Pressure Switches Market is Anticipated to Record a Valuation of US$ 1629.1million by 2027, a Recent Study by The Insight Partners

Pressure Switches Market is Anticipated to Record a Valuation of US$ 1629.1million by 2027, a Recent Study by The Insight Partners
The Insight Partners published the latest research study on "Global Pressure Switches Market to 2027 - Analysis and Forecast by Type (Electromechanical and Solid-State); Pressure Range (Below 100 Bar, 100-300Bar, and Above 300 Bar); Application (HVAC, Monitoring and Control, Safety and Alarm Systems, and Hydraulic and Pneumatic); End-user (Automotive and Transportation, Process and Manufacturing, and Commercial), and Geography," the 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.

Geographically, the pressure switches market is segmented into five major regions-North America, Europe, APAC, MEA, and SAM. Currently, the global market is dominated by the developed regions such as Asia Pacific and Europe, accounting for ~55% of the global Pressure Switches market collectively. Europe showed promising results for tech investments in 2019, as European tech continues to break records despite the UK and EU economic slowdowns. Over the past five years, capital invested in European technology has grown by 124%, with 39% increase between 2018 and 2019, reaching $34.3 billion in capital investment for 2019. This compares with reductions in investment in both the US and Asian capital between 2018 and 2019. Western Europe is renowned for its improved living conditions, with higher income levels among residents.

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Pressure switches are used in a vast number of industries. They are extensively used in industrial equipment or control, such as plastic molding injection, press machines, and welding machines. Pneumatic and hydraulic pressure switches control the air bellows in trucks and brake pressure in trains. Pressure switches are also used in numerous automotive applications, such as power steering, monitoring engine oil, and transmissions. Medical equipment, such as oxygen delivery systems, utilizes pressure switches to control incoming gas pressure. Digitization has resulted in increased efficiency of existing machines coupled with increased safety, and is expected to increase demand for pressure switches. Moreover, the increasing urban population and growing demand for better infrastructure have led to the growth of the construction industry, which is expected to drive the growth of the pressure switches markets. Due to reliable offerings and high quality, manufacturers from the Asia Pacific and European regions have dominated the global pressure switches market in recent years. However, the emergence of new market players from the Asia Pacific region (particularly China) was a new challenge for established leaders. Asia Pacific pressure switches manufacturers offer price-competitive copies with comparable quality and reliability.

Aggressive pricing by new players has led to the eroding of profit margins in the domain of pressure switches. Digitization offers pressure switches players an attractive opportunity. Manufacturers have implemented analytics and automation to improve their products and services as well as to enrich customers' experiences. The concept of digital machinery has transformed manufacturers from suppliers with 'hardware only' into suppliers with 'hardware, software, and services,' which in turn has led to the development of new business models. Pressure switches manufacturers utilize these new models to build a loyal customer base and generate a steady stream of revenues. Digitization paved the way for pressure switches manufacturers to introduce new business models based on equipment utilization or performance level. Digitization has created new opportunities across different processes in the value chain of pressure switches, from designing the product to manufacturing, selling, and after-sales services. Pressure switches manufacturers use data collected from equipment through digitization to innovate and introduce new products to the market, based on the varied consumer demands.

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Increasing Investment in the Construction Industry to Drive the Growth of Pressure Switches Market

The demand for heavy pressure switches is also fueled by the growing investment in the construction industry. For example, China is expected to invest US$ 13.1 billion in the development and construction of Beijing International Airport, which is anticipated to handle about 45 million people annually from 2019 to 2025. Similarly, an 81-story 480 m supertower, Vincom Landmark-81 Tall Tower, is under construction in Vietnam's Ho Chi Minh City, due to be completed in 2019. Caterpillar Inc., J.C.; Bamford Excavators Limited; CNH Industrial N.V; Hitachi Construction Machinery Co., Ltd.; Deere & Company; Kobelco Construction Machinery Co. Ltd; Komatsu Ltd; Liebherr Group; Manitou Group; and Mitsubishi Heavy Industries, Ltd. are the top 10 manufacturers of construction machinery. Governments around the world are pumping money through higher spending on physical and social infrastructure to create demand for goods and services by creating jobs. The 2020 Olympics to be held in Tokyo (Japan) and the 2022 FIFA World Cup to be held in Qatar will fuel construction spending in the eastern regions of Asia and the Middle East. Local Qatar organization plans to build nine new stadiums for the event and renovate three existing stadiums. It is expected that spending on such capital-intensive projects and infrastructure will continue to grow substantially in the next decade, driving growth in the market for heavy pressure switches.

Pressure Switches Electromechanical

These are comprised of an electrical snap-action switch and a sensing element. Several different types of sensing elements can be used, although they have one thing in common: they move in response to pressure changes in the system. At the time of movement, they instantly act on the closing and opening of the snap-action switch's contacts. However, differential pressure switches are somewhat different. They consist of two pressure ports, one for the high-pressure side and the other for the low-pressure side. The high-pressure and low-pressure fluids act on the corresponding sensing element. Considering equal surface areas on each side, the switch is in equipoise when the pressures are similar. As pressure on the low-pressure side decreases, or pressure on the high side increases, the piston moves up and, at a preset differential pressure, activates the snap switch. Switches are commonly grouped based on the type of sensor technology employed. The sensor's characteristics tend to define the relative accuracy and life one can expect from the switch.

The List of Companies - 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 well-established players present in the global pressure switches market.

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The players in the pressure switches market focus on strategies such as partnerships, business expansion, and new product launch to maintain their positions in the market. A few developments by key players are listed below:

In 2020, Cleveland Controls Division announced the acquisition of the Endura Plastics Air Pressure Switch product line. The Cleveland Controls and Endura product lines will be marketed as separate brands, complementing and leveraging each other's strengths.

In 2020, ABB Ltd. to open a distribution center in Phoenix, Arizona, the US which will serve as West Coast Distribution Center for the company

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