New York, Nov. 13, 2023 (GLOBE NEWSWIRE) -- The global solid-state relay market size is estimated to attain at ~7% CAGR from 2023 to 2035. The market is expected to garner a revenue of USD 5 billion by the end of 2035, up from a revenue of ~USD 2 billion in the year 2022.The major factor driving the market expansion is the growth in demand for electricity. During the previous 50 years, the amount of power utilized worldwide has risen steadily, and in 2021, it was expected to reach over 25,299 terawatt-hours. Multiple lights may be controlled by solid-state relays in conjunction with the computer system, and sophisticated lighting effects may be employed to enhance the ambience of the stage. Further, owing to its ability to control multiple lights they are extensively used in office spaces.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-5200
Therefore, with the growing construction of office spaces, the market is estimated to grow further. In 2022, there were estimated to be about 93,000 office buildings all across the world. The SSR market is a part of the broader electronics and electrical components industry, and it plays a crucial role in various applications where the advantages of solid-state switching are required. Solid-state relays are electronic switches that use semiconductor devices such as thyristors, triacs, and MOSFETs to perform the same functions as traditional electromagnetic relays. They are used to control electrical circuits without mechanical contacts, making them ideal for applications where long life, high-speed switching, and low noise are important.
Increasing Utilization of Solid-state Relay across the Globe to Boost Market Growth
Small current signals are frequently required by remote control systems for controlling high-power machinery including electric motors, pulse valves, and other machinery. Solid state relays are frequently employed in remote control systems to serve as electronic switching components without mechanical contacts since they have many great benefits, including high reliability, flexible control, no spark, no noise, fast switching, high operating frequency, high durability, and strong anti-interference ability. Solid-state relays (SSR), thyristor modules (SCR modules), and AC contactors are typically among the three techniques employed to control heating and cooling systems. Solid-state relays and SCR modules are both widely used in cooling and heating equipment nowadays; however, SCR modules are less common since they are more expensive. As a result, solid-state relays are more frequently used in heating and cooling equipment including electric ovens, coffee makers, food vending machines, griddles, fryers, air conditioners, refrigerators, and so on. SSRs are known for their energy efficiency due to low power consumption and reduced heat generation compared to electromechanical relays. Energy efficiency investments are increasing worldwide. In the year 2019, investments in energy efficiency amounted to over USD 240 billion.
Solid-state Relay Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Renewable Energy Integration to Drive the Market Growth in Asia Pacific Region
The solid-state relay market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The rapid expansion of industrial automation in the Asia Pacific region is a major driver of the market. Industries are increasingly adopting SSRs for their superior performance in controlling electrical circuits. This is essential in the context of Industry 4.0, where automation, data exchange, and IoT technologies are transforming manufacturing. SSRs are crucial in achieving high-speed switching, noise reduction, and longer lifespan compared to traditional electromagnetic relays, making them indispensable in this industrial transformation. The Asia Pacific region has been at the forefront of renewable energy adoption, particularly in solar and wind power. SSRs play a vital role in the renewable energy sector, helping manage the switching and control of power in solar inverters and wind turbines. With the increasing emphasis on clean energy sources, SSRs are expected to witness robust growth as renewable energy installations continue to expand. Asia Pacific is a leader in renewable energy growth, with a 58% share of global renewable capacity additions in 2020. Infrastructure development, including smart buildings and transportation systems, is a crucial growth driver for the market. As the Asia Pacific region urbanizes and modernizes its infrastructure, the demand for energy-efficient solutions rises. SSRs, with their compact design and energy efficiency, are well-suited for applications in HVAC systems, transportation, and smart buildings.
Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-5200
Industrial Automation Advancement to Propel the Growth in the North America Region
The North America solid-state relay market is estimated to garner the highest CAGR by the end of 2035. The increasing pace of industrial automation in North America serves as a linchpin for the market's growth. As industries leap towards Industry 4.0, which leverages automation, data exchange, and the Internet of Things (IoT), SSRs have emerged as critical components. They offer high-speed switching, reduced noise, and longer operational lifespans compared to traditional electromagnetic relays. This makes them an indispensable element in the march toward modernization and automation in manufacturing and industrial processes. The North American region is actively embracing renewable energy, and SSRs play an integral role in this transition. These relays are instrumental in managing power distribution and control within solar inverters and wind turbines. With the relentless focus on clean and sustainable energy sources, SSRs are positioned to experience remarkable growth as renewable energy installations continue to surge. In 2020, North America installed 23 GW of new renewable energy capacity, an increase of 9% from 2019. The modernization of infrastructure, including smart buildings and advanced transportation systems, is a pivotal driver of the SSR market in North America. As the region undertakes a transformation of its infrastructure, the demand for energy-efficient solutions intensifies.
Solid-state Relay, Segmentation by Output
- AC Solid State Relay
- DC Solid State Relay
- AC/DC Output Relay
- Current Rating
Amongst these segments, the DC solid-state relay segment in solid-state relay market is anticipated to hold the largest share over the forecast period. The advancement of industrial automation is a crucial driver of the DC SSR segment. Industries are rapidly transitioning towards smart manufacturing and Industry 4.0, which demand precise and efficient control of DC circuits. DC SSRs excel in this regard, offering rapid switching, minimal noise, and exceptional reliability. Their adoption is integral to achieving the high-level automation that characterizes modern manufacturing. The global shift towards renewable energy is driving the growth of DC SSRs. These relays play a crucial role in managing power in renewable energy applications like solar inverters and wind turbines. With a relentless focus on sustainable energy sources, the DC SSR segment is poised for significant expansion as renewable energy installations continue to surge. In 2020, the global renewable energy capacity reached 2,799 GW, with DC SSRs being an essential component in solar and wind power systems. The telecom and data center industries are key consumers of DC SSRs. These relays are essential for ensuring efficient power distribution, fault protection, and the safe operation of sensitive electronic equipment. As the demand for data centers and telecom infrastructure continues to soar, the market is positioned for robust growth.
Solid-state Relay, Segmentation by Industry
- Energy & Infrastructure
- Industrial OEM
- Building Equipment
- Food & Beverages
- Healthcare
- Automotive & Transportation
- Industrial Automation
Amongst these segments, the healthcare segment in solid-state relay market is anticipated to hold a significant share over the forecast period. The aging population is a fundamental driver of growth in healthcare. As people age, the incidence of chronic diseases and conditions such as diabetes, cardiovascular diseases, and cancer increases. This demographic shift is creating a surge in demand for healthcare services, including hospital care, long-term care, and specialized medical treatments. The global population aged 65 and over is projected to double by 2050, reaching 1.5 billion people. Ongoing advancements in medical technology are revolutionizing healthcare. Innovations such as telemedicine, wearable devices, minimally invasive surgery, and precision medicine are improving patient care and outcomes. The adoption of these technologies enhances the overall healthcare experience, attracts investments, and fosters growth within the sector. The digital health and telemedicine boom have been accelerated by the COVID-19 pandemic. Telemedicine allows patients to access healthcare remotely, reducing the burden on physical facilities, improving access to care, and enhancing patient outcomes. This trend is expected to persist, fostering significant growth in virtual healthcare services.
Request for Customization of this Report @ https://www.researchnester.com/customized-reports-5200
Few of the well-known market leaders in the global solid-state relay market that are profiled by Research Nester are Texas Instruments Incorporated, Schneider Electric, Carlo Gavazzi Holding AG, OPTO 22, and other key market players.
Recent Development in the Solid-state Relay Market
- With innovative solid-state relays that offer industry-leading dependability, Texas Instruments Incorporated advances isolation technology. The TPSI2140-Q1 1,400-V, 50-mA isolated switch and the TPSI3050-Q1 isolated switch driver both integrate power and signal isolation across a single barrier using a novel method that increases dependability.
- The multinational electronics company Carlo Gavazzi Holding AG, which engages in the design, production, and marketing of electronic equipment, today introduces the NRG with Modbus TCP connection as a new communication interface for its NRG series of digital solid-state relays.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
