What's Driving The Pressure Switch Market Growth ? Bosch Rexroth, SMC Corporation, Honeywell Sensing, Wako Electronics, Danfoss
The global pressure switch market is anticipated to grow owning to increasing funding toward smart cities development along with expansion infrastructure projects across the emerging economies. Stringent government regulation pertaining to safety coupled with ongoing adoption of energy efficient technologies will fuel the industry outlook. In addition, the rising demand of automated equipment in process & manufacturing sector will complement the business outlook.
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Accelerating investments across industrial and commercial applications will propel the electromechanical pressure switch market growth. Accelerating sales of electric vehicles coupled with rapid technological advancement toward product development will positively influence the business landscape. Low cost and multi-functionality capability are some of the key parameters which will boost the product demand.
Increase in industrial activities across power generation, oil & gas and petrochemical processing will boost the Middle East pressure switch market. In addition, rising construction projects in transportation sector pertaining to expansion of metro railway projects coupled with growing construction of green buildings will positively influence the product penetration. Furthermore, upsurge in demand for automated and IoT enabled equipment’s will fuel the industry growth.
The growing transportation sector on account of increasing population and improvement in standard of living primarily across the developing nations will stimulate the pressure switch market growth. These devices play a key role in controlling and monitoring systems in various application including railways, roadways and marine. For instance, in railway sector pressure switches are used for horn operation, brakes, air suspension, compressor control and shoe gear. However, their limited monitoring capabilities as they are not able to send pressure signals to remote locations may hamper the industry growth.
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Increasing promotional activities toward energy efficient Heating, Ventilation, and Air Conditioning (HVAC) units coupled with various government incentives and rebate programmes is positively influencing the pressure switch market. These devices are being widely used across sustainable heating and cooling systems for maintaining optimum pressure level. The industry players are providing provision for pressure switches as integral component in compressor and refrigeration circuit technology which will complement the business growth.
Stringent government regulation across various countries pertaining to workplace safety will boost the pressure switch market size. These safety standards are governed by various regulatory bodies
including Occupational safety and health administration (OSHA), International Organization for Standardization (ISO), China Compulsory Certification (CCC), and International Electro-Technical Commission (IETC). The key industry players in order to maintain necessary compliance pertaining to safety certifications are installing these devices to provide continuous data related to pressure intensities in industrial machines and equipment.
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