The pressure switches market was valued at US$ 1316. 8million in 2019 and is projected to reach US$ 1629. 1million by 2027; it is expected to grow at a CAGR of 3. 8% from 2019 to 2027. The manufacturing industry is still witnessing a massive investment in various automated and smart industrial solutions being adopted.
New York, Oct. 20, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pressure Switches Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type ; Pressure Range ; Application ; End-user, and Geography" - https://www.reportlinker.com/p05978099/?utm_source=GNW
Additionally, the adoption of data-driven solutions has gained considerable popularity among several leading manufacturers and business owners in mitigating unforeseen errors, faults, and damage through predictive techniques.
Increasing demand for pressure switches across various industrial applications is expected to provide lucrative market growth opportunities across developed economies in the coming years.Besides, the strict policies of government and regulators to minimize workplace-based accidents are also anticipated to foster market growth through ongoing individual monitoring.
The use of distributed fabrication enables manufacturers to reduce lead times and drastically save on freight costs.Also, IoT-based applications as well as machine learning and AImake it less challenging to coordinate operations across multiple factories than ever.
As new technologies make it increasingly viable to coordinate large-scale activities across countries and continents, manufacturers expect to see significant resources invested in areas such as distributed manufacturing. While these investments may cost manufacturers in the short term, their long-term gains make the cost easily worth it.
The market for pressure switches is segmented into type, pressure range, application, end-user, and geography.Based on type, the pressure switches market is segmented into static electromechanical and solid-state.
In 2019, the electromechanical segment held a larger share of the global pressure switches market.Based on pressure range, the pressure switches market is segmented into below 100 bar, 100–300 bar, above 300 bar.
Below 100 bar switches are expected to be the fastest growing segment during the forecast period.Based on application, the market is segmented into HVAC, Monitoring and Control, Safety and Alarm Systems, Hydraulic and Pneumatic.
The hydraulic and pneumatic segment contributed a substantial share in 2019; however, HVAC application segment is projected to be the fastest growing segment during the forecast period. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East and Africa (MEA), and South America (SAM). Asia Pacific held a major share of the market in 2019 and is expected to continue its dominance till 2027.
The overall pressure switches market size has been derived using both primary and secondary source.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the pressure switches market with respects to all the segments.It also provides the overview and forecast for the global pressure switches market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts and key opinion leaders specializing in the pressure switches market.
ABB Ltd, Parker Hannifin Corporation, Danfoss A/S, Barksdale Inc., Cleveland Controls, Lefoo, Baumer Holding AG, Schneider Electric, SMC Corporation, Eaton Corporation plc, Emerson Electric Co, Honeywell International Inc., and Huba Control AG. are among the major players operating in the global pressure switches market.
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