Pressure
Switch Market Overview
As per a detailed analysis by Market Research Future
(MRFR), the global Pressure
Switch 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.
Pressure Switches are mostly
used in industrial applications where there is operation for cold applications
which necessitates closing the switch at desired pressure level either in
pressure rise or pressure fall situation. It is also used in automation and
transportation sector which enhances the market growth. Monitoring, control and
safety & alarm system are the major applications in this market due to
which it is estimated to grow at a phenomenol rate during the forecast period.
Global
Pressure Switch Market: Segmental Analysis
The global pressure switch 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.
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.
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).
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