Solid State Relay Market Insights and Growth by 2031
[Research Report] The Solid State Relay market size is expected to grow from US$ 1.0 billion in 2022 to US$ 1.80 billion by 2031; it is estimated to grow at a CAGR of 6.5% from 2022 to 2031.
Analyst Perspective:
The Solid State Relay market has witnessed significant growth in recent years. Factors such as the growing use of high-tech electronics and automation in the consumer electronics sector, increasing complexity in car circuits of electric vehicles, and the robust properties of solid-state relays are driving the expansion of the solid-state relay market.
Market Overview:
A solid-state relay (SSR) is an electronic switching device that uses solid-state components, such as semiconductor devices, to perform the same function as an electromechanical relay. Unlike traditional electromechanical relays, SSRs have no moving parts, which makes them more reliable, durable, and faster in operation. Solid State Relay is commonly used in industrial applications where high switching speeds, long life, and noise immunity are required. They are also used in various other fields, including building automation systems, measurement equipment, and fire prevention systems. Solid State Relay is used in various industries, such as automotive, industrial automation, aerospace, and telecommunications. They are ideal for a wide range of ON/OFF switching applications, as they have no moving parts or contacts. Some common applications of SSRs include controlling AC power for ON/OFF switching, light dimming, motor speed control, and lamp dimming. The global solid-state relay market has been experiencing steady growth due to the increasing adoption of SSRs in these industries.
Solid State Relay offers advantages such as fast switching speeds, long lifespan, low power consumption, and high resistance to shock and vibration. These characteristics make them suitable for applications where traditional electromechanical relays may not be ideal.
Strategic Insights
Market Driver:
Growing Automation in Consumer Electronics Industry to Drive Growth of The Solid State Relay Market
The consumer electronics industry has undergone a remarkable transformation in recent years, with automation revolutionizing the way consumers interact with their devices. From smart home systems and wearable devices to home appliances and entertainment systems, automation has become a key driver of innovation and convenience. The consumer electronics business comprises home gadgets, beverage dispensing equipment, and office machines. The worldwide consumer electronics industry is predicted to grow due to the rising usage of high-tech products. Home devices such as TVs, air conditioners, microwave ovens, and refrigerators are becoming smarter. The digitalization of consumer electronics has also been visible in beverage distribution machines and office devices such as fax machines and inverters. The shift in consumer behavior towards the adoption of sophisticated, user-friendly, and smart technology has increased with the digitalization of consumer electronics. As the consumer electronics industry continues to embrace automation, the demand for solid-state relays is expected to grow exponentially. The advantages Solid State Relay offers in terms of efficiency, reliability, compactness, and longevity make them invaluable components in enabling seamless automation in consumer electronics devices. The solid-state relay market is poised to thrive as the industry propels forward, driven by the need for enhanced efficiency and improved user experiences in this era of automation.
Furthermore, in recent years, the adoption of Solid State relays has exploded due to their benefits over traditional electromechanical relays. Solid State Relay provides benefits such as:
- No moving parts
- Extended lifespan
- High stability
- Faster switching speed
- Noise immunity
- Compact size
- No contact erosion
These advantages have made solid-state relays increasingly popular in various industries, including industrial automation, building automation, and control systems, where reliability, speed, and durability are crucial factors.
Segmentation and Scope:
The "Solid State Relay Market" is segmented based on mounting, output, application, and geography. Based on mounting, the market is segmented into panel mount and PCB mount. Based on output, the market is segmented into AC, DC, and AC/DC. Based on application, the market is segmented into consumer electronics, construction, food and beverage, automotive and transportation, and healthcare. The market, based on geography, is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Segmental Analysis:
Based on output, the market is segmented into AC, DC, and AC/DC. The AC output segment in the Solid State Relay market is expected to dominate with the highest share in 2022. AC relays are offered in a variety of current ratings, ranging from 0 to 150 amps. Because of their large ampere range, they are employed in practically all applications, from industrial automation to medical equipment. The global industrial automation industry is driving up demand for AC relays.
Regional Analysis:
North America holds one of the largest global Solid State Relay market shares. The solid-state replay market in North America is expected to experience significant growth owing to increased investment in electronic devices and equipment manufacturing, as well as the expansion of data centers and power plants in Canada and the U.S. The formation of the "Advanced Manufacturing Partnership" in the United States aims to make the country more competitive in the global economy by investing in upcoming technologies, thereby driving the growth of the market. Furthermore, the National Network for Manufacturing Innovation, which comprises developing regional hubs to develop cutting-edge manufacturing technologies for innovative products in this sector, is expected to propel the industry’s growth. With a favorable business environment and a growing focus on technologically advanced solutions, the North American Solid State Relay market is expected to witness sustained expansion and offer lucrative opportunities for industry players.
Key Player Analysis:
The Solid-State Relay market analysis consists of players such as Rockwell Automation Inc., ABB Ltd, Omron Corporation, Fujitsu Limited, and Mitsubishi Electric are among the key Solid State Relay market players profiled in the report.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the market. A few recent key Solid State Relay market developments are listed below:
- In February 2023, Omron Industrial Automation added two new industrial relay designs to its existing product line. The slim-style relays are offered in mechanical or solid-state configurations and have a 6.2 mm broad footprint.
- In February 2023, ATO, China's relay original equipment manufacturer (OEM), announced the release of its proprietary Solid State Relays (SSR) and Timer Relays. These relays are available in a variety of types and specifications to satisfy the demands of varied applications.
- In May 2022, Texas Instruments announced the launch of a new range of solid-state relays that are specifically designed for electric vehicles (EVs). These relays are automotive-qualified and come with isolated drivers and switches, ensuring high levels of reliability to enhance the safety of EVs. In addition, the relays offer small solution sizes, which helps reduce the overall cost of the powertrain and battery-management systems in EVs. This new portfolio of isolated solid-state relays from Texas Instruments aims to meet the growing demand for reliable and cost-effective components in the EV market.
- In May 2022, Crouzet, a prominent French manufacturer of electromechanical and electronic components for the aviation, land transport, and machine industries, expanded its product portfolio to now include single-phase solid-state relays (SSRs). These SSRs are categorized into four distinct series: GN, GN+, GNA, and GNS. An important feature of these products is their IP20 rating, which ensures a high level of protection against solid objects and provides a safe operating environment. This product expansion by Crouzet aims to cater to the specific needs of businesses operating in various industries, further enhancing their offerings and strengthening their position in the market.
- In January 2021, Littelfuse, Inc., a global maker of circuit protection, power control, and sensor solutions, launched the CPC1561B Solid State Relay (SSR) today. The CPC1561B is the market's highest current control (1 A, 60 V) normally open SSR that has both current control and thermal shutdown circuits. The dual fault protection feature of the compact, surface-mount CPC1561B SSR provides a durable solution for demanding situations that electromechanical relays and ordinary SSRs cannot deliver.
- In December 2019, Gefran SPA, an Italian company, launched its first range of single-phase solid-state relays with IO-Link digital communication protocol, called the GRP-H series. This new product is an upgraded version of the GRS-H series and offers advanced diagnostics to detect any partial load break early. The GRP-H series also extends the functions for controlling electrical resistance in industrial heating. The new product is available in a current range from 15A up to 120A and has ultra-slim dimensions. The product offers digital and proportional (V/mA) command control modes (ZC/BF/HSC/PA) and linear control modes (V/mA). The new product expanded Gefran SPA customer base and increased its market share in the solid-state relay market.
- In February 2021, Ameren, one of the largest utility companies in the United States, announced a five-year grid modernization plan worth USD 7.6 billion. The plan aims to enhance the company's infrastructure, improve reliability, and integrate more renewable energy sources into its portfolio. The plan is expected to create engineering, planning, and construction jobs, as well as increase orders with local suppliers to provide necessary materials.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. INTRODUCTION
1. 1. SCOPE OF THE STUDY
1. 2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1. 3. MARKET SEGMENTATION
1. 3. 1 Solid State Relay Market - By Application
1. 3. 2 Solid State Relay Market - By Mounting Type
1. 3. 3 Solid State Relay Market - By Output Voltage
1. 3. 4 Solid State Relay Market - By Current Rating
1. 3. 5 Solid State Relay Market - By Region
1. 3. 5. 1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. SOLID STATE RELAY MARKET LANDSCAPE
4. 1. OVERVIEW
4. 2. PEST ANALYSIS
4. 2. 1 North America - Pest Analysis
4. 2. 2 Europe - Pest Analysis
4. 2. 3 Asia-Pacific - Pest Analysis
4. 2. 4 Middle East and Africa - Pest Analysis
4. 2. 5 South and Central America - Pest Analysis
4. 3. ECOSYSTEM ANALYSIS
4. 4. EXPERT OPINIONS
5. SOLID STATE RELAY MARKET - KEY MARKET DYNAMICS
5. 1. KEY MARKET DRIVERS
5. 2. KEY MARKET RESTRAINTS
5. 3. KEY MARKET OPPORTUNITIES
5. 4. FUTURE TRENDS
5. 5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. SOLID STATE RELAY MARKET - GLOBAL MARKET ANALYSIS
6. 1. SOLID STATE RELAY - GLOBAL MARKET OVERVIEW
6. 2. SOLID STATE RELAY - GLOBAL MARKET AND FORECAST TO 2028
6. 3. MARKET POSITIONING/MARKET SHARE
7. SOLID STATE RELAY MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
7. 1. OVERVIEW
7. 2. APPLICATION MARKET FORECASTS AND ANALYSIS
7. 3. INDUSTRIAL AUTOMATION
7. 3. 1. Overview
7. 3. 2. Industrial Automation Market Forecast and Analysis
7. 4. BUILDING EQUIPMENT
7. 4. 1. Overview
7. 4. 2. Building Equipment Market Forecast and Analysis
7. 5. INDUSTRIAL OEM
7. 5. 1. Overview
7. 5. 2. Industrial Oem Market Forecast and Analysis
7. 6. ENERGY AND INFRASTRUCTURE
7. 6. 1. Overview
7. 6. 2. Energy and Infrastructure Market Forecast and Analysis
7. 7. AUTOMOTIVE AND TRANSPORTATION
7. 7. 1. Overview
7. 7. 2. Automotive and Transportation Market Forecast and Analysis
7. 8. FOOD AND BEVERAGES
7. 8. 1. Overview
7. 8. 2. Food and Beverages Market Forecast and Analysis
7. 9. MEDICAL
7. 9. 1. Overview
7. 9. 2. Medical Market Forecast and Analysis
8. SOLID STATE RELAY MARKET - REVENUE AND FORECASTS TO 2028 - MOUNTING TYPE
8. 1. OVERVIEW
8. 2. MOUNTING TYPE MARKET FORECASTS AND ANALYSIS
8. 3. PANEL MOUNT
8. 3. 1. Overview
8. 3. 2. Panel Mount Market Forecast and Analysis
8. 4. PCB MOUNT
8. 4. 1. Overview
8. 4. 2. PCB Mount Market Forecast and Analysis
8. 5. DIN RAIL MOUNT
8. 5. 1. Overview
8. 5. 2. DIN Rail Mount Market Forecast and Analysis
9. SOLID STATE RELAY MARKET - REVENUE AND FORECASTS TO 2028 - OUTPUT VOLTAGE
9. 1. OVERVIEW
9. 2. OUTPUT VOLTAGE MARKET FORECASTS AND ANALYSIS
9. 3. AC OUTPUT
9. 3. 1. Overview
9. 3. 2. AC Output Market Forecast and Analysis
9. 4. DC OUTPUT
9. 4. 1. Overview
9. 4. 2. DC Output Market Forecast and Analysis
9. 5. AC/DC OUTPUT
9. 5. 1. Overview
9. 5. 2. AC/DC Output Market Forecast and Analysis
10. SOLID STATE RELAY MARKET - REVENUE AND FORECASTS TO 2028 - CURRENT RATING
10. 1. OVERVIEW
10. 2. CURRENT RATING MARKET FORECASTS AND ANALYSIS
10. 3. LOW (0-20A)
10. 3. 1. Overview
10. 3. 2. Low (0-20a) Market Forecast and Analysis
10. 4. MEDIUM (20-50A)
10. 4. 1. Overview
10. 4. 2. Medium (20-50a) Market Forecast and Analysis
10. 5. HIGH (50A AND ABOVE)
10. 5. 1. Overview
10. 5. 2. High (50a and above) Market Forecast and Analysis
11. SOLID STATE RELAY MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
11. 1. NORTH AMERICA
11. 1. 1 North America Solid State Relay Market Overview
11. 1. 2 North America Solid State Relay Market Forecasts and Analysis
11. 1. 3 North America Solid State Relay Market Forecasts and Analysis - By Application
11. 1. 4 North America Solid State Relay Market Forecasts and Analysis - By Mounting Type
11. 1. 5 North America Solid State Relay Market Forecasts and Analysis - By Output Voltage
11. 1. 6 North America Solid State Relay Market Forecasts and Analysis - By Current Rating
11. 1. 7 North America Solid State Relay Market Forecasts and Analysis - By Countries
11. 1. 7. 1 United States Solid State Relay Market
11. 1. 7. 1. 1 United States Solid State Relay Market by Application
11. 1. 7. 1. 2 United States Solid State Relay Market by Mounting Type
11. 1. 7. 1. 3 United States Solid State Relay Market by Output Voltage
11. 1. 7. 1. 4 United States Solid State Relay Market by Current Rating
11. 1. 7. 2 Canada Solid State Relay Market
11. 1. 7. 2. 1 Canada Solid State Relay Market by Application
11. 1. 7. 2. 2 Canada Solid State Relay Market by Mounting Type
11. 1. 7. 2. 3 Canada Solid State Relay Market by Output Voltage
11. 1. 7. 2. 4 Canada Solid State Relay Market by Current Rating
11. 1. 7. 3 Mexico Solid State Relay Market
11. 1. 7. 3. 1 Mexico Solid State Relay Market by Application
11. 1. 7. 3. 2 Mexico Solid State Relay Market by Mounting Type
11. 1. 7. 3. 3 Mexico Solid State Relay Market by Output Voltage
11. 1. 7. 3. 4 Mexico Solid State Relay Market by Current Rating
11. 2. EUROPE
11. 2. 1 Europe Solid State Relay Market Overview
11. 2. 2 Europe Solid State Relay Market Forecasts and Analysis
11. 2. 3 Europe Solid State Relay Market Forecasts and Analysis - By Application
11. 2. 4 Europe Solid State Relay Market Forecasts and Analysis - By Mounting Type
11. 2. 5 Europe Solid State Relay Market Forecasts and Analysis - By Output Voltage
11. 2. 6 Europe Solid State Relay Market Forecasts and Analysis - By Current Rating
11. 2. 7 Europe Solid State Relay Market Forecasts and Analysis - By Countries
11. 2. 7. 1 Germany Solid State Relay Market
11. 2. 7. 1. 1 Germany Solid State Relay Market by Application
11. 2. 7. 1. 2 Germany Solid State Relay Market by Mounting Type
11. 2. 7. 1. 3 Germany Solid State Relay Market by Output Voltage
11. 2. 7. 1. 4 Germany Solid State Relay Market by Current Rating
11. 2. 7. 2 France Solid State Relay Market
11. 2. 7. 2. 1 France Solid State Relay Market by Application
11. 2. 7. 2. 2 France Solid State Relay Market by Mounting Type
11. 2. 7. 2. 3 France Solid State Relay Market by Output Voltage
11. 2. 7. 2. 4 France Solid State Relay Market by Current Rating
11. 2. 7. 3 Italy Solid State Relay Market
11. 2. 7. 3. 1 Italy Solid State Relay Market by Application
11. 2. 7. 3. 2 Italy Solid State Relay Market by Mounting Type
11. 2. 7. 3. 3 Italy Solid State Relay Market by Output Voltage
11. 2. 7. 3. 4 Italy Solid State Relay Market by Current Rating
11. 2. 7. 4 United Kingdom Solid State Relay Market
11. 2. 7. 4. 1 United Kingdom Solid State Relay Market by Application
11. 2. 7. 4. 2 United Kingdom Solid State Relay Market by Mounting Type
11. 2. 7. 4. 3 United Kingdom Solid State Relay Market by Output Voltage
11. 2. 7. 4. 4 United Kingdom Solid State Relay Market by Current Rating
11. 2. 7. 5 Russia Solid State Relay Market
11. 2. 7. 5. 1 Russia Solid State Relay Market by Application
11. 2. 7. 5. 2 Russia Solid State Relay Market by Mounting Type
11. 2. 7. 5. 3 Russia Solid State Relay Market by Output Voltage
11. 2. 7. 5. 4 Russia Solid State Relay Market by Current Rating
11. 2. 7. 6 Rest of Europe Solid State Relay Market
11. 2. 7. 6. 1 Rest of Europe Solid State Relay Market by Application
11. 2. 7. 6. 2 Rest of Europe Solid State Relay Market by Mounting Type
11. 2. 7. 6. 3 Rest of Europe Solid State Relay Market by Output Voltage
11. 2. 7. 6. 4 Rest of Europe Solid State Relay Market by Current Rating
11. 3. ASIA-PACIFIC
11. 3. 1 Asia-Pacific Solid State Relay Market Overview
11. 3. 2 Asia-Pacific Solid State Relay Market Forecasts and Analysis
11. 3. 3 Asia-Pacific Solid State Relay Market Forecasts and Analysis - By Application
11. 3. 4 Asia-Pacific Solid State Relay Market Forecasts and Analysis - By Mounting Type
11. 3. 5 Asia-Pacific Solid State Relay Market Forecasts and Analysis - By Output Voltage
11. 3. 6 Asia-Pacific Solid State Relay Market Forecasts and Analysis - By Current Rating
11. 3. 7 Asia-Pacific Solid State Relay Market Forecasts and Analysis - By Countries
11. 3. 7. 1 Australia Solid State Relay Market
11. 3. 7. 1. 1 Australia Solid State Relay Market by Application
11. 3. 7. 1. 2 Australia Solid State Relay Market by Mounting Type
11. 3. 7. 1. 3 Australia Solid State Relay Market by Output Voltage
11. 3. 7. 1. 4 Australia Solid State Relay Market by Current Rating
11. 3. 7. 2 China Solid State Relay Market
11. 3. 7. 2. 1 China Solid State Relay Market by Application
11. 3. 7. 2. 2 China Solid State Relay Market by Mounting Type
11. 3. 7. 2. 3 China Solid State Relay Market by Output Voltage
11. 3. 7. 2. 4 China Solid State Relay Market by Current Rating
11. 3. 7. 3 India Solid State Relay Market
11. 3. 7. 3. 1 India Solid State Relay Market by Application
11. 3. 7. 3. 2 India Solid State Relay Market by Mounting Type
11. 3. 7. 3. 3 India Solid State Relay Market by Output Voltage
11. 3. 7. 3. 4 India Solid State Relay Market by Current Rating
11. 3. 7. 4 Japan Solid State Relay Market
11. 3. 7. 4. 1 Japan Solid State Relay Market by Application
11. 3. 7. 4. 2 Japan Solid State Relay Market by Mounting Type
11. 3. 7. 4. 3 Japan Solid State Relay Market by Output Voltage
11. 3. 7. 4. 4 Japan Solid State Relay Market by Current Rating
11. 3. 7. 5 South Korea Solid State Relay Market
11. 3. 7. 5. 1 South Korea Solid State Relay Market by Application
11. 3. 7. 5. 2 South Korea Solid State Relay Market by Mounting Type
11. 3. 7. 5. 3 South Korea Solid State Relay Market by Output Voltage
11. 3. 7. 5. 4 South Korea Solid State Relay Market by Current Rating
11. 3. 7. 6 Rest of Asia-Pacific Solid State Relay Market
11. 3. 7. 6. 1 Rest of Asia-Pacific Solid State Relay Market by Application
11. 3. 7. 6. 2 Rest of Asia-Pacific Solid State Relay Market by Mounting Type
11. 3. 7. 6. 3 Rest of Asia-Pacific Solid State Relay Market by Output Voltage
11. 3. 7. 6. 4 Rest of Asia-Pacific Solid State Relay Market by Current Rating
11. 4. MIDDLE EAST AND AFRICA
11. 4. 1 Middle East and Africa Solid State Relay Market Overview
11. 4. 2 Middle East and Africa Solid State Relay Market Forecasts and Analysis
11. 4. 3 Middle East and Africa Solid State Relay Market Forecasts and Analysis - By Application
11. 4. 4 Middle East and Africa Solid State Relay Market Forecasts and Analysis - By Mounting Type
11. 4. 5 Middle East and Africa Solid State Relay Market Forecasts and Analysis - By Output Voltage
11. 4. 6 Middle East and Africa Solid State Relay Market Forecasts and Analysis - By Current Rating
11. 4. 7 Middle East and Africa Solid State Relay Market Forecasts and Analysis - By Countries
11. 4. 7. 1 South Africa Solid State Relay Market
11. 4. 7. 1. 1 South Africa Solid State Relay Market by Application
11. 4. 7. 1. 2 South Africa Solid State Relay Market by Mounting Type
11. 4. 7. 1. 3 South Africa Solid State Relay Market by Output Voltage
11. 4. 7. 1. 4 South Africa Solid State Relay Market by Current Rating
11. 4. 7. 2 Saudi Arabia Solid State Relay Market
11. 4. 7. 2. 1 Saudi Arabia Solid State Relay Market by Application
11. 4. 7. 2. 2 Saudi Arabia Solid State Relay Market by Mounting Type
11. 4. 7. 2. 3 Saudi Arabia Solid State Relay Market by Output Voltage
11. 4. 7. 2. 4 Saudi Arabia Solid State Relay Market by Current Rating
11. 4. 7. 3 U. A. E Solid State Relay Market
11. 4. 7. 3. 1 U. A. E Solid State Relay Market by Application
11. 4. 7. 3. 2 U. A. E Solid State Relay Market by Mounting Type
11. 4. 7. 3. 3 U. A. E Solid State Relay Market by Output Voltage
11. 4. 7. 3. 4 U. A. E Solid State Relay Market by Current Rating
11. 4. 7. 4 Rest of Middle East and Africa Solid State Relay Market
11. 4. 7. 4. 1 Rest of Middle East and Africa Solid State Relay Market by Application
11. 4. 7. 4. 2 Rest of Middle East and Africa Solid State Relay Market by Mounting Type
11. 4. 7. 4. 3 Rest of Middle East and Africa Solid State Relay Market by Output Voltage
11. 4. 7. 4. 4 Rest of Middle East and Africa Solid State Relay Market by Current Rating
11. 5. SOUTH AND CENTRAL AMERICA
11. 5. 1 South and Central America Solid State Relay Market Overview
11. 5. 2 South and Central America Solid State Relay Market Forecasts and Analysis
11. 5. 3 South and Central America Solid State Relay Market Forecasts and Analysis - By Application
11. 5. 4 South and Central America Solid State Relay Market Forecasts and Analysis - By Mounting Type
11. 5. 5 South and Central America Solid State Relay Market Forecasts and Analysis - By Output Voltage
11. 5. 6 South and Central America Solid State Relay Market Forecasts and Analysis - By Current Rating
11. 5. 7 South and Central America Solid State Relay Market Forecasts and Analysis - By Countries
11. 5. 7. 1 Brazil Solid State Relay Market
11. 5. 7. 1. 1 Brazil Solid State Relay Market by Application
11. 5. 7. 1. 2 Brazil Solid State Relay Market by Mounting Type
11. 5. 7. 1. 3 Brazil Solid State Relay Market by Output Voltage
11. 5. 7. 1. 4 Brazil Solid State Relay Market by Current Rating
11. 5. 7. 2 Argentina Solid State Relay Market
11. 5. 7. 2. 1 Argentina Solid State Relay Market by Application
11. 5. 7. 2. 2 Argentina Solid State Relay Market by Mounting Type
11. 5. 7. 2. 3 Argentina Solid State Relay Market by Output Voltage
11. 5. 7. 2. 4 Argentina Solid State Relay Market by Current Rating
11. 5. 7. 3 Rest of South and Central America Solid State Relay Market
11. 5. 7. 3. 1 Rest of South and Central America Solid State Relay Market by Application
11. 5. 7. 3. 2 Rest of South and Central America Solid State Relay Market by Mounting Type
11. 5. 7. 3. 3 Rest of South and Central America Solid State Relay Market by Output Voltage
11. 5. 7. 3. 4 Rest of South and Central America Solid State Relay Market by Current Rating
12. INDUSTRY LANDSCAPE
12. 1. MERGERS AND ACQUISITIONS
12. 2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
12. 3. NEW PRODUCT LAUNCHES
12. 4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
13. SOLID STATE RELAY MARKET, KEY COMPANY PROFILES
13. 1. ANACON ELECTRONIC SALES, INC.
13. 1. 1. Key Facts
13. 1. 2. Business Description
13. 1. 3. Products and Services
13. 1. 4. Financial Overview
13. 1. 5. SWOT Analysis
13. 1. 6. Key Developments
13. 2. BROADCOM
13. 2. 1. Key Facts
13. 2. 2. Business Description
13. 2. 3. Products and Services
13. 2. 4. Financial Overview
13. 2. 5. SWOT Analysis
13. 2. 6. Key Developments
13. 3. CARLO GAVAZZI HOLDING AG
13. 3. 1. Key Facts
13. 3. 2. Business Description
13. 3. 3. Products and Services
13. 3. 4. Financial Overview
13. 3. 5. SWOT Analysis
13. 3. 6. Key Developments
13. 4. CRYDOM INC. ,
13. 4. 1. Key Facts
13. 4. 2. Business Description
13. 4. 3. Products and Services
13. 4. 4. Financial Overview
13. 4. 5. SWOT Analysis
13. 4. 6. Key Developments
13. 5. FUJITSU
13. 5. 1. Key Facts
13. 5. 2. Business Description
13. 5. 3. Products and Services
13. 5. 4. Financial Overview
13. 5. 5. SWOT Analysis
13. 5. 6. Key Developments
13. 6. GENERAL ELECTRIC
13. 6. 1. Key Facts
13. 6. 2. Business Description
13. 6. 3. Products and Services
13. 6. 4. Financial Overview
13. 6. 5. SWOT Analysis
13. 6. 6. Key Developments
13. 7. OMEGA ENGINEERING INC.
13. 7. 1. Key Facts
13. 7. 2. Business Description
13. 7. 3. Products and Services
13. 7. 4. Financial Overview
13. 7. 5. SWOT Analysis
13. 7. 6. Key Developments
13. 8. OMRON CORPORATION
13. 8. 1. Key Facts
13. 8. 2. Business Description
13. 8. 3. Products and Services
13. 8. 4. Financial Overview
13. 8. 5. SWOT Analysis
13. 8. 6. Key Developments
13. 9. ROCKWELL AUTOMATION, INC.
13. 9. 1. Key Facts
13. 9. 2. Business Description
13. 9. 3. Products and Services
13. 9. 4. Financial Overview
13. 9. 5. SWOT Analysis
13. 9. 6. Key Developments
13. 10. TELEDYNE RELAYS
13. 10. 1. Key Facts
13. 10. 2. Business Description
13. 10. 3. Products and Services
13. 10. 4. Financial Overview
13. 10. 5. SWOT Analysis
13. 10. 6. Key Developments
14. APPENDIX
14. 1. ABOUT THE INSIGHT PARTNERS
14. 2. GLOSSARY OF TERMS
The List of Companies
- Anacon Electronic Sales, Inc.
- Broadcom
- Carlo Gavazzi Holding AG
- Crydom Inc. ,
- FUJITSU
- GENERAL ELECTRIC
- OMEGA Engineering inc.
- OMRON Corporation
- Rockwell Automation, Inc.
- Teledyne Relays
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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