Pressure Switch Market Highlights
The global pressure switch market is estimated to expand at 4.43% CAGR during the forecast period. 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 phenomenol rate during the forecast period.
Pressure switch is the form of switch which opens or closes the circuit when a certain fluid pressure reaches on its input terminals. The desigining of the pressure switches are varried according to, make the contact either with rise in pressure or fall in pressure.
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Pressure switches are widely used in industry to automatically monitor and control the system that uses pressurized fluid. Pressure switches are of low cost which are higher in reliability. Rising demand for electric vehicles, increasing investments in the smart cities and development in infrastructure are the factors attributed to the growth in pressure switch market.
Global pressure switch market has been segmented based on type, pressure range, application, end- user, and region. Based on type, the market is classified into electromechanical and solid-state. electromechanical segment is dominating the market share, mainly due to the less cost involved in setting up the system for both, commercial and residential use. Based on application, the market is further segmented as off-grid and on- grid. On-grid segment dominates the market in this sector as on-grid systems are very cost-effective, reliable and efficient. The global pressure switch market is further segmented based on end-user, including residential, industrial, and commercial segments. Commercial segment is estimated to register the highest growth rate during the forecast period.
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The key players of the Global Pressure Switch Market are ABB Ltd. (Switzerland), Eaton (Ireland), Danfoss (Denmark), Parker Hannifin Corp (US), Bosch Rexroth AG (Europe), Baumer (Switzerland), Emerson Electric Co. (US), Honeywell International Inc. (US), Schneider Electric (France), SMC Corporation of America (US), SOR Inc. (US), Endress+Hauser Consult AG (Switzerland) and Barksdale Inc (US).
Region wise, Asia-Pacific region held the largest market share of the global pressure switch market in 2017. It is anticipated that Asia-Pacific region will continue to dominate the market during the forecast period, mainly due to the rising application of pressure switch in industrial and commercial sector, as developing countries shows a significant growth in automation. In Asia-Pacific region countries such as India is increasing the contribution towards manufacturing sector, while South Korea is investing heavily in automotive & transportation sector which enhances the market demand for pressure switch market in the forecasted period. Owing to its reliability in operation, North America is also increasing the market due to stringent regulations by government in terms of safety measures.
Scope of the Report
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global pressure switch market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis.
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