Researchers at ReportsnReports believe the pressure switch market is projected to reach $2.09 billion by 2023, from an estimated $1.69 billion in 2018, at a CAGR of 4.39%, from 2018 to 2023. Growth is attributed to the increasing demand for pressure switches in the transportation sector and the focus on process automation. Players in pressure switch market include ABB (Switzerland), Eaton (Ireland), Danfoss (Denmark), Schlumberger (US), and Parker (US). Contracts & agreements is the most commonly adopted strategy by the top players. This was followed by new product launches and mergers & acquisitions.
The researchers offer a report, "Pressure Switch Market by Type (Electromechanical, Solid State), Pressure Range (Below 100 bar, 100-400 bar, Above 400 bar), Application (HVAC, Monitoring & Control, Safety & Alarm Systems, Hydraulics & Pneumatics), End-User - Global Forecast to 2023", that defines, describes, and forecasts the global pressure switch market by type, pressure range, application, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.
- The pressure switch market, by pressure range, is segmented into below 100 bar, 100-400 bar, and above 400 bar. The below 100 bar segment is expected to dominate the pressure switch market from 2018 to 2023. Growth in the automotive & transportation sector is one of the key reasons behind the growth of the below 100 bar pressure switch market.
- The pressure switch market has been analyzed with respect to 5 regions, namely, North America, Europe, South America, Asia Pacific, and Middle East & Africa. The market in Asia Pacific is estimated to be the largest pressure switch market, from 2018 to 2023. Countries such as India, plan to increase their contribution toward the manufacturing sector to reach 25% by 2025.
- Asia Pacific is expected to be the largest market for pressure switches in 2023 and is projected to grow at the highest CAGR, during the forecast period. China accounted for the largest share of the pressure switch market in the Asia Pacific region in 2017.