Solid-state Relay Market Size

Solid-state Relay Market size is projected to cross USD 5 billion by the end of 2035, growing at a CAGR of 7% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of the solid-state relay was USD 2 billion. The major factor driving the market expansion is the growth in demand for electricity. During the previous 50 years, the amount of power utilized worldwide has risen steadily, and in 2021, it was expected to reach over 25,299 terawatt-hours. Multiple lights may be controlled by solid-state relays in conjunction with the computer system, and sophisticated lighting effects may be employed to enhance the ambience of the stage.

Further, owing to its ability to control multiple lights they are extensively used in office spaces. Therefore, with the growing construction of office spaces, the market is estimated to grow further. In 2022, there were estimated to be about 93,000 office buildings all across the world.