The global pressure switch market is projected to reach a market size of USD 2.09 billion by 2023, at a CAGR of 4.39%.
Northrook, IL -- (SBWIRE) -- 11/08/2019 -- According to the new market research 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 global pressure switch market is projected to reach USD 2.09 billion by 2023, at a CAGR of 4.39%, from an estimated USD 1.69 billion in 2018. The growth of the pressure switch market is mainly driven by the increasing focus on process automation and increasing demand for pressure switches in the transportation sector for various applications such as automotive, railways, and airplanes.
Asia Pacific is estimated to be the fastest growing market for pressure switches, during the forecast period. The region has been segmented, by country, into China, Japan, India, South Korea, and the Rest of Asia Pacific. The pressure switch market in the region is primarily driven by the growth in various industries such as manufacturing, mining, oil & gas, textiles, and automation. In 2017, the region manufactured more than 44 million vehicles. Moreover, the government of India also plan to increase the contribution toward its manufacturing sector to reach 25% by 2025, which is likely to drive the pressure switch market in the region.
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The pressure switch market, by type, is segmented into electromechanical and solid-state. The solid-state pressure switch segment is estimated to be the fastest growing market, during the forecast period. The use of these switches results in higher level of precision and longer life cycle, broad frequency response, better accuracy, high resistance to shock and vibration, and improved capability to handle a wide range of system pressure. Also, the increase in technological advancements for better product functionality is further expected to create the demand for solid-state pressure switches.
The report segments the pressure switch market, by pressure range, into below 100 bar, 100–400 bar, and above 400 bar. The below 100 bar segment is estimated to be the fastest growing market, during the forecast period. These switches are mostly used in hydraulic power units, material handling machinery, railway, CNC machines, compressors/boilers, food & beverage equipment, and generators. Low cost of pressure switches coupled with multifunctionality is likely to drive the pressure switch market in the below 100 bar segment.
The pressure switch market, by application, is segmented into HVAC, monitoring & control, safety & alarm systems, and hydraulics & pneumatics. The HAVC segment is estimated to be the fastest growing market for pressure switches during the forecast period. Pressure switches in the HVAC system monitor air filters, control air and fire protection flaps, monitor flows in ventilation ducts, and protect heat exchangers from frost. All such factors are expected to drive the pressure switch market in HVAC segment.
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The pressure switch market, by end-user, is segmented into automotive & transportation, process & manufacturing industry, and commercial. The automotive & transportation segment is estimated to be the fastest growing market for pressure switches during the forecast period. The automotive & transportation sector includes the use of pressure switches for railways, automobiles, and electric vehicle among others. The rising automobile and electric vehicles production and investments in railways sector is likely to drive the pressure switch market in automotive & transportation segment during the forecast period.
Pressure switches in the HVAC system monitor air filters, control air and fire protection flaps, monitor flows in ventilation ducts, and protect heat exchangers from frost. All such factors are expected to drive the pressure switch market in HVAC segment.
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