The regions and countries covered in the study include:

• North America: The U.S., Canada, Mexico

• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica

• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark

• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong

• Middle East and Africa: Israel, South Africa, Saudi Arabia

Solid State Relay Market Key Players Perspective:

Omron Corporation is the major player of solid state relay which has its headquarters in Japan. Omron has the diversified business segments like Industrial Automation, electrical and mechanical components business, healthcare and many other business. This has its presences in different regions such as APAC, Europe and America. The other major player of solid state relay is Crydom which has the global outreach in APAC, EMEA and America.

Some of the other key players mentioned in this report are ABB, Siemens AG, Rockwell Automation, Broadcom Inc, Fujitsu Limitedamong others.

Solid State Relay Market Trends:

• Globally the increasing need to upgrade the power infrastructure in developed regions along with the usage of solid state relays is expected to drive the market.

• Manufactures of the switches have been shifting towards using an advent high quality wiring process. This high quality wiring delivers the high amperage required for the accessory. High quality wiring process will help in eliminating the possibilities of running high amperage through the switch without causing   melting of wires and switches and break out of fire.

• The existing switches use four or more relays for controlling the devices, which is more complex and involves running four wires, sized for the appropriate amperage.  The new MSD solid state relays with high relay block will operate the four relays by using one main battery feed which reduces the complexity of running of four or more relays.

• The recent solid state relays are provided with LED light monitoring system which protects the relays from short circuits that are caused by external factors. SSRs are also provided with an automatic over temperature detection sensors which help in monitoring the relays.