DUBLIN, Jun 11, 2021--(BUSINESS WIRE)--The "Solid State Relay Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The solid-state relay market is expected to register a CAGR of 5% over the forecast period (2021 - 2025).
A solid-state relay is an electronic switching device that uses the electrical and optical properties of solid-state semiconductors to switch on or off when a small external voltage is applied across its control terminals.
They are mostly used to avoid any significant accidents or flashovers as it trips the circuit breaker when a fault is detected and prevents damage to the central system. These do not have moving parts, unlike electromechanical relay, to wear out, and thus, they have a long self-life.
The demand for low-cost, accurate, small-size, bounce less operation and long self-life of protective systems have increased during the last decade in industrial, automotive, energy and infrastructure, healthcare, and building equipment. Increase demand to upgrade the power infrastructure in developed countries to reduce the heat generation through thermal dissipation with the usage of solid-state relays is expected to drive the market.
In addition, the higher penetration of the Internet of Things has propelled the development of smart grids for smart cities. The smart grids work on advanced technologies to modernize electricity networks, extending from the end user to distribution and transmission. They use two layers of the relay (AC power relay and solid-state relay) in the smart meters to reduce the heat dissipation. According to the IEA report, smart meter deployment has advanced considerably in recent years, as China is in the midst of the full deployment, and Japan, Spain, and France are poised to achieve full rollouts in the next few years.
Moreover, in 2020, Ameren, one of the largest utility companies in the United States, announced that it plans to spend USD 7.6 billion on a five-year grid modernization plan that includes the installation of smart meters for more than 1.2 million customers. It will develop solar energy and battery storage in rural areas and switch to storm-resilient utility poles and wires.
The solid-state relay ensures wear-free, silent, and extremely fast switching operations and meets the mechanical as well as electrical demand of the automotive industry, and thus, is suitable for automotive applications, especially in electric vehicles.
Growing modernization of electric vehicles and lenient governmental policies are driving the sales of electric vehicles, which, in turn, is fueling the solid-state relay market. It is the integrated component of the switching network in the electric car's battery. The cell-measurement system comprises of switching array of solid states relay that blocks higher threshold voltage, and helps in heat management and offers overcurrent protection to the battery.
The cost of a solid-state relay is significantly higher than that of electromechanical relay and can hamper the growth of the market. However, the ongoing technological advancements are expected to reduce the price of the product that will boost its application in the future.
Further, the increasing spread of COVID-19 has put most of the countries under temporary lockdown. It has affected many construction and manufacturing industries that will slightly hamper the growth of solid-state relay in the future. Moreover, it has lowered the consumer's purchasing power and has induced the 2020 recession that will disrupt the automotive, consumer electronics, semiconductor, and IT infrastructure businesses worldwide.
The solid-state relay market is highly competitive and is dominated by a few major players like Rockwell Automation Inc., Alstom Power, ABB Ltd, General Electric, and Omron Corporation.
These major players, with a prominent share in the market, are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share hence, profitability.
However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increased Investment in Renewable Energy Sources
4.2.2 Elevated Requirement of Power Savings in the Residential and Industrial Sectors
4.3 Market Restraints
4.3.1 High Cost of the Solid-state Relay Compared to Electromechanical Relay
4.4 Industry Value Chain Analysis
4.5 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1.1 Panel Mount
5.1.2 PCB Mount
5.1.3 DIN Rail Mount
5.2.1 AC Solid State Relay, , and
5.2.2 DC Solid State Relay
5.2.3 AC/DC Output Relay
5.3.1 Energy and Infrastructure
5.3.2 Industrial OEM
5.3.3 Building Equipment
5.3.4 Food and Beverages
5.3.5 Automotive and Transportation
5.3.6 Industrial Automation
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Rockwell Automation Inc.
6.1.2 ABB Ltd
6.1.3 Alstom Power
6.1.4 Sensata Technologies
6.1.5 General Electric
6.1.6 Omron Corporation
6.1.7 Fujitsu Limited
6.1.8 Teledyne Relays Inc.
6.1.9 Avago Technologies Ltd
6.1.10 Omega Engineering Inc.
6.1.11 Crydom Inc.
6.1.12 Celduc Relais.
6.1.14 Mitsubishi Electric
6.1.15 NR Electric
6.1.16 IXYS Integrated Circuits
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/4fhjmq
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