Solid State Relay Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Solid-state Relay Market Analysis

The Solid-state Relay Market size is estimated at USD 587.13 million in 2024, and is expected to reach USD 798.13 million by 2029, growing at a CAGR of 6.33% during the forecast period (2024-2029).

Solid State Relays (SSRs) and electromechanical relays (EMRs) share a common functionality, but their implementation and performance diverge significantly. SSRs, acting as the mechanical counterparts of EMRs, can manage electrical loads sans moving parts. Unlike EMRs that rely on mechanical NO contacts, SSRs leverage components like TRIACs, SCRs, or switching transistors to handle both AC and DC currents.

• One key distinction lies in the electrical isolation of the low voltage input from the load-switching output in SSRs, a feature absent in EMRs. EMRs, on the other hand, are characterized by a finite contact life, bulkier dimensions, and slower switching speeds, particularly evident in larger power relays and contactors—limitations not shared by SSRs.

• The global shift toward clean and renewable energy sources, such as solar and wind, has created a need for efficient power conversion and control systems. The increasing deployment of solar inverters, wind turbines, and energy storage systems is anticipated to drive the demand for power semiconductors in the renewable energy sector. SSRs are crucial in solar inverters, allowing efficient solar energy conversion into electricity.

• The rising uptake of smart home appliances, HVAC systems, and electronic devices, including laptops and smartphones, is driving up power consumption. In addition, with technological advancements, LED lighting has emerged as a favorite lighting among consumers. The surge in LED lamp sales is opening substantial market prospects for solid-state relays. These relays play a pivotal role in smart lighting systems, enabling efficient control and dimming of LED lights, ultimately curbing power usage.

• The upfront cost of SSR surpasses that of EMR, and SSR proves more cost-effective in the long term. This is primarily because EMR entails higher maintenance costs, consumes more power, and boasts a shorter lifespan.

• Considering additional costs, such as comprehensive service life, inspection and maintenance expenses, and inefficiencies due to unstable or faulty relays, the average cost of using solid-state relays is significantly lower than that of electromagnetic relays. Furthermore, some applications require extra costs to prevent contact vibration and ensure reliable contact in mechanical relays.

• Macroeconomic trends like economic growth, inflation, government spending, global trade, and geopolitical dynamics influence various countries' manufacturing ecosystems. Disruptions in supply chains, triggered by events such as the Russia-Ukraine conflict and tensions between the US and China, have significantly impacted the manufacturing sector. For example, the electronics manufacturing industry in China saw a 3.4% growth in value added in 2023, marking the highest point in the given period, as China's National Bureau of Statistics reported. This growth had dipped in 2019 and 2020, only to rebound in 2021.

Solid-state Relay Market Trends

Automotive and Transportation Segment to be the Fastest Growing Application

Solid-state Relay Industry Segmentation

A solid-state relay is an electronic switching device that activates or deactivates when an external voltage (DC or AC) is applied across its control terminals. The market is defined by the revenue generated from the sale of different types of solid-state relays offered by different market players across various end-user industries. The market trends are evaluated by analyzing the investments made in product innovation, diversification, and expansion. Furthermore, the advancements in end-user industries, such as energy and infrastructure, industrial OEM, building equipment, food and beverages, automotive and transportation, industrial automation, and healthcare, are also considered in determining the growth of the market studied.

The solid-state relays market is segmented by mounting (panel mount, PCB mount, and DIN rail mount), by output (AC solid state relay, DC solid state relay, and AC/DC output relay), by application (energy and infrastructure, industrial OEM, building equipment, food and beverage, automotive and transportation, industrial automation, and healthcare), and by geography (North America [United States, Canada], Europe [Germany, France, United Kingdom, and Rest of Europe], Asia-Pacific [China, Japan, India, and Rest of Asia-Pacific], Latin America, Middle East and Africa). The report offers market forecasts and size in value (USD) for all the above segments.