Albany, NY -- (SBWIRE) -- 08/22/2018 -- The global surface mount switch market is gaining from the ceaseless demand for electronics goods. Rising disposable income in several parts of the world have led to monumental demand for consumer electronics such as computers, laptops, tablets, and mobile phones among others. To serve this, the electronics goods industry is witnessing mass production of electronics hardware based on surface mount technology. Electronic components manufactured based on surface mount technology deliver greater level of mechanization and incur lower manufacturing cost as compared to predecessor through hole devices. Key electronic goods exporting countries such as China are making huge profits using cost-effective surface mount switch components in electronics.
Apart from this, advent of e-commerce that offers a platform for buying and selling goods is providing opportunities for big and small companies to serve a large consumer base. Several ecommerce websites run promotions from time to time that helps up their revenues.
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However, on the flip side, relatively expensive and unsuitable nature of surface mount switch to bear mechanical stress is limiting their adoption. This is negatively impacting the surface mount switch market. Considering a host of positive factors, the global surface mount switch market is poised to clock a CAGR of 8.2% from 2017 to 2024. Growing at this rate, the market's valuation of US$3360.0 mn in 2017 will become US$5860.0 mn by the end of 2024.
Ultra-miniature Surface Mount Toggle Switch Segment to Continue to Remain at Fore
The global market for surface mount switch is segmented in terms of product type, geography, and application. By product type, ultra-miniature surface mount toggle switch and ultra-miniature surface mount pushbutton switch are the segments into which the surface mount switch market is divided. Of the two, ultra-miniature surface mount toggle switch currently holds the leading share and is expected to remain this way through 2024; vis-à-vis revenue the segment is anticipated to hold 54.6% of the market through 2024.
Depending upon product application, medical, industrial control, aerospace and defense, and others are the segments into which the surface mount switch market is divided. Among them, the others segment comprising agriculture, transportation, power, audio & broadcast, food services, and marine secures dominant position in the surface mount switch market. The others segment is anticipated to acquire 51.15% of the market by 2024. Industrial control, on the other hand, is the second-leading segment and is anticipated to remain this way to hold 29.53% of the market by 2024.
Growth of the Electronics Sector Makes Asia Pacific Leader
In terms of region, North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America are segments into which the surface mount switch market is divided. At present, Asia Pacific is the key regional market for surface mount switches; the region is expected to be a hotspot of opportunities for vendors in the surface mount switches market in the years ahead. The exponential growth of the electronics and automotive industry and rising demand for miniaturization of electronic components are boosting the growth of Asia Pacific surface mount switch market. In addition, swift uptake of wireless communication and incessant penetration of high speed internet is fuelling the growth of Asia Pacific market for surface mount switch.
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Powered by the U.S., North America is the second-leading regional for surface mount switches.
Key companies operating in the global surface mount switch market are Omron Corporation, E-Switch Inc., C&K Components, NKK Switches Co. Ltd., Grayhill Inc., and E-Switch Inc. among others.