Panel Mount Solid State Relay Market is Projected to Grow at a Robust CAGR of 5.8%, 2030

Posted on 2023-02-09 by Jatin Dahiya in Advertising // 0 Comments

United States, New York, 2023-Feb-09 — /EPR Network/ —According to the Market Statsville Group (MSG), the global panel mount solid state relay market size is expected to grow at a CAGR of 5.8% from 2022 to 2030. Panel Mount Solid State Relays are designed for easy mounting on flat panels or heat sinks with screws through the SSR (Super Sport Roadster) baseplate. Various factors such as growing demand across various end-use verticals will drive the market’s growth. The emerging and evolving semiconductor industry and its use in the semiconductor industry will propel the market’s growth during the forevast period.

COVID–19 Impact on the Global Panel Mount Solid State Relay Market

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COVID-19 had a negative impact on the market’s growth during the first half of the year 2020. Due to the global lockdown, the supply of raw materials from China and the US was disrupted drastically. Trade restrictions and halted manufacturing resulted in demand and supply gaps, contributing to negative market growth. Further, various end-use verticals also being affected by the COVID-19 witnessed reduced demand for the Panel Mount Solid State Relays. However, the demand for the devices used in the healthcare industry, including ventilators, kept the market’s growth steady during the pandemic. Hence, COVID-19 significantly impacts the market’s growth during the pandemic.

Scope of the Global Panel Mount Solid State Relay Market

The study categorizes the Panel Mount Solid State Relay market based on the output voltage, distribution channel, and application at the regional and global levels.

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By Output Voltage Outlook (Sales, USD Million, 2017–2030)

AC
DC
AC/DC

By Distribution Channel Outlook (Sales, USD Million, 2017–2030)

Online Channels
Offline Channels

By Application Outlook (Sales, USD Million, 2017–2030)

Industrial Automation
Building Equipment
Lighting Equipment
Industrial OEM
Energy & Infrastructure
Automotive & Transportation
Medical
Food & Beverages

By Region Outlook (Sales, USD Million, 2017–2030)

North America
- US
- Canada
- Mexico
Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- The Netherlands
- Norway
- Czech Republic
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
South America
- Brazil
- Argentina
- Colombia
- Rest of South America
The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA

Based on output voltage, AC output voltage segment accounts for the largest share in the market

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The AC output voltage segment is expected to witness the highest market share in 2021 due to the availability of AC in a wide range of current ratings, such as 0–150 Amps. AC is used in every application, including industrial automation to medical equipment, owing to the availability of a wide ampere range. The surging industrial automation sector at the global level is further accelerating the demand for AC relays, which in turn, is augmenting the market growth globally.

North America to contribute a major share in the Panel Mount Solid State Relay Market

Based on regional analysis, North America is witnessing the highest market share owing to the expanding automotive industry. Whereas, in Europe, the increasing application of Panel Mount Solid State Relay in industrial robotics and growing industrial automation will fuel the regional market growth during the forecast period. Moreover, Asia-Pacific is estimated to showcase the highest CAGR during the forecast period, backed by the surging presence of major market players coupled with the growing healthcare industry across the region.

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Global Panel Mount Solid State Relay Market Players

Top players operating in the Panel Mount Solid State Relay market are focusing on using the power of technology to develop innovative products to cater to the needs of the end-users and discover various other uses of the Panel Mount Solid State Relay. Further, they are adopting various key strategies such as partnerships, acquisitions, agreements, and expansion to strengthen their market positions to gain major market share. The Panel Mount Solid State Relay market is highly concentrated in nature.