Solid-state Relay Market Size

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.