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.
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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.
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.
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.
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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