Pressure Switches Market Share, Size, Forecast 2027

The pressure switches market was valued at US$ 1316.8million in 2019 and is projected to reach US$ 1629.1million by 2027; it is expected to grow at a CAGR of 3.8% from 2019 to 2027.

Geographically, the pressure switches market is segmented into five major regions—North America, Europe, APAC, MEA, and SAM. Currently, the global market is dominated by the developed regions such as Asia Pacific and Europe, accounting for ~55% of the global Pressure Switches market collectively. Europe showed promising results for tech investments in 2019, as European tech continues to break records despite the UK and EU economic slowdowns. Over the past five years, capital invested in European technology has grown by 124%, with 39% increase between 2018 and 2019, reaching $34.3 billion in capital investment for 2019. This compares with reductions in investment in both the US and Asian capital between 2018 and 2019. Western Europe is renowned for its improved living conditions, with higher income levels among residents.

Impact of COVID-19 Pandemic on Pressure SwitchesMarket

The electronic and semiconductor manufacturing industry is heavily dependent on manual labor. In the wake of strong lockdown regulations imposed by the majority of the countries across the globe, the semiconductor manufacturing sector is experiencing a lower number of labors in respective manufacturing facilities. India and China are the world’s two most populated countries as well as manufacturing hubs. China imposed strict lockdown and social isolation which virtually halted the manufacturing as well as production of numerous equipment and machinery for several weeks resulting in lowering country’s economy. Moreover, the country also isolated its import as well as export of critical raw materials and industrial equipment for numerous industry vertical affecting the supply chain of various end-user industries. Similarly, India also imposed a nationwide lockdown to mitigate the growing number of COVID-19 cases across the country. As a result, the subsequent lockdown and disruption of numerous industrial equipment and machineries across China and India respectively have negatively affected the market growth across the AsiaPacific region. In addition to this, the closure of several retailers, distributors and sales representatives also has reduced the availability of pressure switches or its related component from other European and North American based market players. Further, COVID-19 is anticipated to cause a loss of more than 3 Billion in the Asia Pacific region. The consequence and impact can be even worse and totally depends on the spread of the virus. The governments in Asia Pacific aretaking possible steps to reduce its effects by announcing lockdown, which influence the revenue generated by the market.

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Pressure Switches Market: Strategic Insights

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Pressure switches Market Insights

Increasing Investment in the Construction Industry to Drive the Growthof Pressure Switches Market

The demand for heavy pressure switches is also fueled by the growing investment in the construction industry. For example, China is expected to invest US$ 13.1 billion in the development and construction of Beijing International Airport, which is anticipated to handle about 45 million people annually from 2019 to 2025. Similarly, an 81-story 480 m supertower, Vincom Landmark-81 Tall Tower, is under construction in Vietnam's Ho Chi Minh City, due to be completed in 2019. Caterpillar Inc., J.C.;Bamford Excavators Limited; CNH Industrial N.V; Hitachi Construction Machinery Co., Ltd.; Deere & Company;Kobelco Construction Machinery Co. Ltd; Komatsu Ltd;Liebherr Group; Manitou Group; and Mitsubishi Heavy Industries, Ltd. are the top 10 manufacturers of construction machinery. Governments around the world are pumping money through higher spending on physical and social infrastructure to create demand for goods and services by creating jobs. The 2020 Olympics to be held in Tokyo (Japan) and the 2022 FIFA World Cup to be held in Qatar will fuel construction spending in the eastern regions of Asia and the Middle East. Local Qatar organization plans to build nine new stadiums for the event and to renovate three existing stadiums. It is expected that spending on such capital-intensive projects and infrastructure will continue to grow substantially in the next decade, driving growth in the market for heavy pressure switches.

Type-Based Market Insights

The most common pressure switches electromechanical. These are comprised of an electrical snap-action switch and a sensing element. Several different types of sensing elements can be used, although they have one thing in common: they move in response to pressure changes on the system. At the time of movement, they instantly act on the closing and opening of the snap-action switch's contacts. However, differential pressure switches are somewhat different. They consist of two pressure ports, one for the high-pressure side and the other for the low-pressure side. The high pressure and low-pressure fluids act on the corresponding sensing element. Considering equal surface areas on each side, the switch is in equipoise when the pressures are similar. As pressure on the low-pressure side decreases, or pressure on the high side increases, the piston moves up and, at a preset differential pressure, activates the snap switch. Switches are commonly grouped based on the type of sensor technology employed. The sensor's characteristics tend to define the relative accuracy and life one can expect from the switch.

Pressure Range-Based Market Insights

Below 100 bar pressure switch are small and low-cost switch actuated by hydraulic fluid or gas. These pressure switches arehighly responsive for low-set-point and high burst rating requirements, and may be used whileconverting the brake system to hydraulic applications. They find their applications in hydraulic braking systems, filtration systems, engine and transmission oil systems, generators, and HVAC systems and pneumatic equipment, among others. Automotive and transportation is the prime market shareholder of pressure switches. With these below 100 bar switches finding its application in automotive and transportation domain, is expected to boost the market growth.

Pressure Switches Market Regional Insights

The regional trends and factors influencing the Pressure Switches Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Pressure Switches Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Pressure Switches Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Pressure Switches Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Pressure Switches Market are:

1. ABB Ltd
2. Parker Hannifin Corporation
3. Danfoss A/S
4. Barksdale Inc.
5. Cleveland Controls

Disclaimer: The companies listed above are not ranked in any particular order.

The players in the pressure switches market focus on strategies such as partnerships, business expansion, and new product launchesto maintain their positions in the market. A few developmentsby key players are listed below:

In 2020,Cleveland Controls Division announced the acquisition of the Endura Plastics Air Pressure Switch product line. The Cleveland Controls and Endura product lines will be marketed as separate brands, complementing and leveraging each other’s strengths.

In 2020,ABB Ltd. to open distribution center in Phoenix, Arizona, US which will serve as West Coast Distribution Center for the company

ByType

• Electromechanical
• Solid-State

By Pressure Range

• Below 100 Bar
• 100-300 Bar
• Above 300 Bar

By Application

• HVAC
• Monitoring and Control
• Safety and Alarm Systems
• Hydraulic and Pneumatic

By End-User

• Automotive and Transportation
• Process and Manufacturing
• Commercial

By Geography

• North America

  • US
  • Canada
  • Mexico

• Europe

  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe

• Asia Pacific (APAC)

  • China
  • Australia
  • India
  • Japan
  • South Korea
  • Rest of APAC

• Middle East & Africa (MEA)

  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

• South America (SAM)

  • Brazil
  • Argentina
  • Rest of SAM

CompanyProfiles

• ABB Ltd
• Parker Hannifin Corporation
• Danfoss A/S
• Barksdale Inc.
• Cleveland Controls
• Lefoo
• Baumer Holding AG
•  Schneider Electric
•  SMC Corporation
•  Eaton Corporation plc
•  Emerson Electric Co
•  Honeywell International Inc.
• Huba Control AG