Global Pressure Switch Market Size to Grow at a CAGR of 4.20% in the Forecast Period of 2023-2028
The ‘Global Pressure Switch Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global pressure switch market, assessing the market based on its segments like types, pressure ranges, applications, end users, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Pressure Switch Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.20%
A pressure switch can be defined as a tool or mechanism that manages. An electrical connection when an already set fluid pressure is achieved. Pressure switches enable precise control over an electrical device. Moreover, pressure switches are used in various industrial and residential applications, such as HVAC systems. Well pumps, and furnaces, among others.
Such switches are significant elements for maintaining and controlling the activation and deactivation of pumps in fluid systems after a certain pressure level is attained. Pressure switches are also utilised in process control systems for providing constant pneumatic or mechanical pressure.
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The deployment of pressure switch connectors in battery-operated pumps to improve their network permanence and ease and prolong their battery life is propelling the global pressure switch market.
There is an increasing implementation of pressure switches in several automotive applications like engine control, fuel injection systems, and transmission control, among others. Additionally, the rising manufacturing of electric vehicles (EVs) around the world, coupled with increasing demand for hybrid vehicles, is likely to propel the pressure switch market development in the coming years.
Pressure switches with characteristics like energy efficiency, high levels of accuracy, and durability are increasingly gaining popularity in diverse applications.
Pressure Switch Industry Definition and Major Segments
A pressure switch refers to a mechanical or electronic tool that is stimulated by the density of fluids, air, or gas after the fluids, air, or gasses achieve a pre-set level. Pressure switches comprise bourdon tubes, pistons, diaphragms, or membranes that push or distort with the volume of pressure applied by the systems. The elements of pressure switches are linked to one or more connections in the switch. With sufficient force, a connection closes or opens the switch varying on its configuration. Pressure switches are utilised in several sectors deploying compressed gas systems, HVAC, instrumentation systems, and pumping systems, among others.
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Based on types, the global pressure switch market can be segmented into:
On the basis of pressure range, the market is classified into:
1. Below 100 Bar
2. 100–400 Bar
3. Above 400 Bar
The major applications of pressure switch are:
1. Monitoring and Control
2. Hydraulics and Pneumatics
3. Safety and Alarm Systems
The market, by end user, is segmented into:
2. Process and Manufacturing Industry
Based on regions, the market is classified into:
1. North America
3. Asia Pacific
4. Latin America
5. Middle East and Africa
Pressure Switch Market Trends
The increase in the sales of automobiles is one of the major factors that is encouraging the development of the pressure switch market. Besides, the rising application of high-pressure switch in the railway sector and the constant product innovation are expected to fuel the market growth in the forecast period.
The rising installation of commercial HVAC systems to meet the demand for improved air quality and ventilation requirements is bolstering the utilisation of pressure switches. In addition, an increase in the demand for pressure switches from small and medium-sized businesses and the surging use of pressure switches in aerospace applications are driving the pressure switch market.
Besides, the introduction of favourable government initiatives aimed at utilising pressure switches in various critical safety applications is fuelling the growth of the market.
Geographically, the Asia Pacific region is anticipated to witness robust growth owing to the rapid development of the industrial sector, the adoption of innovative technologies, and the increasing demand for pressure switches in several applications.
The emphasis on lowering inaccuracies and boosting automation in industrial applications to improve overall efficiency and production, and reduce production costs and time, is aiding the demand for pressure switches.
Key Market Players
The major players in the global pressure switch market are:
1. ABB Ltd.
2. Barksdale Inc
3. Eaton Corporation plc
4. Danfoss A/S
5. Baumer Holding AG
6. BD|SENSORS GmbH
7. Parker Hannifin Corporation
8. Schneider Electric
9. WIKA Alexander Wiegand SE & Co. KG
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.