Pressure Switch Market Highlights
The
global pressure switch market is estimated to expand at 4.43% CAGR during the
forecast period. 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. Adapting to the recent
novel COVID-19 pandemic, the impact of the COVID-19
on Pressure Switch Market is included in the present report.
Pressure
switch is the form of switch which opens or closes the circuit when a certain
fluid pressure reaches on its input terminals. The desigining of the pressure
switches are varried according to, make the contact either with rise in
pressure or fall in pressure. Pressure switches are widely used in industry to
automatically monitor and control the system that uses pressurized fluid.
Pressure switches are of low cost which are higher in reliability. Rising
demand for electric vehicles, increasing investments in the smart cities and
development in infrastructure are the factors attributed to the growth in
pressure switch market.
Segmentation
Global pressure
switch market has been segmented based on type, pressure range, application,
end- user, and region. Based on type, the market is classified into
electromechanical and solid-state. electromechanical segment is dominating the
market share, mainly due to the less cost involved in setting up the system for
both, commercial and residential use. Based on application, the market is
further segmented as off-grid and on- grid. On-grid segment dominates the
market in this sector as on-grid systems are very cost-effective, reliable and
efficient. The global pressure switch market is further segmented based on
end-user, including residential, industrial, and commercial segments.
Commercial segment is estimated to register the highest growth rate during the
forecast period.
Leading Players:
The key players
of the Global Pressure Switch Market are ABB Ltd. (Switzerland), Eaton
(Ireland), Danfoss (Denmark), Parker Hannifin Corp (US), Bosch Rexroth AG
(Europe), Baumer (Switzerland), Emerson Electric Co. (US), Honeywell
International Inc. (US), Schneider Electric (France), SMC Corporation of
America (US), SOR Inc. (US), Endress+Hauser Consult AG (Switzerland) and
Barksdale Inc (US).
Regional Analysis
Region wise,
Asia-Pacific region held the largest market share of the global pressure switch
market in 2017. It is anticipated that Asia-Pacific region will continue to
dominate the market during the forecast period, mainly due to the rising
application of pressure switch in industrial and commercial sector, as
developing countries shows a significant growth in automation. In Asia-Pacific
region countries such as India is increasing the contribution towards
manufacturing sector, while South Korea is investing heavily in automotive
& transportation sector which enhances the market demand for pressure
switch market in the forecasted period. Owing to its reliability in operation,
North America is also increasing the market due to stringent regulations by
government in terms of safety measures.
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