Solid-state Relay Market Share

APAC Market Forecast

Asia Pacific industry is predicted to dominate majority revenue share of 35% by 2037. 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.