Solid State Relay Market worth .5 billion by 2025
Posted by Tom C on December 17th, 2020
According to the new market research report "Solid State Relay Market with COVID-19 Impact by Mounting Type (Panel, PCB), Output Voltage (AC, DC, AC/DC), Current Rating (Low, Medium, High), Application (Industrial Automation, Automotive & Transportation), and Geography - Global Forecast to 2025", published by MarketsandMarkets™, the global Solid State Relay Market 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 key factors fueling the growth of this market include growing adoption of high-tech electronics and automation in consumer electronics industry, increase of overall revenue projection of the semiconductor industry despite the outbreak of COVID-19, increasing complexity in automobile circuits of electric vehicles, and robust features of solid state relays.
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Panel Mount accounted for larger size of the solid state relay market in 2020.
The increasing application of panel mount SSRs in the industrial automation and energy & infrastructure segments is expected to support the growth of the market during the forecast period. The panel mount SSR is the simplest form of SSR, which is also easy to assemble and change, if necessary. These features make it the primary choice for a majority of electrical equipment for switching and safety applications. Due to the COVID-19 pandemic, companies are finding it difficult to ensure the shipments of the solid state relays with panel mount since the demand for panel mounts is higher than other mounts and accounts for the largest percentage contribution to the market.
Automotive & transportation application is expected to hold the largest size of the solid state relay market in 2020.
The increasing demand for electric vehicles is supporting the growth of the solid state relay (SSR) market for automotive and transportation. Solid state relay offer superior solid state performance for high-power demanding applications and are also an ideal choice for automobiles as they offer variable load control. Automotive OEMs and players within the mobility industry are among the hardest hit due to the COVID-19 pandemic. The impact of COVID-19 on EVs will differ across regions. Post-COVID-19 crisis, the sale of EVs is expected to rebound strongly in China, keeping investment stable, and the projected increase in EV market share on track. The on going pandemic may negatively affect the growth of the solid state relays market for automotive and EV applications for the short term.
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APAC projected to be the largest market for solid state relay from 2020 to 2025.
The rapid growth of the automotive, food & beverage, building equipment, and manufacturing industries in emerging economies such as China, Japan, India, and South Korea is contributing to the growth of the solid state relay market in APAC. The rapid growth of the automotive, food & beverage, building equipment, and manufacturing industries in emerging economies such as China, Japan, India, and South Korea is contributing to the growth of the solid state relay (SSR) market in APAC. The impact of COVID-19 in the region has led to a significant drop in the demand for transportation connectivity, which has correspondingly declined the investments in the associated sector. This is expected to impact the supply chain of solid state relays in the region.
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About the AuthorTom C
Joined: July 2nd, 2020
Articles Posted: 347
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