Solid State Relay Market Worth $1.6 Billion by 2024 - Exclusive Report by MarketsandMarketstm

CHICAGO, March 20, 2019 /PRNewswire/ -- According to the new market research report "Solid State Relay Market by Mounting Type (Panel, PCB, DIN Rail), Output Voltage (AC, DC, AC/DC), Current Rating (Low, Medium, High), Application (Industrial Automation, Building Equipment, Industrial OEM), and Geography - Global Forecast to 2024", published by MarketsandMarketstm, the Solid-State Relay Market is estimated to be worth USD 1.2 billion in 2019 and is expected to reach USD 1.6 billion by 2024, at a CAGR of 5.7%. The major factors fueling the growth of the solid-state relay market include 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.

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"Panel-mount SSR to lead solid state relay market by 2024"

Panel-mount SSRs can be easily mounted on flat panels of heat sinks with the help of screws. The panel-mount SSR is the most used mounting type. They offer low leakage of current in its off-state, thereby making it a reliable option. Panel-mount SSRs have a broad operating range, which, in turn, provides optimal performance. The panel-mount SSR delivers a high surge capability with up to 1,200 V blocking voltage and 4,000 V optical isolation. They also have a zero-voltage turn-on and a high thermal rating with reduced power dissipation. These features lead to reduced heat sink requirement for optimum performance. The application of panel-mount SSRs in industrial automation, and energy and infrastructure is expected to support the growth of this market during the forecast period. The panel-mount SSR is the simplest form of SSR, which is also easy to assemble and change, if necessary.

"AC SSR to be largest market for solid state relay from 2019 to 2024"

AC SSRs are used for switching AC loads. AC SSRs are mostly mounted onto a metal plate or a heat sink to dissipate the heat generated during its operation. High-voltage/current AC SSRs mostly incorporate SCR or TRIAC as a switching device. In an AC SSR, 2 MOSFETs are arranged back-to-back with their source pins tied together. The SCR and TRIAC inherently switch OFF at the point of zero load current. The circuit is never interrupted in the middle of a sine wave peak, preventing large transient voltages that are caused due to a sudden collapse of the magnetic field around the inductance. These relays are used in almost all applications from industrial automation to medical equipment because of the availability of wide ampere range. The growing industrial automation market across the world is supporting demand for AC relays.

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"APAC to be largest market for solid state relay during forecast period"

China and Japan are the countries driving the growth of the SSR market in APAC. China is a key contributor to the growth of the SSR market in APAC owing to its huge industrial and manufacturing sectors. It is also the fastest-growing market for SSR in APAC. The rapid growth of the automotive, food & beverages, building equipment, and manufacturing in emerging economies such as China, Japan, India, and South Korea has contributed to the growth of the SSR market in APAC.

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Major players involved in the solid state relay market include Carlo Gavazzi (Switzerland), Omron Corporation (Japan), Vishay Intertechnology (US), Crydom (US), Omega Engineering (US), Broadcom (US), Fujitsu (Japan), Rockwell Automation (US), Anacon Electronic Sales (US), Celduc Relais (France), IXYS Integrated Circuits Division (US), Teledyne Relays (US), Ametek (US), Arico Technology (Taiwan), Connectwell Industries (India), Eaton (Ireland), Emtech Solutions (India), Panasonic (Japan), Phoenix Contact (Germany), and TE Connectivity (Switzerland).

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