Global surface mount switches market will exhibit a healthy 8.5% CAGR over the period between 2016 and 2024. At this rate, the market, which valued at US$2650.0 mn in 2015 in terms of revenue, is expected to reach US$5860.0 mn by 2024.
Albany, NY -- (SBWIRE) -- 12/15/2016 -- Surface mount switch is an electrical component that is used in electronics devices. Surface mount switches have wide application in the areas of industrial automation, healthcare, aerospace & defense, security, telecommunication, audio & broadcast, power (including renewable energy) among others. Surface mount switches are used in medical and industrial devices, power equipment among others. It has extensive applications in oil and gas industries thus promoting its demand in oil dependent economies such as U.S., Iran, Iraq, U.A.E among others. Primarily, there are two types of surface mount switches such as surface mount pushbutton switches and surface mount toggle switches. Surface mount toggle switches acquired larger market share in 2015 and it is expected to maintain its leading position during the forecast period as well. With in-depth analysis, the global surface mount switch market is likely to follow growth trends over the forecast period.
Global Surface Mount Switch Market: Growth Dynamics
Consumer electronics market is expected to expand during the forecast period and this would expand surface mount switch market globally. Advent of miniaturization technology boosts growth prospect of surface mount switches. Surface mount technology has come up with unique characteristic of miniature sized components that enhances component density over the printed circuit board (PCBs) and improves component's performance as well. Moreover, larger group of economies such as Japan, China, India, US, Germany, UK, Colombia, and Brazil among others are witnessing rapid internet penetration and telecommunication investment. Rising consumer base and growing trends towards digitalization enhance market prospect for surface mount switches. This acts as the major driver of surface mount switch market. Developing economies such as India, Indonesia, Iran, and Argentina among others stress on industrialization based economy where there is larger contribution of electronic manufacturing activity. These factors tend to promote higher demand for surface mount switches in the coming years and that is expected to expand the market as well.
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Surface mount switches are relatively expensive as compared to through-hole switches thus making surface mount switches unattractive to consumers. Higher price is likely to depress the future growth prospect of surface mount market. Moreover, the East Asian economies such as China, Hong Kong, Japan, Taiwan, and South Korea among others experience frequent currency volatility. As Asia Pacific is the leading market for surface mount switches, currency volatility is likely to volatile price of surface mount switches in international market thus weakening surface mount switch market. European economies is in stagnant growth process. Moreover, Brexit is likely to have adverse impact on European markets and this would restrain the growth process of surface mount switch market.
Global Surface Mount Switch Market: Scope of the Report
This report analyzes future prospect of global surface mount switch market during the forecast period 2016 -2024 along with a synopsis of current market scenario. This report highlights different demand and supply factors that would impact on surface mount switch market globally. Apart from this, current industry structure, key players with their market share and strategic overview have also been analyzed here.
In order to have in-depth analysis, global surface mount switch market is segmented on the basis of two types such as ultra-miniature surface mount pushbutton switch and ultra-miniature surface mount toggle switch. Surface mount switches have four broad group of application segments s namely industrial control, medical, aerospace & defense and others (power, marine, audio & broadcast, security among others). This report incorporates segmentation on the basis of geography such as North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA).
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Some of the leading market players in surface mount switch industry are C&K components (U.S), Honeywell International Inc. (U.S), Hokuriku Electric Industry Co. Ltd. (Japan), Omron Corporation (Japan), and Grayhill Inc. (U.S) among others.
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