Solid State Relay Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The solid-state relay market is expected to grow by registering a CAGR of 5% over the forecast period. The demand for low-cost, accurate, small-size, bounce-less operation and long self-life protective systems have increased during the last decade in industrial, automotive, energy and infrastructure, healthcare, and building equipment. Increased demand to upgrade the power infrastructure in developed countries to reduce heat generation through thermal dissipation with solid-state relays is expected to drive the market.
Key HighlightsThe solid-state relay market is competitive with the presence of a few significant players like Rockwell Automation Inc., ABB Ltd, General Electric, and Omron Corporation. These major players, with a prominent share in the market, are focusing on expanding their customer base globally. These companies leverage strategic collaborative initiatives to increase their market share and profitability. However, with technological advancements and product innovations, mid-size to smaller companies are growing their market presence by securing new contracts and tapping into emerging markets.
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