The temperature and pressure switch market was valued at US$ 3689.62 million in 2019 and it is projected to reach US$ 5023.18 million by 2027; it is expected to grow at a CAGR of 5.0% from 2020 to 2027.
The rate of adopting automated technologies for manufacturing processes, specifically in developed countries, has surged over the years. Owing to which, these countries are robustly focusing on the adoption of smart factories. The countries with a considerably higher number of manufacturing facilities—including the US, Canada, China, the UK, Japan, Germany, and France—are continually seeking automated technologies in manufacturing facilities across industries. There is an increase in demand for high-end automotive across the globe, resulting in increased vehicle production, mainly in the developed regions, such as North America and Europe. The demand for commercial vehicles and passenger cars, primarily in developing nations, is increasing. For instance, according to the International Tin Association Ltd., in 2014, China reported the production of 24 million vehicles, and it would increase to 364 and 607 million by 2030 and 2050, respectively. Therefore, the growing investment in the automotive industry has fueled the demand for the temperature and pressure switches. Furthermore, the emergence of industrial internet of things (IIoT) and smart factories enables the end users to procure technologically advanced solutions for their manufacturing facilities, which ultimately benefit them by earning increased profit through higher productivity. The implementation of IIoT is soaring across industries worldwide. This is leading the growth path of the temperature and pressure switches market
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Temperature and Pressure Switches Market: Strategic Insights
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Temperature and Pressure Switches Market: Strategic Insights
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Impact of COVID-19 Pandemic on Temperature and Pressure Switch Market
The sudden outbreak of the COVID-19 pandemic, the economy of the country has fallen adversely affecting several industries, such as marine, military, and defense, which has negatively impacted the temperature and pressure switches market. Hence, the ongoing COVID-19 crisis and critical situation in the world is going to impact the temperature and pressure switches market growth of North America region in a negative manner for the next few quarters.
Market Insights–Temperature and Pressure Switch Market
Rising Automotive Production and Growing Demand for Temperature and Pressure Switches in Automotive Industry
The demand for commercial vehicles and passenger cars, primarily in developing nations, is increasing. For instance, according to the International Tin Association Ltd., in 2014, China reported the production of 24 million vehicles, and it would increase to 364 and 607 million by 2030 and 2050, respectively. Therefore, the growing investment in the automotive industry has fueled the demand for the temperature and pressure switches. According to the Center for Automotive Research, a non-profit organization, in 2018, automakers such as FCA, GM, Ford, Hyundai, Nissan, Volkswagen, and Toyota invested US$ 4.8 billion in the automotive industry. In addition, in Europe, automotive investment in research and development (R&D) has increased by 6.7% to reach US$ 67.09 billion annually. The temperature switches are robustly being integrated across radiator fan, warning lamp, and coolant monitoring system to constantly monitor the temperature of the vehicle components.
End-User Based Insights
Based on end-user, the temperature and pressure switch market is segmented into residential and commercial, food and beverages, marine, automotive, aerospace and defense, chemicals, oil and gas, and others. The automotive segment held a larger market share in 2019.
Players operating in the temperature and pressure switch market are mainly focused on the development of advanced and efficient products.
- ABB Ltd. to open distribution center in Phoenix, Arizona, US which will serve as West Coast Distribution Center for the company.
- Eaton Corp. invests US $ 100 million to expand its electrical manufacturing and distribution centers in North America for commercial and residential customers.
Temperature and Pressure Switches Market Regional Insights
The regional trends and factors influencing the Temperature and Pressure Switches Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Temperature and Pressure Switches Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
- Get the Regional Specific Data for Temperature and Pressure Switches Market
Temperature and Pressure Switches Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 3.69 Billion |
| Market Size by 2027 | US$ 5.02 Billion |
| Global CAGR (2019 - 2027) | 5.0% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Temperature and Pressure Switches Market Players Density: Understanding Its Impact on Business Dynamics
The Temperature and 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 Temperature and Pressure Switches Market are:
- ABB Ltd.
- Baumer Holding AG
- Beck GmbH Druckkontrolltechnik
- Danfoss A/S
- Eaton Corporation plc.
Disclaimer: The companies listed above are not ranked in any particular order.
- Get the Temperature and Pressure Switches Market top key players overview
The temperature and pressure switch market has been segmented as follows:
Temperature and Pressure Switch Market – by Product Type
- Temperature Switches
- Pressure Switches
Temperature and Pressure Switch Market – by End-User
- Residential and Commercial
- Food and Beverages
- Marine
- Automotive
- Aerospace and Defense
- Chemicals
- Oil and Gas
- Others
Temperature and Pressure Switch Market – by Geography
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- UK
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
- Middle East Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of SAM
Temperature and Pressure Switch Market – Company Profiles
- ABB Ltd
- Baumer Holding AG
- Beck GmbH Druckkontrolltechnik
- Danfoss A/S
- Eaton Corporation plc
- Honeywell International Inc.
- Parker Hannifin Corporation
- Schneider Electric
- SMC Corporation
- WIKA Alexander Wiegand SE & Co. KG
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type and End-user
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The temperature & pressure switches market is led by automotive segment with highest share and is expected to dominate in the forecast period. The automotive industry is set to bolster over the next decade due to an enormous rise in demand for vehicles. The vehicle coolant monitoring system, radiator fan, and warning lamp integrates temperature switches into it. Similarly, the brake light, exhaust gas recirculation, emission control system, and HVAC system in the vehicle integrates pressure switches for proper functioning. This is expected to double the number of production units, which is further expected to create ample business growth opportunities for the temperature and pressure switches market players.
The temperature & pressure switches permit the end-user to carry out smooth operations, are used with flammable material, and in hazardous locations, thus increases its application in numerous end-use industries. The growing demand for temperature & pressure switches is anticipated to rise in the forecast period, owing to the increasing number of end-use industries. Moreover, consumers are demanding technologically advanced products that are capable of enhanced monitoring capabilities, drive the adoption of the temperature and pressure switches.
Mounting requirement for temperature sensors is expected to boost the demand for temperature & pressure switches during the forecast period. There is an increase in adoption of temperature switches in the manufacturing of heating systems, burners, boilers, air heaters, and circulation pumps. Moreover, temperature switches are comprehensively being used across general-purpose applications. Increasing demand from pharmaceuticals, automotive, and food & beverages industries is one of the significant factors boosting the temperature & pressure switches market during the forecast period. Rising complexity of modern industrial machinery continues to drive innovations across the temperature & pressure switches market. Several market players are entering the competitive market for pressure switches, mainly in the Asia Pacific region's emerging economies. Manufacturers are progressively investing resources in research and development and enhancing their product range with the evolving industrial demands. The pressure switches are robustly used for multiple applications across different sectors, such as marine, aerospace & defense, automotive, food & beverages, and oil & gas. The market players are expected to fulfill the regulatory standards and manufacture the temperature & pressure switches to gain approval from the dedicated regulatory body. This anticipated to offer ample growth opportunities for the global temperature & pressure switches market players.
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