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)
Publication Month: Dec 2020 | Report Code: TIPRE00014547 | No. of Pages: 155 | Category: Electronics and Semiconductor | Status: Published
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
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.
Lucrative Regions in Temperature and Pressure Switch Market
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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.
Strategic Insights
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.
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
Frequently Asked Questions
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- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
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