Internet of Things Market Research Report Information By Component Hardware, Software, Services) By Connectivity Platform (Cellular, Wi-Fi, Ethernet, Bluetooth, Zigbee, Others) By organization Size (Small and Medium Enterprises (SMEs), Large Enterprises)

Solid State Relay Market Research Report Information By Type (DC to AC, DC to DC, AC to DC, and AC/DC to AC), By Mounting (El Panel Mount, PCB Mount, Din Rail Mount, and Others), By Output Voltage (DC Solid State Relay {Constant Current and Resistive Current} and AC Solid State Relay {Single Phase and Three-Phase}), By Current Rating (Low (0-20A), Medium (20A-50A), and High (50A and Above)), By Application (Industrial Automation, Building Equipment, Energy & Power, Automotive & Transportation, Food & Beverage, Military & Defense, and Others), and By Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) –Industry Forecast Till 2032

In 2023, the solid state relay market was estimated to be worth USD 1.26 million. The Solid State Relay market is expected to expand at a compound annual growth rate (CAGR) of 4.48% between 2024 and 2032, from USD 1.3245 million in 2024 to USD 1.88 million by 2032. The main factors propelling the growth of the solid-state relay market are the increasing need for temperature control solutions, the growing applications throughout the food and beverage industry, and the high need for medical devices to support market expansion.

Market growth for solid-state relays can be attributed to new product releases and technological advancements. While the market is being assessed, market participants are strategically reducing the demand pool and increasing their profit margins by doing this. In May 2022, for instance, new solid-state relays were introduced. The TPSI3050-Q1 isolated switch driver, with an integrated 10-V gate supply, and the TPSI2140-Q1 1,400-V, 50-mA isolated switch have entirely transformed power and signal isolation using a revolutionary technique to increase overall dependability.

Insights on Market Segments
The Solid State Relay Market is divided into four segments based on type: DC to AC, DC to DC, AC to DC, and AC/DC to AC.

Panel Mount, PCB Mount, Din Rail Mount, and Others are included in the market segmentation based on mounting.
The market segmentation comprises DC solid state relays and AC solid state relays based on output voltage.

The Solid State Relay Market is segmented into three categories based on current rating: Low (0-20A), Medium (20A-50A), and High (50A and Above).

Industrial Automotion, Building Equipment, Energy & Power, Automotive & Transportation, Food & Beverage, Military & Defense, and Others are among the market segments based on application.

Localized Perspectives
In 2022, the market share of the Asia Pacific Solid State Relay was approximately 35.1%. Over the course of the projected period, the Asia-Pacific market is anticipated to rise at a CAGR of 9.1%. The expansion is ascribed to the expanding field of industrial automation, as well as the government's soaring investment in the military and defense, which will present enormous growth potential for the listed market participants in the upcoming years throughout the nation. For example, China's Ministry of Finance estimates that the country will spend 230 USD billion more on defense in 2023, a 72% increase. China's defense budget increased by 7.1% in the previous year, outpacing increases of 6.8% in 2021 and 6.6% in 2020.

The region's markets will expand because of the rising government spending on electricity and energy. For example, the Canadian government has announced plans to invest USD 130.23 million in 12 sustainable energy projects located in Alberta. Furthermore, during the next ten years, the United States plans to invest more than half a trillion dollars in clean energy and climate action. Additionally, according to the Mexican Foreign Ministry, Mexico is set to install 30 gigawatts of renewable energy capacity by 2030. Therefore, the SSR market is expected to see tremendous development potential in the upcoming years throughout the area due to the increased investment in renewable energy projects. In the energy and power industry, SSR is utilized for several tasks, including power factor and voltage management.

Key Players
Important players in the Solid-State Relay industry include STMicroelectronics, Rockwell Automation Inc., General Electric, Fujitsu Limited, Carlo Gavazzi Holding AG, Honeywell International Inc., Texas Instruments Inc., Crydom Inc. (Sensata Technology), Omron Corporation, Schneider Electric, ABB Ltd., IXYS Corp. (Littelfuse), and STMicroelectronics.