Global Pressure Switch Market Size To Grow At A CAGR Of 4.20% In The Forecast Period Of 2023-2028
- March 23, 2023
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The ‘Pressure Switch Global Market, Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global pressure switch market, assessing the market on the basis of its segments like type, pressure range, application, end user, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Pressure Switch Market Size, Share, Trends, Industry, Key Player, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.20%
The global pressure switch market is expected to register growth during the forecast period on account of the growing demand from the automobile sector. Across industries, an upsurge in demand for commercial HVAC systems to encounter higher air quality and ventilation requirements is expected to propel the market growth of pressure switches. Increasing climate change resulting in warmer temperatures in multiple regions and growing demand for HVAC systems is further expected to push forward the market growth of pressure switches across the globe over the coming time frame.
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Surging investments in electric vehicles, aviation and aerospace, oil and gas, and renewables that need various control switches for processing operations is expected to fuel the pressure switch market growth in the coming years. Going further, the expansion of railway networks as well as subway systems across the globe is expected to augment the market demand for pressure switches. Various economies are focusing on sustainable energy expansion by implementing highly advanced technology which is likely to aid market growth in the forecast period.
Pressure Switch Industry Definition and Major Segments
Pressure switches are a type of mechanical switch that turn on when pressure reaches a predetermined point. They are employed in a range of technical and industrial processes for pressure monitoring. A pressure switch closes or opens a respective switch contact if a pre-set pressure is reached. Electronic or mechanical pressure switches can be used depending on the requirements.
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By type, the market is classified into:
Based on pressure range, the market is segmented into:
• Below 100 Bar
• 100–400 Bar
• Above 400 Bar
By application, the market is segregated into:
• Monitoring and Control
• Hydraulics and Pneumatics
• Safety and Alarm Systems
On the basis of end user, the market is classified into:
• Process and Manufacturing Industry
Based on region, the market is divided into:
• North America
• Latin America
• Asia Pacific
• Middle East and Africa
Pressure Switch Market Trends
With the implementation of industrial automation for process optimisation in a wide range of industry verticals, the market of pressure switches is expected to register substantial growth across the globe. The rising expansion of manufacturing and processing industries, particularly aviation and automotive, are a key trend increasing the need for high-tech equipment.
Geographically, the Asia Pacific region is expected to gain momentum in the pressure switch market share over the coming years on account of the increasing investment in research and development activities in the energy and power and manufacturing industries. Countries like South Korea, Taiwan, and Japan are well-positioned for growth in flexible electronics and lead some of the developing commercial applications. This is further expected to support the pressure switch market growth in the Asia Pacific region. The rapid growth in the production of electronic components in the region and growing technological advancements along with growing industrialisation are expected to propel the market growth over the upcoming years.
Moreover, the rising focus on reducing errors along with automating industrial infrastructure to improve productivity, reduce production time and costs, and enhance efficiency is likely to contribute to the market growth of pressure switches. Meanwhile, the North American region is expected to escalate the pressure switch market growth on account of the strong presence of major market players like Parker Hannifin Corporation.
Key Market Players
The major players in the global pressure switch market report are:
• ABB Ltd.
• Barksdale Inc
• Eaton Corporation plc
• Danfoss A/S
• Baumer Holding AG
• BD|SENSORS GmbH
• Parker Hannifin Corporation
• Schneider Electric
• WIKA Alexander Wiegand SE & Co. KG
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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