Pressure Switch Market Overview:
The global Pressure Switch Market is expected to surpass USD 2,410.8 million by 2027 with a significant CAGR rate of 5.9% during forecast period 2021-2027.
Pressure Switch Market Segmental Analysis
The global pressure switch market has been segmented based on pressure range, application, end use and type.
Based on pressure range, the global market has been segmented into below 100 bar, 100 to 400 bar, and above 400 bar. Growth in the automotive transportation sector is one of the key reasons behind the growth of the below 100 bar pressure switch segments. Whereas the 100-400 Bar is also growing at a robust rate over the forecast period. The 100 to 400 bars segment accounted for the largest market share of 36.0% in 2019 and is expected to register the highest CAGR of 11.0% during the forecast period. The Above 400 bars segment was the second-largest market segment in 2019, valued at USD 609.1 million
Based on application, the global market has been segmented into HVAC, monitoring control, safety alarm system, and hydraulics pneumatics. Pressure switches help HVAC systems to operate at optimum levels and offer better maintenance. Whereas more industries rely on pressure switches to monitor and control their applications. The hydraulics pneumatics segment accounted for the largest market share of 33.14% in 2019 and is expected to register the highest CAGR of 4.48% during the forecast period. The HVAC segment was valued at USD 616.9 million; it is projected to exhibit a CAGR of 4.73% during the review period.
Based on end use, the global market has been segmented into automotive transportation, process manufacturing industry, and commercial. These switches are used in variety of application, the consumers and the companies are adopting the pressure switches depending on their compatibility and requirements. The commercial segment accounted for the largest market share and is expected to register the highest CAGR of 11.05% during the forecast period.
Based on type, the global market has been segmented into electromechanical and solid state. Electromechanical pressure switches are the most common switches composed of a sensing element and an electrical snap-action switch. Compared to electromechanical pressure switches, solid-state pressure switches have a much longer cycle life, improved accuracy to ±0.5%, high resistance to shock and vibration, ability to handle a wide range of system pressures, and broad frequency response. The electromechanical segment accounted for a larger market share.
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Pressure Switch Market Regional Analysis
Asia-Pacific accounted for the largest market share of 33.32% with a market value of USD 537.0 million. It is projected to register a 7.62% CAGR over the projected period. Asia-Pacific comprises China, Japan, India, South Korea, and the rest of Asia-Pacific. The rising demand for pressure switches across sectors has boosted the market in Asia-Pacific. This region has one of the largest transportation industries. Road transport, cargo handling, warehousing, and air transport are the key transportation categories in Asia-Pacific. This rising industry and the developments across the region have propelled the growth of the pressure switches market.
North America holds the second-largest market share in the pressure switch market, with over 77 installed plants and an installed capacity of 3,086 MW. The pressure switch is used in various applications, including shipbuilding, hydraulics, large engines, potentially hazardous areas, railway, and water treatment. However, rising industrialization and rapid increase in investment for infrastructural projects drive market growth.
Europe is considered a hub for machinery and equipment, automotive, pharmaceuticals, aeronautics, communications, and industrial automation. Europe is a mature market for the automotive industry; however, the eastern European automotive industry is expected to grow at an accelerated rate after the negative effect of the Euro crisis in 2008 and is recovering faster after 2013. Geothermal plants also contribute to the global pressure switch market, with Europe accounting for the largest market share. Europe has over 100 geothermal stations installed, which produced about 15 TWh of electrical power in 2016. Germany, France, and the UK are among the major contributors to revenue generation in the pressure switch market in Europe.
Key Players
- Honeywell International Inc (US)
- Eaton (Ireland)
- Parker Hannifin Corp (US)
- Emerson (US)
- Bosch Rexroth AG (Germany)
These pressure switch market players focus on expanding and enhancing their portfolio and services to remain competitive and increase their customer base. Additionally, these players are focusing on partnerships collaborations to expand their business and customer base to enhance their market position.
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