Temperature and Pressure Switches Market Key Players and Opportunities by 2027

The temperature and pressure switch market was valued at US$ 3689.62 million in 2019 and it is projected to reach US$ 5023.18 million by 2027; it is expected to grow at a CAGR of 5.0% from 2020 to 2027.

The rate of adopting automated technologies for manufacturing processes, specifically in developed countries, has surged over the years. Owing to which, these countries are robustly focusing on the adoption of smart factories. The countries with a considerably higher number of manufacturing facilities—including the US, Canada, China, the UK, Japan, Germany, and France—are continually seeking automated technologies in manufacturing facilities across industries. There is an increase in demand for high-end automotive across the globe, resulting in increased vehicle production, mainly in the developed regions, such as North America and Europe. The demand for commercial vehicles and passenger cars, primarily in developing nations, is increasing. For instance, according to the International Tin Association Ltd., in 2014, China reported the production of 24 million vehicles, and it would increase to 364 and 607 million by 2030 and 2050, respectively. Therefore, the growing investment in the automotive industry has fueled the demand for the temperature and pressure switches. Furthermore, the emergence of industrial internet of things (IIoT) and smart factories enables the end users to procure technologically advanced solutions for their manufacturing facilities, which ultimately benefit them by earning increased profit through higher productivity. The implementation of IIoT is soaring across industries worldwide. This is leading the growth path of the temperature and pressure switches market.

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Temperature and Pressure Switches Market: Strategic Insights

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Impact of COVID-19 Pandemic on Temperature and Pressure Switch Market 

The sudden outbreak of the COVID-19 pandemic, the economy of the country has fallen adversely affecting several industries, such as marine, military, and defense, which has negatively impacted the temperature and pressure switches market. Hence, the ongoing COVID-19 crisis and critical situation in the world is going to impact the temperature and pressure switches market growth of North America region in a negative manner for the next few quarters.

Market Insights–Temperature and Pressure Switch Market

Rising Automotive Production and Growing Demand for Temperature and Pressure Switches in Automotive Industry

The demand for commercial vehicles and passenger cars, primarily in developing nations, is increasing. For instance, according to the International Tin Association Ltd., in 2014, China reported the production of 24 million vehicles, and it would increase to 364 and 607 million by 2030 and 2050, respectively. Therefore, the growing investment in the automotive industry has fueled the demand for the temperature and pressure switches. According to the Center for Automotive Research, a non-profit organization, in 2018, automakers such as FCA, GM, Ford, Hyundai, Nissan, Volkswagen, and Toyota invested US$ 4.8 billion in the automotive industry. In addition, in Europe, automotive investment in research and development (R&D) has increased by 6.7% to reach US$ 67.09 billion annually. The temperature switches are robustly being integrated across radiator fan, warning lamp, and coolant monitoring system to constantly monitor the temperature of the vehicle components.

End-User Based Insights

Based on end-user, the temperature and pressure switch market is segmented into residential and commercial, food and beverages, marine, automotive, aerospace and defense, chemicals, oil and gas, and others. The automotive segment held a larger market share in 2019.

Players operating in the temperature and pressure switch market are mainly focused on the development of advanced and efficient products.

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

• Eaton Corp. invests US $ 100 million to expand its electrical manufacturing and distribution centers in North America for commercial and residential customers.

Temperature and Pressure Switches Market Regional Insights

The regional trends and factors influencing the Temperature and Pressure Switches Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Temperature and Pressure Switches Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Temperature and Pressure Switches Market Report Scope

Temperature and Pressure Switches Market Players Density: Understanding Its Impact on Business Dynamics

The Temperature and Pressure Switches Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

The temperature and pressure switch market has been segmented as follows:

Temperature and Pressure Switch Market – by Product Type

• Temperature Switches
• Pressure Switches

Temperature and Pressure Switch Market – by End-User

• Residential and Commercial
• Food and Beverages
• Marine
• Automotive
• Aerospace and Defense
• Chemicals
• Oil and Gas
• Others

Temperature and Pressure Switch Market – by Geography

• 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
  • Brazil
  • Argentina
  • Rest of SAM

Temperature and Pressure Switch Market – Company Profiles

• ABB Ltd
• Baumer Holding AG
• Beck GmbH Druckkontrolltechnik
• Danfoss A/S
• Eaton Corporation plc
• Honeywell International Inc.
• Parker Hannifin Corporation
• Schneider Electric
• SMC Corporation
• WIKA Alexander Wiegand SE & Co. KG