By Region, the study provides market insights into North America, Europe, Asia-Pacific, and South America. The Asia Pacific Solid State Relay market accounted for ~35.1% in 2022. The Asia-Pacific market is likely to grow at a CAGR of 9.1% during the forecast period. The growth is attributed to the growing industrial automation industry, surging government investment in military and defense creating immense growth opportunities for the given market players in coming years across the country.
For instance, as per the Ministry of Finance in China, China is set to increase defense spendin in 2023 by 7 2% to 230 USD billion China’s defense bud et grew by 7.1% last year faster than the 6.8% increase in 2021 and the 6.6% climb in 2020.
Similarly, in India, according to the Indian Brand Equity Foundation, India has the world's third-largest defense expenditure, as of 2021, and expects to export equipment worth 15 USD billion by 2026. The government in India also focuses on in-house weapons and defense equipment manufacturing which drives the SSRs market during the assessment period. The SSRs are used in vehicles, motors, and other parts of the weapons, aircraft, and vehicles used for military purposes.
FIGURE 3: SOLID STATE RELAY MARKET SIZE BY REGION 2022 VS 2032 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Further, the major countries studied in the market report are the U.S., Canada, Mexico, Germany, France, the UK, Italy, Spain, China, India, Japan, South Korea, Saudi Arabia, UAE, South Africa, Argentina, and Brazil.
The growing government investment in energy and power across the region will drive market growth across the region. For instance, The Canadian government has announced a plan to invest 130.23 USD million in 12 Alberta-based clean energy projects. Further, the U.S. is poised to invest more than half a trillion dollars in clean energy and climate action during the coming decade. In addition, Mexico is about to deploy 30 gigawatts in renewable energy capacity by 2030, as per the Foreign Ministry of Mexico.
Hence, with the growing investment in renewable energy projects, the SSR market is likely to witness immense growth opportunities in the coming years across the region. SSR is used for various purposes in the energy and power sector such as voltage regulation, power factor, and others.
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