The 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", The pressure switch
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. 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.
Browse 65 market data Tables and 41 Figures spread through
120 Pages and in-depth TOC on "Pressure Switch Market - Global
Forecast to 2023"
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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.
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.
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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.
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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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Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com
