Rising Adoption of Pressure Switches in Automotive Sector Driving Temperature and Pressure Switches Market Growth
According to our latest market study on “Temperature and Pressure Switches Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product Type (Temperature Switches and Pressure Switches) and End-user (Residential and Commercial, Food and Beverages, Marine, Automotive, Aerospace and Defense, Chemicals, Oil and Gas, and Others),” the market was valued at US$ 3,689.62 million in 2019 and is projected to reach US$ 5,023.18 million by 2027; it is expected to grow at a CAGR of 5.0% from 2020 to 2027. The report highlights key factors driving the market growth, and prominent players with their developments in the market.
The mounting demand for electronic products is one of the most significant factors leading to the development of temperature and pressure switches globally. These switches have widespread applications. The temperature and pressure switches have their applications in the cooling and heating circuits, machine building, motors, mobile hydraulics, and compressors. Increasing demand for these switches in the food & beverages and oil & gas industries is also driving the temperature and pressure switches market worldwide. Rising automotive production and growing demand for temperature and pressure switches in the automotive industry is a major factor driving the temperature and pressure switches market. ABB Ltd., Baumer Holding AG, Beck GmbH Druckkontrolltechnik, Danfoss A/S, Eaton Corporation Plc., Honeywell International Inc., Parker Hannifin Corporation, Schneider Electric, SMC Corporation, and WIKA Alexander Wiegand SE & Co. KG are among the key temperature and pressure switches market players that have been profiled during this market study.
Impact of COVID-19 Pandemic on Temperature and Pressure Switches Market
The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 pandemic is anticipated to have a short-term impact on the overall growth of the global temperature and pressure switches market. The market growth is considerably slower than usual due to the pandemic. The shutdown of the industrial sector across all regions, stringent lockdown measures imposed by the government authorities, and restrictions on cross-border trade and transportation have played a key role in disrupting the supply chain across the global temperature and pressure switches market. However, as industries are gradually re-opening and beginning to operate under normal conditions, the production of these switches is expected to gain momentum in the first quarter of 2021. The COVID-19 outbreak impacted the supply chain of the temperature and pressure switches. Majority of the governments are focusing mainly on the medical sector and moderately on other sectors, which is slowing down the growth of the temperature and pressure switches market.
Temperature and Pressure Switches Market Breakdown – by Region, 2019 (%)
The global temperature and pressure switches market has been segmented as follows:
Temperature and Pressure Switches Market – by Product Type
- Temperature Switches
- Pressure Switches
Temperature and Pressure Switches Market – by End-User
- Residential and Commercial
- Food and Beverages
- Marine
- Automotive
- Aerospace and Defense
- Chemicals
- Oil and Gas
- Others
Temperature and Pressure Switches Market – by Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- UK
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South America (SAM)
- Brazil
- Rest of SAM
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