PUNE, India, July 6, 2018 /PRNewswire/ --
According to a new market research report "Pressure Switch Market by Type (Electromechanical, Solid State), Pressure Range (Below 100 bar, 100-400 bar, Above 400 bar), Application (HVAC, Monitoring & Control, Safety & Alarm Systems, Hydraulics & Pneumatics), End-User - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from an estimated USD 1.69 billion in 2018 to USD 2.09 billion by 2023, at a CAGR of 4.39%, from 2018 to 2023.
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Browse 65 Tables and 41 Figures spread through 120 Pages and in-depth TOC on "Pressure Switch Market"
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Rising focus on process automation and rising investments in the transportation sector are expected to drive the Pressure Switch Market. Moreover, the low cost of pressure switches coupled with their multi-functionality has resulted in wide use of pressure switches in applications in oil & gas, chemicals, power generation, water & wastewater, and mining industries.
The electromechanical segment is expected to hold the largest share of the Pressure Switch Market, by type, during the forecast period.
The electromechanical segment led the Pressure Switch Market in 2017 and is projected to have the largest market share, during the forecast period. Increasing deployment of electromechanical pressure switches in commercial and industrial applications is likely to drive the demand for the electromechanical segment in the Pressure Switch Market.
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The HVAC segment of the Pressure Switch Market, by application, is expected to grow at the highest CAGR during the forecast period.
The HVAC segment is projected to grow at the highest CAGR from 2018 to 2023. As a part of HVAC systems, equipment such as pumps, compressors, fans, air conditioners, and so on are used and pressure switches are used to control these equipment. The use of pressure switches helps HVAC systems to operate at optimum levels and improved maintenance. The companies such as Honeywell, BD | Sensors, Barksdale, and KOBO among others are involved in provision of pressure switches for HVAC applications. So, the rising demand of HVAC systems has led to highest CAGR of pressure switches in HVAC segment from 2018 to 2023.
The automotive & transportation segment of the Pressure Switch Market, by end-user, is expected to grow at the highest CAGR during the forecast period.
The automotive & transportation segment is projected to grow at the highest CAGR from 2018 to 2023. Pressure switches play a vital role in the automotive & transportation segment by providing monitoring and control system to various applications such as railway, marine, and roadways. For instance, in railways, pressure switches are used for brakes, horn operation, air suspension, shoe gear, and compressor control, etc. Thus, the increasing use of pressure switches for major applications in the automotive sector and increasing investments in the transportation sector is expected to drive the demand for pressure switches in the automotive & transportation sector.
Asia Pacific: The leading market for pressure switch
The Pressure Switch Market has been analyzed with respect to 5 regions, namely, Asia Pacific, North America, South America, Europe, and Middle East & Africa. Asia Pacific led the global Pressure Switch Market in 2017. China and Japan are the largest markets for pressure switches in the region. The government of China plans to enhance the investments toward process and manufacturing industries, thus creating a demand for the Pressure Switch Market in the country. Meanwhile, Japan is one of the technologically advanced producers of automobiles, electronics, ships, and processed industries. Therefore, factors such as increasing investments toward the transportation and manufacturing sector is expected to drive the Pressure Switch Market in the region.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Pressure Switch Market. The key players ABB (Switzerland), Eaton (Ireland), Danfoss (Denmark), Schlumberger (US), and Parker (US). The leading players are adopting various strategies to increase their shares in the Pressure Switch Market.
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