The expanding semiconductor industry in the APAC region is expected to prove a lucrative growth opportunity for the growth of solid state relay market size
In 2019, the global Solid State Relay market size was USD 938.5 Million, and it is expected to reach USD 1374.6 Million by the end of 2026, with a CAGR of 5.5% during 2021-2026. Major factors driving the growth of Solid State Relay market size are growing adoption of high-tech electronics and automation in the consumer electronics industry, increasing complexity in automobile circuits of electric vehicles, and robust features of solid state relays.
The projected growth of the Solid State Relay (SSR) market size for multiple applications, as per the Valuates Reports Research, is expected to decline as the pandemic limits the availability and adoption of electronic devices.
However, not all electronic device companies are experiencing a decline in growth as remote monitoring of electronic devices has enabled companies to continue to operate throughout the lock-down phase. In addition, tracking and logistics are busier than ever before, and food packaging firms can barely keep up with increased demand. The Solid State Relay market is expected to recover during the latter half of 2021. The level of recovery will depend on government support as well as on the amount of corporate debt and how businesses and markets compete with reduced demand.
The projected growth of the Solid State Relay (SSR) market size for multiple applications is expected to decline as the pandemic limits the availability and adoption of electronic devices.
However, not all electronic device companies are experiencing a decline in growth as remote monitoring of electronic devices has enabled companies to continue to operate throughout the lock-down phase. In addition, tracking and logistics are busier than ever before, and food packaging firms can barely keep up with increased demand.
The Solid State Relay market is expected to recover during the latter half of 2021. The level of recovery will depend on government support as well as on the amount of corporate debt and how businesses and markets compete with reduced demand. Asia Pacific is expected to witness the highest growth in the solid state relay market size during the forecast period. Countries such as China and Japan are the driving force behind the growth of the market in this region. China is crucial due to its large industrial and manufacturing sectors. Other factors that are fueling the solid state relay market size in the Asia-pacific region are the increasing demand from the automotive and transportation industry.
