Static relays use solid state components like transistors and diodes instead of moving parts to create the relay characteristic. The components of a static relay include a current transformer, rectifier, and relaying measuring unit. When the input from the current transformer reaches the threshold value set by the relaying measuring unit, the output is actuated. This output energizes an electromagnetic trip coil to operate the relay. Static relays offer advantages like quick response, long life, high reliability and accuracy, and reduced burden on measuring instruments. They are commonly used for ultra high speed protection of transmission lines and in overcurrent and earth fault protection schemes.