Press release
Surface Mount Switch Market - Rising demand for miniaturization of electronic components
The smaller size of surface mount switches as compared to their through-hole counterparts increases their density over a printed circuit board (PCBs), thereby enhancing mechanical performance under shake and vibration conditions.
During initial stages, the cost of installation of surface mount switches is also low as compared to the cost of installing through-hole switches.
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Owing to these factors, the demand for surface mount switches has seen a significant rise across a vast array of industrial and manufacturing processes in the past few years.
Vast investments across the telecommunication sector and the flourishing electronics industry, especially in developed economies, have also considerably increased the global demand for surface mount switches.
Owing to these factor, the demand for surface mount switches will continue to be strong across the globe in the next few years as well.
Transparency Market Research estimates that the global surface mount switches market will exhibit a healthy 8.5% CAGR over the period between 2016 and 2024. At this rate, the market, which valued at US$2650.0 mn in 2015 in terms of revenue, is expected to reach US$5860.0 mn by 2024.
Based on type, global surface mount switch market is segmented into two types, namely ultra-miniature surface mount pushbutton switch and ultra-miniature surface mount toggle switch.
The segment of ultra-miniature surface mount toggle switch held the dominant share in the global surface mount switch market in 2015 and is expected to maintain its leading position over the forecast period as well.
Long lasting performance of toggle switches as compared to pushbutton switches is a key factor fueling the overall demand for the former. Toggle switches are mostly used as light switches in domestic settings and have wide applications in minicomputer panels, automated robots, and advanced medical equipment.
However, the segment of surface mount pushbutton switches is likely to witness a rise in its share in the global surface mount switches market during the forecast period. The smooth operation and ease of changing position of electrical devices with the use of pushbutton switches is expected to enhance their applicability in the global market in the near future.
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TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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