Know the Switch Market Growth Opportunities by 2027
Northbrook, IL 60062 -- (SBWire) -- 09/20/2022 --The Switch Market by Type, Pressure Range, Technology, Application, Industry and Geography - Global Forecast to 2027. The switch is an electromechanical device used in industrial and manufacturing processes and is accountable for monitoring and controlling specifications such as level, temperature, pressure, flow, etc., with the ability to turn on and off when it reaches a specific limit.
The major factors driving the switch market growth are the rising emphasis on industrial automation for optimum utilization of available resources, the surging focus on real-time data analysis and predictive maintenance, and the expanding process industry. Moreover, the growing integration of Industry 4.0 technologies is expected to drive the demand for the switch market in the near future.
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Drivers: Expanding Process Industries
The growing industrialization and rising demand for food products, beverages, and drugs globally are responsible for the growth of process industries. According to the statistics provided by the European Federation of Pharmaceutical Industries and Associations (EFPIA) (Brussels, Belgium) member associations and the Food and Agriculture Organization of the United Nations, the production of pharmaceuticals increased in 2021 and 2020 compared with 2019. The companies in these industries need standard working atmospheres, such as standard temperature and pressure during the production of food, brewed beverages, and nonalcoholic products. This factor has increased the adoption of switches in these industries. Thus, the expanding process industries are expected to fuel the demand for the switch and create growth opportunities for the market players during the review period.
Surging focus on real-time data analysis and predictive maintenance
Rapid developments in the manufacturing sector have increased the competition among manufacturing companies. Companies from different industries, such as oil & gas and food & beverage, are adopting solutions that can help them in real-time data analysis and proactive maintenance. Industrial automation technologies enable manufacturers to access plant floor data in real time, allowing them to centralize business data and multi-plant operations. Moreover, for implementing industrial automation, many devices and instruments need to be adopted to fulfill the requirements of synchronizing real-time data with performance statistics. One such device is the switch, belonging to the measurement and analytics portfolio under the industrial automation domain. The Switch can be considered a crucial entity for simplifying the measurement of process parameters for effective monitoring and control of production operations.
The study categorizes the Switch Market based on Type, Pressure Range, Technology, Application, Industry and Geography.
Switch Market, By Technology
Switch Market, By Application
Monitoring & Control
Safety & Alarm Systems
Hydraulics & Pneumatics
Rest of the World
Challenges: Competition from players in gray market and unorganized sector
The switch market is highly fragmented, with a large number of players. These players offer their products worldwide through a robust and broad network of suppliers and distributors. However, the gray market players buy products in bulk from illegal sources and sell them at a price well below the local cost through distribution channels unauthorized by original manufacturers or trademark proprietors. Apart from gray market players, there are numerous emerging local players in the industry. Governments of emerging economies support new, small local businesses. With the rising number of local and gray market players, the competition for significant players is growing enormously.
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