The overall solid state relay market is expected to grow from USD 1.2 billion in 2019 to USD 1.6 billion by 2024, at a CAGR of 5.7%. The market growth is propelled by increasing digitization and automation in the consumer electronics industry; growing modernization of electric vehicles; robust features of SSR, such as high switching frequency and resistance to shock and vibration; and low noise while operating, long operating life, and low maintenance and compact size of SSR.

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Solid state relay market for PCB-mount SSR to grow at highest CAGR from 2019 to 2024

Market for PCB-mount SSR is expected to grow at the highest CAGR during the forecast period. The PCB-mount SSR is mounted on a printed circuit board (PCB) using either through-hole or surface mount technology (SMT). SSRs are used in various commercial and industrial applications, including plastics and packaging machines, professional food equipment, laboratory ovens, theatrical lighting systems, medical equipment, renewable energy systems, and HVAC. Design engineers are constantly updating their designs while reducing the size of systems and increasing their functions. This has given rise to demand for PCB-mount SSRs, which replaces conventional panel-mount SSRs. For example, PCB-mount SSRs are used in portable dialysis machines owing to need for compactness and ease of transportation.

Solid state relay market for high current rating SSR to grow at highest CAGR from 2019 to 2024

The high current rating SSR market is estimated to grow at the highest CAGR from 2019 to 2024. The high current rating (50A & above) SSRs are mainly used in building equipment, and energy and infrastructure. SSRs with high current ratings (150A and above) are expensive due to their power semiconductor and heat-sinking requirements. Increasing use of high current rating SSR in elevators, conveyor systems, and machine tools is fuelling the growth of this market.

Automotive & transportation industry to exhibit high growth in solid state relay market during forecast period

The automotive and transportation industry is expected to grow at the highest CAGR from 2019 to 2024. SSR has wide applications in automobiles, such as battery electric vehicles, hybrid electric vehicles, charging stations, commercial trucks, and even combustion engine vehicles. As electric vehicles are battery-operated, SSR finds its application in a number of functions and working of these vehicles. Besides basic functions of an electric vehicle, SSR is used in power windows, car antenna, door lock, intermittent wiper, interior lighting, power seat, power sunroof, car stereo, and car horn. These applications are also common for combustion engine automobiles. Growing demand for electric vehicles is supporting the high growth rate of SSR in automotive and transportation.

Solid state relay market in APAC to grow at fastest rate during forecast period

The solid state relay market in APAC is expected to grow at the highest CAGR during the forecast period. China and Japan are the countries driving the growth of the SSR market in APAC. APAC has huge growth potential for the SSR market. The market growth in this region can be attributed to the tremendous growth of automotive, food & beverages, building equipment, and manufacturing industries in emerging economies such as China, Japan, India, and South Korea.

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Key Market Players

As of 2018, Carlo Gavazzi (Switzerland), Omron Corporation (Japan), Vishay Intertechnology (US), Crydom (US), Omega Engineering (US), Broadcom (US), Fujitsu (Japan), Rockwell Automation (US), Anacon Electronic Sales (US), Celduc Relais (France), IXYS Integrated Circuits Division (US), Teledyne Relays (US), Ametek (US), Arico Technology (Taiwan), Connectwell Industries (India), Eaton (Ireland), Emtech Solutions (India), Panasonic (Japan), Phoenix Contact (Germany), and TE Connectivity (Switzerland) were the major players in the solid state relay market.