MarketsandMarkets’ research report "Pressure Switch Market by Type, Pressure Range, Application, End-User - Global Forecast to 2023", indicates the pressure-switch market is expected to grow from an estimated $1.69 billion in 2018 to $2.09 billion by 2023, at a CAGR of 4.39%, from 2018 to 2023. Rising focus on process automation and investments in the transportation sector are expected to drive the pressure-switch market. Moreover, the low cost of pressure switches coupled with their multi-functionality results in wide use of the components in applications such as oil & gas, chemicals, power generation, water & wastewater, and mining industries.
- The electromechanical segment is expected to hold the largest share of the Pressure Switch Market, by type, during the forecast period.
- The HVAC segment of the Pressure Switch Market, by application, is expected to grow at the highest CAGR during the forecast period.
- The automotive & transportation segment of the Pressure Switch Market, by end-user, is expected to grow at the highest CAGR during the forecast period.
- Asia Pacific: The leading market for pressure switch
- Top players in the pressure-switch market include ABB (Switzerland), Eaton (Ireland), Danfoss (Denmark), Schlumberger (US), and Parker (US).
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