The pressure switches 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.
Impact of COVID-19 Pandemic on Pressure SwitchesMarket
The electronic and semiconductor manufacturing industry is heavily dependent on manual labor. In the wake of strong lockdown regulations imposed by the majority of the countries across the globe, the semiconductor manufacturing sector is experiencing a lower number of labors in respective manufacturing facilities. India and China are the world’s two most populated countries as well as manufacturing hubs. China imposed strict lockdown and social isolation which virtually halted the manufacturing as well as production of numerous equipment and machinery for several weeks resulting in lowering country’s economy. Moreover, the country also isolated its import as well as export of critical raw materials and industrial equipment for numerous industry vertical affecting the supply chain of various end-user industries. Similarly, India also imposed a nationwide lockdown to mitigate the growing number of COVID-19 cases across the country. As a result, the subsequent lockdown and disruption of numerous industrial equipment and machineries across China and India respectively have negatively affected the market growth across the AsiaPacific region. In addition to this, the closure of several retailers, distributors and sales representatives also has reduced the availability of pressure switches or its related component from other European and North American based market players. Further, COVID-19 is anticipated to cause a loss of more than 3 Billion in the Asia Pacific region. The consequence and impact can be even worse and totally depends on the spread of the virus. The governments in Asia Pacific aretaking possible steps to reduce its effects by announcing lockdown, which influence the revenue generated by the market.
Lucrative Regions for Pressure Switches Market
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Pressure switches Market Insights
Increasing Investment in the Construction Industry to Drive the Growthof 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 to 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.
Type-Based Market Insights
The most common 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 on 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.
Pressure Switches Market, by Mount Type– 2019 and 2027
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Pressure Range-Based Market Insights
Below 100 bar pressure switch are small and low-cost switch actuated by hydraulic fluid or gas. These pressure switches arehighly responsive for low-set-point and high burst rating requirements, and may be used whileconverting the brake system to hydraulic applications. They find their applications in hydraulic braking systems, filtration systems, engine and transmission oil systems, generators, and HVAC systems and pneumatic equipment, among others. Automotive and transportation is the prime market shareholder of pressure switches. With these below 100 bar switches finding its application in automotive and transportation domain, is expected to boost the market growth.
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Pressure Switches Market: Strategic Insights
Market Size Value in US$ 1316.8Million in 2019 Market Size Value by US$ 1629.1Million by 2027 Growth rate CAGR of 3.8% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Pressure Switches Market: Strategic Insights
| Market Size Value in | US$ 1316.8Million in 2019 |
| Market Size Value by | US$ 1629.1Million by 2027 |
| Growth rate | CAGR of 3.8% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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The players in the pressure switches market focus on strategies such as partnerships, business expansion, and new product launchesto maintain their positions in the market. A few developmentsby 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 distribution center in Phoenix, Arizona, US which will serve as West Coast Distribution Center for the company
ByType
- Electromechanical
- Solid-State
By Pressure Range
- Below 100 Bar
- 100-300 Bar
- Above 300 Bar
By Application
- HVAC
- Monitoring and Control
- Safety and Alarm Systems
- Hydraulic and Pneumatic
By End-User
- Automotive and Transportation
- Process and Manufacturing
- Commercial
By Geography
North America
- US
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
Asia Pacific (APAC)
- China
- Australia
- India
- Japan
- South Korea
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
CompanyProfiles
- 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.
- Huba Control AG
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; Pressure Range ; Application ; End-user (Automotive and Transportation, Process and Manufacturing, and Commercial
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The Asia Pacific has been segmented, by country, into China, Japan, India, South Korea, and the Rest of Asia Pacific. The pressure switches market in the region is primarily driven by the growth in various industries such as manufacturing, mining, oil & gas, textiles, and automation. In 2017, the region manufactured more than 44 million vehicles. Moreover, India's government also plans to increase the contribution toward its manufacturing sector to reach 25% by 2025, which is likely to drive the pressure switches market in the region. Additionally, countries such as India, China, South Korea, and Japan are among the world's leading vehicle manufacturing countries. For instance, India produced 4,516,017 vehicles, of which 3,623,335 were cars in the year 2019. Also, in the year 2019, China is the largest automobile producing country globally; it produced 25,720,665 vehicles in 2019, of which 21,360,193 were cars. The presence of a strong automotive sector and the increasing number of car manufacturers are the major factors driving the growth of the region's 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 USD 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. Top 10 manufacturers of construction machinery are 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. 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 most common 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 on 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.
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.
- Huba Control AG
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
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The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
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The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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