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Panel Mount Solid State Relay Market Size, Industry Analysis Report By output voltage outlook (AC DC, AC/DC), By mounting type (Panel, PCB, DIN Rail), By distribution channel (Online channels, Offline channels), By application (Industrial automation, Building equipment, Lightning equipment, Industrial OEM, Energy and infrastructure, Automotive and transportation, Medical, Food and beverages) & Region - Forecasts By 2033

  • PUBLISHED ON
  • 2024-10-08
  • NO OF PAGES
  • 243
  • CATEGORY
  • Electronics & Communication

Market Overview

Global Panel Mount Solid State Relay Market valued at USD 1,230 million in 2022 is anticipated to reach a value of USD 2,050 million in 2033, growing at a CAGR of 6.6%. 

Report Scope

Report Attributes

Description

Market Forecast in 2022

USD 1,230 Million

Market Forecast in 2033

USD 2,050 Million

CAGR % 2023-2033

6.6%

Base Year

2022

Historic Data

2020-2021

Forecast Period

2023-2033

Report USP

Product type, end-user industry, company share, company heatmap, company Material Technology Vehicle type capacity, growth factors and more

Segments Covered

output voltage outlook, mounting type, distribution channel, application

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

Key Companies

Crydom, OMRON, Carlo gavazzi, TE Connectivity, groupe celduc, Fujitsu Limited, Schneider, Siemens, Rockwell Automation, OPTO22, Xiamen Jinxinrong Electronics, JiangSu GlOD Electrical Control Technology, Clion Electric, Bright Toward, Wuxi Tianhao Electronics, Suzhou No.1 Radio Component, COSMO, Shaanxi Qunli, Wuxi Solid, Suzhou Integrated Technology, FOTEK, and Wuxi KangYu Electric Element.

 

Panel Mount Solid State Relay Market: Description

Panel mount solid state relays feature screws that go through the SSR (Super Sport Roadster) baseplate for simple mounting on flat panels or heat sinks. Solid state relays (SSRs) are electrical components that respond to a little external voltage across their control monitors to either switch ON or OFF. They contain transistors, thyristors, triacs, diodes, and other semiconductor switching elements. Based on their output, solid state relays can be divided into three categories: AC output. In AC power systems, solid state relays are used to control the flow of electrical energy. Many solid-state relays can switch ON or OFF with the same amount of power as electromechanical relay coils.

The market for solid state relays is anticipated to expand due to factors including rising overall fund projections for the semiconductor industry despite the COVID-19 crisis, growing consumer electronics industry acceptance of hi-tech electronics and technology, increasing complexity in electric vehicle circuits, and solid-state relay's advantages and sturdy properties. The solid-state relay market is predicted to develop slowly throughout the forecast period due to a number of advantages, such as robust design, long operational life, low operating noise, and low maintenance costs.

However, factors like the need for a stable operating temperature to conduct the solid-state relay's heat dissipation, higher costs and a higher initial investment requirement compared to EMR, and persistent leakage when solid state relays are switched off are anticipated to most likely restrain the market's expansion during the forecast period. In addition, the growth of the semiconductor industry, its spread, and the rising demand for semiconductors across a variety of industries have opened up a wealth of new chances for the development of the key companies operating in the state relay market.

Home electronics, beverage dispensers, and workplace equipment are all part of the consumer electronics sector. Because high-tech electronics are being used by more people, the global market for consumer electronics is anticipated to grow. Electronics found in the home, such as the TV, air conditioner, microwave, and refrigerator, are evolving. The digitization of consumer electronics is also visible in office equipment like fax machines and inverters as well as beverage distribution equipment. Consumer electronics are becoming more and more digitalized as a result of a shift in consumer behaviour toward the adoption of cutting-edge, user-friendly, and smart technology.

For the purpose of ensuring that their products are usable in a wide range of applications, SSR producers are required to adhere to a number of safety norms, regulations, and industry standards. Various organisations offer guidelines to make sure that energy is produced, distributed, and used in a safe and efficient manner. One such organisation is the VDE (Verband der Elektrotechnik), an association for electrical, electronic, and information technology from Europe.

Panel Mount Solid State Relay Market- Segmental Analysis:

Output Voltage Outlook Insights

Due to the availability of AC in a broad range of current ratings, such as 0-150 Amps, the AC output voltage sector is anticipated to have the biggest market share in 2021. Due to the availability of a broad ampere range, AC is employed in every application, from industrial automation to medical equipment.

Mounting Type Insights

The Panel segment led the global Panel Mount Solid State Relay market, in 2022 and is anticipated to grow at a significant CAGR by 2033.

Distribution Channel Insights

The Online channels segment registered the highest growth in the market, in 2022 and is anticipated to grow at a significant CAGR by 2033.

Application Insights

Industrial automation segment registered the highest growth in the market, in 2022 and is anticipated to grow at a significant CAGR by 2033.

Regional Insights

The major regions constituting the geographical ambit of this business sphere are North America, Middle East & Africa, Europe, Asia Pacific, and South America. Among these, North America is projected to capture a substantial revenue share, due to the expanding automotive industry. During the projection period, the regional market will rise due to the expanding use of Panel Mount Solid State Relays in industrial robotics and growing industrial automation.

Competitive Analysis

The prominent companies defining the competitive terrain of this marketplace are Crydom, OMRON, Carlo gavazzi, TE Connectivity, groupe celduc, Fujitsu Limited, Schneider, Siemens, Rockwell Automation, OPTO22, Xiamen Jinxinrong Electronics, JiangSu GlOD Electrical Control Technology, Clion Electric, Bright Toward, Wuxi Tianhao Electronics, Suzhou No.1 Radio Component, COSMO, Shaanxi Qunli, Wuxi Solid, Suzhou Integrated Technology, FOTEK, and Wuxi KangYu Electric Element.

Global Panel Mount Solid State Relay Market- Segmental Analysis

By output voltage outlook

·         AC

·         DC

·         AC/DC

·         Others

By mounting type

·         Panel

·         PCB

·         DIN Rail

·         Others (plug-in, SO4, and DIP)

By distribution channel

·         Online channels

·         Offline channels

·         Others

By application

·         Industrial automation

·         Building equipment

·         Lightning equipment

·         Industrial OEM

·         Energy and infrastructure

·         Automotive and transportation

·         Medical

·         Food and beverages

·         Others

 

1.       Global Panel Mount Solid State Relay Market Introduction and Market Overview

1.1.    Objectives of the Study

1.2.    Global Panel Mount Solid State Relay Market Scope and Market Estimation

1.2.1.Global Panel Mount Solid State Relay Overall Market Size, Revenue (US$ Mn) and Volume (Units), Market CAGR (%), Market forecast (2023 - 2033)

1.2.2.Global Panel Mount Solid State Relay Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2033

1.3.    Market Segmentation

1.3.1.Type of Global Panel Mount Solid State Relay Market

1.3.2.Sales Channel of Global Panel Mount Solid State Relay Market

1.3.3.Application of Global Panel Mount Solid State Relay Market

1.3.4.Region of Global Panel Mount Solid State Relay Market

2.       Executive Summary

3.       Market Factor Analysis

3.1.   Global Panel Mount Solid State Relay Market Application Trends under COVID-19 Outbreak

3.1.1.Global COVID-19 Status Overview

3.1.2.Influence of COVID-19 Outbreak on Global Panel Mount Solid State Relay Market Application Development

3.2.   Market Dynamics

3.2.1.Drivers

3.2.2.Limitations

3.2.3.Opportunities

3.2.4.Impact Analysis of Drivers and Restraints

3.3.   Value Chain/ Ecosystem Analysis

3.3.1.Manufacturers / Vendors

3.3.2.Distributors

3.3.3.Buyers / End-users

3.3.4.Forward Integration & Backward Integration of Key Stakeholders

3.4.   Global Panel Mount Solid State Relay Market - Pricing Trends Analysis & Average Selling Prices (ASPs)

3.5.   Porter’s Five Forces Analysis

3.5.1.Bargaining Power of Suppliers

3.5.2.Bargaining Power of Buyers

3.5.3.Threat of Substitutes

3.5.4.Threat of New Entrants

3.5.5.Competitive Rivalry

3.6.   PEST Analysis

3.6.1.Political Factors

3.6.2.Economic Factors

3.6.3.Social Factors

3.6.4.Technological Factors

3.7.   Impact of Russia Ukraine War on Panel Mount Solid State Relay Market

3.8.   Impact of Economic Downturn on Panel Mount Solid State Relay Market

3.9.   Panel Mount Solid State Relay Production Capacity, by Major Countries

3.10.  Market Investment Opportunity Analysis (Top Investment Pockets), By Segments & By Regions

4.       Global Panel Mount Solid State Relay Market Estimates & Forecast Trend Analysis, by Type

4.1.    Global Panel Mount Solid State Relay Market Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Type, 2019 to 2033

4.1.1.Panel

4.1.2.PCB

4.1.3.DIN Rail

4.1.4.Others

5.       Global Panel Mount Solid State Relay Market Estimates & Forecast Trend Analysis, by Sales Channel

5.1.    Global Panel Mount Solid State Relay Market Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Sales Channel, 2019 to 2033

5.1.1.Online Channels

5.1.2.Offline Channels

5.1.3.Others      

6.       Global Panel Mount Solid State Relay Market Estimates & Forecast Trend Analysis, by Application

6.1.    Global Panel Mount Solid State Relay Market Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Application, 2019 to 2033

6.1.1.Industrial Automation

6.1.2.Building Equipment

6.1.3.Lighting Equipment

6.1.4.Industrial OEM

6.1.5.Energy and Infrastructure

6.1.6.Medical

6.1.7.Others

7.       Global Panel Mount Solid State Relay Market Estimates & Forecast Trend Analysis, by Region

7.1.    Global Panel Mount Solid State Relay Market Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Region, 2019 to 2033

7.1.1.North America

7.1.2.Europe

7.1.3.Asia Pacific

7.1.4.Middle East & Africa

7.1.5.South America

8.       North America Panel Mount Solid State Relay Market: Estimates & Forecast Trend Analysis

8.1.    North America Panel Mount Solid State Relay Market Assessments & Key Findings

8.1.1.Panel Mount Solid State Relay Market Introduction

8.1.2.Panel Mount Solid State Relay Market Size Estimates and Forecast (US$ Million & Units) (2019 – 2033)

8.1.2.1.   By Type

8.1.2.2.   By Sales Channel

8.1.2.3.   By Application

8.1.2.4.   By Country

8.1.2.4.1.     The U.S.

8.1.2.4.2.     Canada

8.1.2.4.3.     Mexico

9.       Europe Panel Mount Solid State Relay Market: Estimates & Forecast Trend Analysis

9.1.    Europe Panel Mount Solid State Relay Market Assessments & Key Findings

9.1.1.Panel Mount Solid State Relay Market Introduction

9.1.2.Panel Mount Solid State Relay Market Size Estimates and Forecast (US$ Million & Units) (2019 – 2033)

9.1.2.1.   By Type

9.1.2.2.   By Sales Channel

9.1.2.3.   By Application

9.1.2.4.        By Country

9.1.2.4.1.     Italy

9.1.2.4.2.     Germany

9.1.2.4.3.     U.K.

9.1.2.4.4.     France

9.1.2.4.5.     Spain

9.1.2.4.6.     Rest of Europe

10.   Asia Pacific Panel Mount Solid State Relay Market: Estimates & Forecast Trend Analysis

10.1.  Asia Pacific Market Assessments & Key Findings

10.1.1.    Panel Mount Solid State Relay Market Introduction

10.1.2.    Panel Mount Solid State Relay Market Size and Volume Estimates and Forecast (US$ Million & Units) (2019 – 2033)

10.1.2.1.    By Type

10.1.2.2.    By Sales Channel

10.1.2.3.    By Application

10.1.2.4.    By Country

10.1.2.4.1. China

10.1.2.4.2. Japan

10.1.2.4.3. India

10.1.2.4.4. Australia

10.1.2.4.5. South Korea

10.1.2.4.6. ASEAN

10.1.2.4.7. Rest of Asia Pacific

11.   Middle East & Africa Panel Mount Solid State Relay Market: Estimates & Forecast Trend Analysis

11.1.  Middle East & Africa Market Assessments & Key Findings

11.1.1.   Panel Mount Solid State Relay Market Introduction

11.1.2.   Panel Mount Solid State Relay Market Size and Volume Estimates and Forecast (US$ Million & Units) (2019 – 2033)

11.1.2.1.    By Type

11.1.2.2.    By Sales Channel

11.1.2.3.    By Application

11.1.2.4.    By Country

11.1.2.4.1. U.A.E.

11.1.2.4.2. Saudi Arabia

11.1.2.4.3. Egypt

11.1.2.4.4. South Africa

11.1.2.4.5. Rest of Middle East & Africa

12.   South America Panel Mount Solid State Relay Market: Estimates & Forecast Trend Analysis

12.1.  South America Market Assessments & Key Findings

12.1.1.   Panel Mount Solid State Relay Market Introduction

12.1.2.   Panel Mount Solid State Relay Market Size and Volume Estimates and Forecast (US$ Million & Units) (2019 – 2033)

12.1.2.1.    By Type

12.1.2.2.    By Sales Channel

12.1.2.3.    By Application

12.1.2.4.    By Country

12.1.2.4.1. Brazil

12.1.2.4.2. Argentina

12.1.2.4.3. Colombia

12.1.2.4.4. Rest of South America

13.   Competition Landscape

13.1.  Panel Mount Solid State Relay Market Competition Matrix & Benchmarking, by Leading Players / Innovators / Emerging Players / New Entrants

13.2.  Panel Mount Solid State Relay Market Competition White Space Analysis, By End-user

13.3.  Panel Mount Solid State Relay Market Competition Regional Intensity Map Analysis, By Geographies Served

13.4.  Panel Mount Solid State Relay Market Concentration & Company Market Shares (%) Analysis, 2022

14.   Company Profiles

14.1.Crydom

14.1.1.    Company Overview & Key Stats

14.1.2.    Financial Performance & KPIs

14.1.3.    Product Portfolio

14.1.4.    Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

14.2.OMRON,

14.3.Carlo gavazzi,

14.4.TE Connectivity,

14.5.groupe celduc,

14.6.Fujitsu Limited,

14.7.Schneider,

14.8.Siemens,

14.9.Rockwell Automation,

14.10.   OPTO22,

14.11.   Xiamen Jinxinrong Electronics,

14.12.   JiangSu GlOD Electrical Control Technology,

14.13.   Clion Electric, Bright Toward,

14.14.   Wuxi Tianhao Electronics,

14.15.   Suzhou No.1 Radio Component,

14.16.   COSMO, Shaanxi Qunli,

14.17.   Wuxi Solid,

14.18.   Suzhou Integrated Technology,

14.19.   FOTEK,

14.20.   Wuxi KangYu Electric Element

14.21.   Others**

15.   Research Methodology

15.1.      External Power Outputs / Databases

15.2.      Internal Proprietary Database

15.3.      Primary Research

15.4.      Secondary Research

15.5.      Assumptions

15.6.      Limitations

15.7.      Report FAQs

16.   Research Findings & Conclusion

 

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the market size and growth projections?

The Global Panel Mount Solid State Relay Market valued at USD 1,230 million in 2022 is anticipated to reach a value of USD 2,050 million in 2033, growing at a CAGR of 6.6%.

What are the drivers shaping various markets?

The growth of the semiconductor industry, its spread, and the rising demand for semiconductors across a variety of industries have opened up a wealth of new chances for the development of the key companies operating in the state relay market.

Who are the key competitors of market Players?

Some of the major players operating within the market are Crydom, OMRON, Carlo gavazzi, TE Connectivity, groupe celduc, Fujitsu Limited, Schneider, Siemens, Rockwell Automation, OPTO22, Xiamen Jinxinrong Electronics, JiangSu GlOD Electrical Control Technology, Clion Electric, Bright Toward, Wuxi Tianhao Electronics, Suzhou No.1 Radio Component, COSMO, Shaanxi Qunli, Wuxi Solid, Suzhou Integrated Technology, FOTEK, and Wuxi KangYu Electric Element.

What are the top performing segments, and countries / regions of each of the markets?

The major regions constituting the geographical ambit of this business sphere are North America, Middle East & Africa, Europe, Asia Pacific, and South America. Among these, North America is projected to capture a substantial revenue share, due to the expanding automotive industry.

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