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.
Market Potential and Pitfalls
The
pressure switch 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.
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.
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.
Access Full Report at: https://www.marketresearchfuture.com/reports/pressure-switch-market-6823
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).
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