Pressure Switches 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.
Global Pressure Switch Market: Segmental Analysis
The Pressure Switches 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.
Considering the pressure range, the market is segmented into below 100 bar, 100– 400 bar and above 400 bar.
The Automotive & transportation, process & manufacturing sector, and commercial sector comprises the end-user segment of pressure switch market.
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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.
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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