NEWARK, Del, March 08, 2024 (GLOBE NEWSWIRE) -- The pressure switch market is expected to be valued at US$ 2.1 billion in 2024. The market is expected to progress at a CAGR of 5.1% from 2024 to 2034. By 2034, the market value is forecasted to hit US$ 3.5 billion.
The pressure switch market is growing hand in hand with HVAC systems. HVAC systems make prominent use of pressure switches and the increasing adoption of these systems is aiding the cause of the pressure switch market. The pressure switch industry is benefitting from the increasing sales of products like air conditioners and heaters.
However, the industry has to contend with challenges even on its positive trajectory. The price of the product is a concern for several industry units, especially those on a smaller scale. The switches being prone to fail under adverse conditions is another restraint to the market’s growth.
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Key Takeaways from the Pressure Switch Market Report
- The pressure switch market is projected to be valued at US$ 2.1 billion in 2024.
- Electromechanical pressure switches are the prevailing type of pressure switches in the market. Sales of electromechanical pressure switches are predicted to progress at a CAGR of 4.9% over the forecast period.
- A pressure range below 100 bars is the top pressure range in the market. Sales of pressure switches below 100 bars are expected to grow at a CAGR of 4.7% through 2034.
- South Korea is one of the most promising countries in the market. The CAGR for the market in South Korea is estimated to be 7.4% over the forecast period.
- Japan is another Asian country with a bright future in the market. The CAGR for the market in Japan is predicted to be 6.6% over the forecast period.
- The market in the United States is expected to register a CAGR of 5.4% over the forecast period.
“Automobile manufacturing’s growth in developing countries is aiding the market, as pressure switches play an integral role in the industry. Hydraulics and pneumatics is another industry utilizing pressure switches in an increasing measure. Manufacturers of pressure switches are improving the effectiveness of the product to supplant the industrial demand for the product,” -says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
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Competition Analysis of the Pressure Switch Market
Funds are being funneled into research and development to come up with innovative products, taking the help of technology. Collaborative strategies, along with mergers and acquisitions, are being practiced by market players.
Recent Developments in the Pressure Switch Market
- In August 2023, WIKA Instruments introduced the WIKA PSD-4 pressure switch.
- In January 2022, Royal Power Options’ takeover by Eaton was completed.
Key Companies in the Pressure Switch Market
- Hitachi Power ABB Grids
- Eaton
- Parker Hannifin Corp.
- Barksdale Inc.
- BD|SENSORS GmbH
- Tameson B.V
- LEFOO
- Emerson
- Danfoss
- SMC Corporation
- Fox S.r.l.
- MAMCO
- Nason
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Market Segmentation
By Type:
- Electromechanical
- Solid-State
By Application:
- HVAC
- Monitoring & Control
- Safety and Alarm Systems
- Hydraulics & Pneumatics
By Pressure Range:
- Below 100 bars
- 100 - 400 bars
- Above 400 bars
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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