Pressure
Switches Market - Overview
As per a detailed analysis by Market Research Future
(MRFR), the global Pressure
Switches Market is anticipated to garner a CAGR of 4.43% during the
forecast period (2018-2023). Pressure switches can be defined as the switches
which closes or opens the circuit when certain amount of fluid pressure is
achieved on the input terminal. The switches are extensively used in industries
to monitor the system automatically which uses the pressurized fluid to control
the circuit. Pressure switches are cost-effective and are highly reliable and
are dominated by wide pressure range availability. These switches find
applications across verticals such as beverage, automobile, machine tool, pharmaceuticals,
pulp & paper, and others. The developing economies will provide an impetus
to the market’s growth.
Market
Potential and Pitfalls
The pressure switches market has experienced a tectonic
surge in the past few years due to the surging investments in the automotive
sector and smart cities along with the development in the infrastructural
projects. As per the German Association of Automotive Industry, the sales of
automotive sector experienced a boom of 5.3% from 201 to 2017. Thus, the growing
demand for electric vehicles along with the booming automobile production
across the globe is contributing to the growth of pressure switch market in the
automotive and transportation industry. The rising application of pressure
switch in hydraulics & pneumatic and HVAC is influencing the growth of the
market across the globe. As per the Industrial Development Report 2018, governments
worldwide are encouraging industrialization by highly investing in the
industries. This is likely to have a positive impact on the growth of the
market.
On the contrary, limited monitoring capabilities are
considered to restrict the growth of pressure switch market during the
assessment period.
Segmental
Analysis
The global pressure switches market has been segmented
on the basis of pressure range, type, application, and end- user.
By mode of type, the global pressure switch market
comprises electromechanical and solid-state. Among these, the electromechanical
segment is considered to dominate the segment owing to the less cost associated
with the setting up of the system for residential as well as commercial
purposes.
The application segment of pressure switch market
constitutes of HVAC, safety & alarm systems, monitoring & control, and
hydraulics & pneumatics. Among these, the HVAC segment is likely to gain
prominence as pressure switches help the HVAC systems to operate at optimum
levels.
Considering the pressure range, the market is
segmented into below 100 bar, 100– 400 bar and above 400 bar. Among these, the below
100 bar segment is likely to enhance the market growth owing to the surging
application of pressure switch in industrial, automotive, and transportation
sector.
Automotive & transportation, process & manufacturing
sector, and commercial sector comprises the end-user segment of pressure switch
market. Among these, the commercial segment is anticipated to witness the
highest growth rate during the review period. Meanwhile, the automotive &
transportation segment is also likely to gain prominence as pressure switches
play a vital role in this segment by offering monitoring and control system to
applications like marine, railway, and roadways.
Regional
Insights
Geographically, the pressure switch market span across
regions namely, Europe, North America, Asia Pacific, and the Rest-of-the-World
(RoW).
Considering the global scenario, the Asia Pacific
region occupied the largest market share in 2017. The region is considered to
retain its growth in the long run due to the surging application of pressure
switch in commercial and industrial sector. With developing economies registering
a significant growth in the automation sector, the regional market is likely to
gain prominence. Nations like India is highly contributing towards the
manufacturing sector, which further influences the market growth in this
region. Moreover, South Korea is extensively investing in automotive &
transportation sector which triggers the demand for pressure switch market in
this region.
Industry
Updates
May 27, 2019: A part of the Endress+Hauser Group,
Innovative Sensor Technology IST AG continues its growth curve. The sensor
specialist, on 24 May 2019 has officially opened an expansion of its plant in
Ebnat-Kappel. The facility, which has been constructed at a cost of €15
million, offers double the floor space.
Competitive
Dashboard
The prominent players operating in the global pressure
switch market comprises Eaton (Ireland), ABB Ltd. (Switzerland), Parker
Hannifin Corp (US), Danfoss (Denmark), Baumer (Switzerland), Bosch Rexroth AG
(Europe), Honeywell International Inc. (US), Emerson Electric Co. (US), SMC
Corporation of America (US), Schneider Electric (France), Endress+Hauser
Consult AG (Switzerland), SOR Inc. (US), and Barksdale Inc (US).
Read More: https://blog.naver.com/mrfr123/221639729851
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