According to Market Research Future (MRFR), the global solid state relay market had a valuation of USD 1.09 billion in 2018 and is projected to reach USD 1.78 billion with a CAGR of 7.23% from 2019 to 2025 (forecast period). The report explores the impact of COVID-19 on the market, including potential opportunities and challenges, drivers and risks, and market growth projections focusing on various scenarios.
Solid state relays are designed to switch both AC and DC currents using a silicone-controlled rectifier (SCR), a triode for alternating current (TRIAC), or switching transistor output instead of the usual mechanical normally-open (NO) contacts. These relays are suitable for a wide range of switching applications as they have no moving parts, no contact failures, and generate little or no noise. The adoption of solid state relays has mainly been seen in home electronics, industrial machinery, medical equipment, communications equipment, and transport.
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Development in automation across industry verticals is one of the key factors contributing to the global market's growth for solid state relays. In addition, long operating life and less maintenance of solid state relays have compelled manufacturers to replace electromechanical relays with solid state relays. Nevertheless, the demand for heat sinks to manage thermal loads and disparities in quality standards across regions is expected to hinder the global market's growth.
The geographic analysis of the global Solid State Relay Market Trends has been done for North America, Europe, Asia Pacific, the Middle East Africa, and Central South America.
The North American region dominated the solid state relay market in 2018. The market has experienced a huge foothold of the automotive, food beverage, building equipment, and manufacturing industries. This increased the demand for solid state relays for use in different industrial process control applications. On the other hand, the Asia Pacific region is presumed to see the fastest growth in the solid state relay market during the assessment period. Increased automation and industrialization in China, Japan, India, and South Korea has contributed to the expansion of the global solid state relay market.
MRFR has identified a few companies as leading players in the Global Solid State Relay Market. These include Omron Corporation (Japan), Rockwell Automation, Inc. (US), Teledyne Relays, Inc. (US), ABB Ltd (Switzerland), General Electric (US), Avago Technologies, Ltd (US), Crydom Inc. (US), Omega Engineering Inc. (US), Celduc Relais (France), Fujitsu Limited (Japan), Infineon Technologies AG (Germany), Carlo Gavazzi Holding AG (Switzerland), Vishay Intertechnology (Siliconix) (US), Fairchild Semiconductor (US), and STMicroelectronics (Switzerland). These companies are evaluated based on their geographic presence, origin, product portfolio, key developments, and expertise in laser projection technology.
Apart from the players mentioned above, Texas Instruments Incorporated (US), Linear Technology (US), Ametek (US), Eaton (Ireland), Broadcom Ltd (US), Arico Technology (Taiwan), Ixys Integrated Circuits Division (US), and TE Connectivity (Switzerland) also have a substantial presence in the global solid state relay market.
Manufacturers in the global solid state relay market are mainly aimed at improving their portfolio of solid state relays in order to remain competitive in the market. To accomplish this, these companies have invested a significant proportion of their revenues in their products' research and development. Rising demand for thermal dissipation management from machines has encouraged manufacturers to develop solid-state relays to prevent the machines from heating. Furthermore, the need for miniaturisation of devices has urged manufacturers to carry out research on minimizing the size of PCBs and thus continue to stay in the market. As part of their market development strategy, companies are also focusing on inorganic growth approaches, like acquisitions, partnerships, joint ventures, and collaborations, to broaden their geographic presence and achieve a competitive advantage in the global solid state relay market.
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