Pressure Switch Market Overview, Dynamics, Key Players, Opportunities and Forecast to 2023
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 phenomenal rate during the forecast period.
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).
Leading Players Analyzed in the global Pressure Switch Market report are:
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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Industry Highlights
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 Type
- Electromechanical
- Solid-State
By Pressure Range
- Below 100 bar
- 100 – 400 bar
- Above 400 bar
By Application
- Heating, ventilation and air conditioning (HVAC)
- Monitoring & Control
- Safety and Alarm Systems
- Hydraulics & Pneumatics
By End-User
- Automotive & Transportation
- Process & Manufacturing Industry
- Commercial
By Regions
- North America
- Asia-Pacific
- Europe
- Rest of the World
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.
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