Solid State Relay Market is expected to reach at a Higher CAGR between 2019-2024

A solid state relay is a switching relay that is mounted on panel, PCB, or DIN Rail that helps switching and protection in various applications, such as industrial automation, building equipment, industrial OEM, energy and infrastructure, automotive and transportation, medical, and food & beverages. The output voltages of solid state relays include AC, DC, and AC/DC. Solid state relays are available in low, medium, and high current ratings.

The Solid State Relay Market growth is mainly attributed to increasing digitization and automation in the consumer electronics industry; growing modernization of electric vehicles; robust features of SSR, such as high switching frequency and resistance to shock and vibration; and low noise while operating, long operating life, and low maintenance and compact size of SSR. The solid state relay market is expected to reach USD 1.6 billion by 2024 from USD 1.2 billion in 2019, at a CAGR of 5.7%. Crydom (US), Omron Corporation (Japan), and Carlo Gavazzi (Switzerland) are the leading players in the solid state relay market.

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Crydom is among the leading market players manufacturing solid state relays. The company specializes in providing a wide range of off-the-shelf solid state relays, contractors, and related products along with customized solid state switching solutions. It operates as a subsidiary of Sensata Technologies. The products offered by Crydom are supplied to markets, which include building equipment, energy & infrastructure, food & beverages, industrial OEM, medical, and transportation. Crydom mainly adopts the strategy of product launches to expand its product portfolio and meet customer demands. For instance, in March 2017, the company launched the PMP Series of proportional control relays. In November 2016, the company launched EL Series AC and DC output solid state relays.

Omron Corporation is a major player in the solid state relay market. The company has a huge product portfolio of solid state relays. Besides solid state relays, the company manufactures terminal relays, I/O relay terminals, and power controllers. The R&D investments of the company have increased from 6.3% of the total revenue in 2015 to 6.9% of the total revenue in 2017. This indicates the company is focusing on the advancement of its product portfolio. The company has its manufacturing facilities in Japan, China, and the Netherlands, and distribution centers across the world.

Carlo Gavazzi is a major player in the sold state relay market involved in designing and manufacturing innovation solutions in this market. The company’s products are manufactured in its ISO 9001 certified factories. Carlo Gavazzi has 6 R&D manufacturing centers across the world. The company serves its clients in regions such as Europe, North America, and APAC through its 22 sales companies and 60 independent national distributors. The company adopts the strategy of product launches to expand its product portfolio, which would help the company in expanding its customer base and increase market share. For instance, in November 2018, the company launched a new product—RGC3 48 series. The company has increased its investments in R&D from 4.3% in 2015 to 4.6% in 2017, which denotes that the company plans to further come up with new and advanced products in the solid state relay market.