Solid State Relay Market Dynamics: Future Growing Trends and Forecast to 2030

Global solid state relay market report 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 relaymarket is majorly driven by surging growing adoption of high-tech electronics and automation in consumer electronics industry, increasing complexity in automobile circuits of electric vehicles, and robust features of solid state relays.

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Opportunity: Expanding semiconductor industry in APAC

APAC is currently the electronic hub in the world owing to the high demand in countries such as China, India, Japan, South Korea, Taiwan, and Singapore. A large number of electronic devices are manufactured in APAC, which are consumed within the region as well as exported worldwide. The presence of electronics giants such as Samsung, SK Hynix, and Toshiba is aiding the growth of the semiconductor industry in the region. The increasing population in APAC and the capability of companies in APAC to manufacture electronic equipment have increased the demand for semiconductors, which are implemented in devices such as HVAC equipment, robotic equipment, material handling equipment, and building equipment. This is consequently expected to fuel the demand for SSRs and create growth opportunities for the market players in the region.

Challenge:  Stringent quality standards

The manufacturers of SSRs have to abide by several safety rules and regulations and industry standards so that the product is universally compatible for various applications. Various associations, such as VDE (Verband der Elektrotechnik), which is an Association for Electrical, Electronic & Information Technology from Europe, provide standards for ensuring that the electricity is generated, distributed, and used in a safe and effective manner. The UL (Underwriter Laboratories) certification from the US has several variants in the US, Canada, and Europe for preventing damage in specific instances such as casualty and fire, performance under specific conditions, and compliance with regulatory codes. The CSA (Canadian Standards Association) from Canada, a provider of product testing and certification services for electrical, mechanical, and a variety of other products, also states various norms to be undertaken for operation in Canada.