Solid-state Relay Market size was valued at USD 1.3 Billion in 2023 and is likely to reach USD 2.51 Billion by the end of 2036, registering around 5.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of solid-state relay is assessed at USD 1.37 Billion. 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. 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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5.2% |
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Base Year Market Size (2023) |
USD 1.3 Billion |
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Forecast Year Market Size (2036) |
USD 2.51 Billion |
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Regional Scope |
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Output (AC Solid State Relay, DC Solid State Relay, AC/DC Output Relay, Current Rating)
The DC solid-state relay market is expected to capture a share of approximately 40% over the projected period. These solid state relays are applied to thyristors and transistors to lessen electrical noise and the back-EMF that is linked to inductive loads. They are typically utilized in instrumentation, telecommunications, data communications, manufacturing, medical, electronic, and industrial appliances, automation, lighting, fire & and security systems, and other devices.
Industry (Energy & Infrastructure, Industrial OEM, Building Equipment, Food & Beverages, Healthcare, Automotive & Transportation, Industrial Automation)
Solid-state relay market frim the healthcare segment is projected to hold the highest share of 30% over the coming years. The elements of medical equipment should function well (high precision, durability, and more) since the equipment in this field has a rigorous operating frequency and accurate operation criteria. Most medical equipment requirements may be satisfied using solid-state relays.
Our in-depth analysis of the global market includes the following segments:
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Mounting Type |
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Output |
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Industry |
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APAC Market Forecast
The Asia Pacific solid-state relay market is expected to grow at a share of 35% over the forecast period. This growth could be attributed to growing rail projects. For instance, as of April 1, 2022, there were 183 new line projects underway across the Indian Railways, totaling 20,937 km (including elevated railway track/corridor) and costing roughly USD 0.04 billion. Of these, 2,831 km (or roughly USD 0.0113) had been completed and commissioned as of March 2022. Hence, the demand for solid state relay is growing since, it is extensively used in rail to make them function well in extreme condition.
North American Market Analysis
The solid-state relay market in North America is also expected to have significant growth over the forecast period. This growth could be owing to a rise in the number of people travelling by plane. Solid-state relay is extensively used in lighting aircraft runways since it provides multiple lighting solutions. Therefore, since airplane passenger is growing the demand for construction of aircraft runway is also rising further boosting market growth in this region. Additionally, growing digital transformation such as the adoption of implementation of 5G is also expected to drive the market in this region.
Author Credits: Abhishek Verma
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