Global MOSFET Relay Market to Reach $474 Million by 2030: Increasing Complexity in Circuits of Electric Vehicles and Increasing Demand for Instrumentation Devices Drives Growth
DUBLIN, March 15, 2023 /PRNewswire/ -- The "MOSFET Relay Market by Voltage (Below 200V, 200-500V, 500-1kV, 1-7.5kV, 7.5-10kV, Above 10 kV), Application (Industrial, Household Appliances, Test & Measurements, Mining, Automotive, Medical, Renewables, Charging Stations) - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The MOSFET relay market is projected to reach USD 474 million by 2030 from an estimated of USD 237 million in 2022, at a CAGR of 9.1% during the forecast period.
MOSFET relay meets the low-level voltage switching needs that all other relay types do not. They offer high-voltage and high RF switching. Likewise, the MOSFET relay can switch very low voltages and currents over its long lifetime. Therefore, these relays, if properly designed, stand up to the high demands of modern electronics.
The growth of the MOSFET relay market is expected to be driven by an increase in overall revenue projection of the semiconductor industry despite Covid-19 crisis, growing adoption of high-tech electronics and automation in the consumer electronics industry, increasing complexity in circuits in electric vehicles, Robust features of SSR.
Renewables: The fastest growing segment of the MOSFET relay market
By application, the renewables segment is estimated to be the fastest-growing segment of the MOSFET relay market from 2022 to 2030. A global tendency towards efficient energy consumption and the expansion of renewables has boosted interest in energy storage solutions. Renewable energy technology projects are typically large-scale, but they are also suited to rural and remote areas and developing countries, where energy is often crucial in human development. In most countries, photovoltaic solar or onshore wind is the cheapest new-build electricity. MOSFET relays find extensive applicationin renewable energy storage systems, and an increase in adoption of renewables energy technologies is expected to drive their fast growth.
Below 200 V voltage range: The largest segment by voltage range in MOSFET relay market
The below 200 V segment, by voltage range, is projected to hold the highest market share during the forecast period. The below 200 V voltage segment is projected to be the fastest-growing segment of the MOSFET relay market. The below 200 V MOSFET relay market is expected to grow at a comparatively faster pace during the forecast period. MOSFET relay of this voltage range is used in various applications like the measuring instrument market, Security and disaster prevention market, and Industrial machinery and equipment.
Asia Pacific: The fastest-growing region in MOSFET relay market
Asia Pacific is expected to grow at the highest CAGR during the forecast period. China accounted for the maximum share of the Asia Pacific market in 2021. China is the key production base of all types of relays in the world, with its output holding more than 50% of the global total. Driven by the expanding demand from downstream markets, The industrial segment is expected to be the fastest-growing market for MOSFET relay relays in the country. The country plans to pump up the spending on infrastructure to boost economic growth.
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SOURCE Research and Markets