Global surface mount switches market will exhibit a healthy 8.5% CAGR over the period between 2016 and 2024, which valued at US$2650.0 mn in 2015; market for surface mount switches is expected to reach US$5860.0 mn by 2024.
Albany, NY -- (SBWIRE) -- 09/11/2017 -- Global Surface Mount Switches Market: Snapshot
Miniaturization has become a hot in the electronics industry and this is boosting the demand for surface mount equipment. The smaller size of surface mount switches as compared to their through-hole counterparts increases their density over a printed circuit board (PCBs), thereby enhancing mechanical performance under shake and vibration conditions. During initial stages, the cost of installation of surface mount switches is also low as compared to the cost of installing through-hole switches.
Owing to these factors, the demand for surface mount switches has seen a significant rise across a vast array of industrial and manufacturing processes in the past few years. Vast investments across the telecommunication sector and the flourishing electronics industry, especially in developed economies, have also considerably increased the global demand for surface mount switches. Owing to these factor, the demand for surface mount switches will continue to be strong across the globe in the next few years as well.
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Transparency Market Research estimates that the 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.
Ultra-miniature Surface Mount Toggle Switches to Constitute Bulk of Revenue
Based on type, global surface mount switch market is segmented into two types, namely ultra-miniature surface mount pushbutton switch and ultra-miniature surface mount toggle switch. The segment of ultra-miniature surface mount toggle switch held the dominant share in the global surface mount switch market in 2015 and is expected to maintain its leading position over the forecast period as well. Long lasting performance of toggle switches as compared to pushbutton switches is a key factor fueling the overall demand for the former. Toggle switches are mostly used as light switches in domestic settings and have wide applications in minicomputer panels, automated robots, and advanced medical equipment.
However, the segment of surface mount pushbutton switches is likely to witness a rise in its share in the global surface mount switches market during the forecast period. The smooth operation and ease of changing position of electrical devices with the use of pushbutton switches is expected to enhance their applicability in the global market in the near future.
Thanks to Strong Growth in Electronics Industry, Asia Pacific to Retain Dominance
In terms of geography, Asia Pacific is presently the dominant regional market for surface mount switches. The region accounted for over one-third of the global market's overall revenue in 2015 and is expected to remain a hot market for future years. The vast rise in manufacturing of electronic products, rising demand for miniaturization of electronic components, and the strong growth of the automotive and electronics industry are expected to drive the market for surface mount switches in the region in the next few years. Moreover, the rapid growth in wireless communication and the increased penetration of high speed internet has boosted the demand for surface mount switches across the telecommunication sector in the region.
North America trails Asia Pacific in terms of revenue contribution to the global surface mount switches market and is expected to retain its position over the forecast period as well. The U.S. is the foremost economy driving the demand for surface mount switches in the region and is expected to continue generating strong demand owing to promising growth of sectors such as broadband connectivity and industrial automation. Extensive government initiatives aimed at the improvement of the healthcare sector is triggering the utilization of advanced medical machinery and equipment in North America, further fueling the growth rate of surface mount switch market in the region.
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Some of the key players in surface mount switch industry are C&K components (U.S), Omron Corporation (Japan), Hokuriku Electric Industry Co. Ltd. (Japan), Honeywell International Inc. (U.S), Grayhill Inc. (U.S), among others.