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 growth of the solid state relaysmarket is majorly driven by 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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The panel mount segment is expected to account for the largest share of the solid state relay market in 2020. followed by PCB mount; a similar trend is likely to continue in the near future. 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.
Industrial automation is expected hold the largest share in the solid state relay market during the forecast period. The growing use of solid state relays in conveyor systems and elevators is fueling the growth of the solid state relay market for industrial automation. SSRs offer zero arcing, fast switching, along with long life, low maintenance, and resistance to shock and vibration. These unique properties of SSRs make them a preferred choice over electromechanical relays for industrial automation applications. With demand dropping and more economic uncertainty ahead due to COVID-19, many automation companies are already delaying the purchases of new machinery, postponing scheduled upgrades, or canceling existing orders.
Solid state relay market in APAC is expected to grow at the highest CAGR during 2020−2025. 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.