Pressure Switch Market Research Report- Forecast till 2030

Pressure Switch Market Research Report: Information by Type (Electromechanical and Solid-State), Pressure Range (Below 100 bar, 100– 400 bar and Above 400 bar), Application (HVAC, Monitoring & Control, Safety and Alarm Systems, and Hydraulics & Pneumatics), End-User and Regions - Forecast till 2030

ID: MRFR/E&P/5359-HCR | February 2021 | Region: Global | 111 pages         

Pressure Switch Market

Pressure Switch Market is expected to grow at USD 2.09 Billion by 2027, with a 4.71% CAGR during the forecast period.

Segmentation

By Type Electromechanical Solid-State
By Pressure Range Below 100 bar 100– 400 bar Above 400 bar
By Application HVAC Monitoring & Control Safety and Alarm Systems Hydraulics & Pneumatics

Key Players

  • ABB Ltd. (Switzerland)
  • Eaton (Ireland)
  • Danfoss (Denmark)
  • Parker Hannifin Corp (US)
  • Bosch Rexroth AG (Europe)
  • Baumer (Switzerland)
  • Emerson Electric Co. (US)
  • Honeywell International Inc. (US)
  • Schneider Electric (France)
  • SMC Corporation of America (US)
  • SOR Inc. (US)
  • Endress+Hauser Consult AG (Switzerland)
  • Barksdale Inc (US)

Drivers

  • New product launches and R&D amongst major key players
  • Increasing investments in smart cities and the automotive industry
  • Development in infrastructural projects
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Pressure Switch Market Scenario


Pressure switch market is expected to grow at USD 2.09 Billion 4.71% CAGR during the forecast period.


Pressure switches are required components to control the activation and deactivation of pumps in fluid systems once pressure thresholds are reached. The growing application of pressure switches in the transportation industry and the increasing focus on process automation are a few of the key factors driving the Global Pressure Switch Market.


The globally rising demand for heavy pressure switches is also fueled by the growing investment in the construction industry. For example, the APAC region's participating region - China, is expected to invest US$ 13.1 billion in the development and construction of Beijing International Airport. It 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. It will 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. These companies are likely to emerge as driving players as they have been showing interest for developments and investments for expansion.


The global pressure switch market is expected to witness substantial growth during the forecast period, as the systems are mainly based on renewable sources of energy. Geothermal plants also contribute to the global pressure switch market, with Europe accounting for the largest market share. Europe has over 100 geothermal stations installed, which produced about 15 TWh of electrical power in the year 2016. The installed capacity in 2016 was 2.5 GWe and is expected to reach 3 GWe by 2020. North America holds the second-largest share in the geothermal segment with over 77 installed plants and an installed capacity of 3,086 MW. The pressure switch is used in various applications including shipbuilding, hydraulics, railway, large engines, potentially hazardous areas, and water treatment. Hence, rising industrialization and rapid increase in investment for infrastructural projects drive the market growth.


Increasing investments in smart cities and the automotive industry and development in infrastructural projects increase the market growth. According to the German association of the automotive industry, there was an increase in 5.3% in sales of the automotive sector from the year 2016 to 2017. So, the rising demand for electric vehicles and increasing automobile production is driving the market of pressure switch in the automotive & transportation sector. The global pressure switch market is projected to grow at a high rate during the forecast period, mainly due to the increase in application in HVAC and hydraulics & pneumatic based applications. According to the Industrial Development Report 2018, governments around the world have encouraged industrialization by increasing the investments in industries, which further drives the growth of the global pressure switch market, globally.


The global pressure switch market has been segmented based on type, pressure range, application, end-user, and region. Based on type, the market is classified into electromechanical and solid-state. electromechanical segment is dominating the market share, mainly due to the less cost involved in setting up the system for both, commercial and residential use. Based on the application, the market is further segmented as off-grid and on-grid. The on-grid segment dominates the market in this sector as on-grid systems are very cost-effective, reliable and efficient. The global pressure switch market is further segmented based on end-user, including residential, industrial, and commercial segments. The commercial segment is estimated to register the highest growth rate during the forecast period.  


The global pressure switch market is expected to grow at 4.43% CAGR during the forecast period.


Key Players


The key players of the global pressure switch market are ABB Ltd. (Switzerland), Eaton (Ireland), Danfoss (Denmark), Parker Hannifin Corp (US), Bosch Rexroth AG (Europe), Baumer (Switzerland), Emerson Electric Co. (US), Honeywell International Inc. (US), Schneider Electric (France), SMC Corporation of America (US), SOR Inc. (US), Endress+Hauser Consult AG (Switzerland) and Barksdale Inc (US).


Recent Developments



  • Governments worldwide 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 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 renovate three existing stadiums. It is expected that spending on such capital-intensive projects and sturdy infrastructure will continue to grow substantially in the next decade, driving growth in the market for heavy pressure switches followed by its profitability.


Market Segmentation


Global Pressure Switch Market


Pressure switches are the switches that open or close the circuit when certain fluid pressure is achieved on its input terminal. This switch is a pressure-actuated switch, which is varied according to, make the contact either with a rise in pressure or fall in pressure. These switches are widely used in industries to automatically monitor the system that uses pressurized fluid for controlling the circuit. Pressure switches are of low cost which is higher in reliability and cost-effective. These switches are dominated by wide pressure range availability. These switches are used in verticals of industries such as Automobile, beverage, pharma, machine tool, pulp & paper, etc. However, it is estimated that there will be substantial growth of the pressure switch market globally mostly because of the developing economies.



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2027: 2.09 Billion
  • 2030 : Significant value
  •   CAGR   4.71% CAGR (2022-2030)
      Base Year   2021
      Forecast Period   2022Β toΒ 2030
      Historical Data   2019Β &Β 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Type, Pressure Range, Application and End-User
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   ABB Ltd. (Switzerland), Eaton (Ireland), Danfoss (Denmark), Parker Hannifin Corp (US), Bosch Rexroth AG (Europe), Baumer (Switzerland), Emerson Electric Co. (US), Honeywell International Inc. (US), Schneider Electric (France), SMC Corporation of America (US), SOR Inc. (US), Endress+Hauser Consult AG (Switzerland) and Barksdale Inc (US)
      Key Market Opportunities   New product launches and R&D amongst major key players
      Key Market Drivers

  • Increasing investments in smart cities and the automotive industry
  • Development in infrastructural projects


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    Frequently Asked Questions (FAQ) :

    The global pressure switch market is expected to record a substantial market valuation due to the increasing demand for automated equipment in the commercial and industrial sector.

    The global pressure switch market is projected to register a moderate 4.43% CAGR in the forecast period.

    The electromechanical segment is slated to expand as the fastest-growing segment.

    The industrial segment is slated to expand as the fastest-growing segment.

    A few major market players operating in the global pressure switch market are Honeywell International Inc. (US), SMC Corporation of America (US), Schneider Electric (France), SOR Inc. (US), among others.