Around US$ 970 million was the estimated market size for solid state relays worldwide in 2021. Global sales in the market are anticipated to reach US$ 1,680 million by 2032, growing at a 6.7% CAGR over the forecast period (2022-2032).
A smart grid system is an electronic device comprises of solid-state relay switch that averts the disruption of the electric supply by detecting high voltage and uniformly distributing the power. Increasing application of solid state relay across various industries will spur the sales in the market.
In the automotive sector, growing adoption of solid state relay in the electric car batteries, speed controlling units, and other low maintenance and compact automotive parts will further create conducive environment for the growth of the market.
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Apart from this, introduction of advanced automotive vehicles and adoption of electric vehicles and hybrid vehicles will boost the sales of solid state relay in the upcoming years. Further, advancements in consumer electronics and semiconductor sectors will propel the demand for solid state relay in the market. Likewise, the demand for technologically advanced power infrastructure, especially across the U.S., is likely to increase the sales of solid state relays.
What are Key Trends Fueling the Growth of Solid State Relay Market?
Rising demand for automation and digitalization in the consumer electronics, healthcare, and other end-user industries is driving the growth of the market. Additionally, growing need for solid state relay in electromechanical relays or contactors for application in various industrial process controls, such as motors, valves and transformers, and others, is projected to bolster the growth.
Moreover, expansion of end-use industries, including medical & healthcare, semiconductor & electronics, automotive, and others, coupled with advancement in technologies will augment the sales of solid state relay in the market. According to International Energy Agency (IEA), the State Grid Corporation of China decided to invest US$ 3.5 Million in digital infrastructure, in 2020, to fund tech-based projects for improving the economy.
Likewise, in 2021, China’s National Development and Reform Commission and the State Grid Corporation of China together commenced a pilot project to launch a green-energy trading platform related to blockchain technology. Hence, integration of cutting-edge technologies such as Internet of Things (IoT) have improved the production of smart grids for smart cities, thereby, propelling the sales in the market.
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What are the Factors Impeding the Growth in Solid State Relay Market?
As per FMI’s analysis, growing concerns regarding the maintenance of temperature for the proper dissipation of heat generated by solid state relay is likely to act as a barrier for the growth in the market.
Additionally, high initial and maintenance cost compared to the electromechanical relays (EMR) is anticipated to further hamper the sales in the market.
Subsequently, existence of continuous leakage in the switching OFF solid state relay is most likely to inhibit its application in the coming years. However, the ongoing technological advancements in the solid state relays is expected to improve its functionality and lower the prices, favoring the growth.
Will Asia Pacific Emerge as a Leading Solid State Relay Market?
As per Future Market Insights (FMI), Asia Pacific is estimated to hold a largest share in the global solid state relay market. Growing demand for electronic devices in developing countries such as China, India, Japan, South Korea, Taiwan, and Singapore is projected to increase the demand in the market.
In addition to this, integration of semiconductors in a wide range of devices such as material handling equipment, HVAC equipment, building equipment, and others is expected to create lucrative growth prospects for the market players in the region.
Growing presence of building and industrial automation equipment providers in Asia Pacific is projected to back its presence in the international market in the coming years.
Furthermore, presence of leading manufacturers such as Omron and Fujitsu in Japan will improve the growth in Asia Pacific market.
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