USD 1.45 billion
Global Pressure Switch Market Size, Share, Growth Analysis, By Type(Electromechanical, and Solid-state), By Pressure Range(Below 100 bars, 100 to 400 bars), By Application(HVAC, Monitoring & Control) - Industry Forecast 2024-2031
Report ID:
SQMIG20I2231 |
Region:
Global |
Published Date: March, 2024
Pages:
157
|
Tables:
91 |
Figures:
73
Global Pressure Switch Market Insights
Global Pressure Switch Market size was valued at USD 1.45 billion in 2022 and is poised to grow from USD 1.51 billion in 2023 to USD 2.1 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).
A switch that is activated or deactivated on the application of pressure is known as a pressure switch. It is extensively used in different kinds of industry verticals for safety and automation purposes. The growing adoption of automation technologies in different industries around the world is predicted to bolster the demand for pressure switches over the coming years. Rapid industrialization and urbanization are also projected to favor sales of pressure switches across the forecast period and beyond. Surge in automotive production and chemical manufacturing activity are also contributing to the high-pressure switch sales across the world. Growing focus on safety and implementation of strict safety mandates also contribute to rising pressure switch sales going forward.
Surging adoption of pressure switches in HVAC applications is also a key trend that could provide attractive new opportunities for pressure switch companies in the future. However, the presence of alternative sensing technologies and complexity of installation associated with pressure switches are estimated to be key restraints for the overall market development across the forecast period.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Electromechanical
Growth Rate
4.2% CAGR
Global Pressure Switch Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Pressure Switch Market By Type ($ Bn)
Global Pressure Switch Market By Type (%)
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Global Pressure Switch Market Segmental Analysis
The global pressure switch market is segmented based on type, pressure range, application, and region. In terms of type, the market is segmented into electromechanical and solid-state. On the basis of pressure range, the market is segmented into below 100 bars, 100 to 400 bars, and above 400 bars. Based on application, the market is divided into HVAC, monitoring & control, safety & alarm systems, hydraulics & pneumatics, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Type
Electromechanical pressure switches account for a dominant share of the global pressure switch marketplace. Reliability and acceptance of this type of pressure switches across different industry verticals is what contributes to the high market share of this segment. These switches are simple in operation and highly accurate in most kinds of operation, which also adds up to the massive share of the global pressure switch market.
Meanwhile, the demand for solid-state pressure switches is forecasted to increase at a notable pace across the forecast period. Better vibration resistance and longer life of solid-state pressure switches are key factors that are estimated to promote their popularity around the world going forward. The application scope of solid-state pressure switches is also quite extensive and this can also bolster the growth of this segment over the coming years.
Analysis by Application
HVAC applications account for a massive chunk of the global pressure switch demand outlook. Pressure switches play a crucial role in the optimal operation of HVAC systems as they help in optimizing their operational efficiency. The growing deployment of HVAC systems in different residential and commercial spaces will also bolster the demand for pressure switches over the coming years.
Meanwhile, pressure switch sales are estimated to soar high across the forecast period for monitoring and control applications. Growing focus on automation and rising demand for remote monitoring in different industry verticals around the world is slated to benefit market development via this segment going forward.
Global Pressure Switch Market By Type, 2022 (%)
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Global Pressure Switch Market Regional Insights
The Asia Pacific region is estimated to account for a dominant share of the global pressure switch marketplace going forward. Rapidly increasing industrialization and urbanization in this region are forecasted to help this region hold a high market share in the world. Implementation of strict safety norms and the growing use of automation in different industry verticals are also slated to bolster pressure switch sales in the future. China, India, and Japan are slated to lead pressure switch market growth in the Asia Pacific region. Growing chemical manufacturing activity and supportive government initiatives to promote industrial sector growth are also estimated to create new opportunities for pressure switch suppliers in the long run.
Meanwhile, Europe is forecasted to hold the second-highest share of the global pressure switch market. The rapid adoption of automation solutions in the industrial sector contributes to the high market share of this region. The presence of key automotive manufacturing facilities in this region also contributes to the rising demand for pressure switches. Germany, France, and the United Kingdom are predicted to be the top markets for pressure switch suppliers in this region. High focus on sustainability will also be a key trend that could promote the use of pressure switches in different industrial systems to enhance efficiency.
Global Pressure Switch Market By Region, 2024-2031
- Largest
- Fastest
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Global Pressure Switch Market Dynamics
Drivers
Rising Adoption of Industrial Automation
- The growing proliferation of technologies in industries and the increasing adoption of digital transformation initiatives have bolstered the demand for industrial automation around the world. Pressure switches play a crucial role in industrial automation and hence this is estimated to favor market growth in the future.
Increasing Application Scope in HVAC
- Pressure switches are being increasingly used in different HVAC systems around the world to monitor refrigerant pressure, control compressor operation, etc. Moreover, the increasing emphasis on safety in HVAC industry is also creating new opportunities for pressure switch market development going forward.
Restraints
Complexity in Deployment
- Installation, calibration, and maintenance of pressure switches can be a tedious task as it requires skilled technicians and a lot of time. This complexity in deployment and maintenance adds up to the overall costs and restrains market growth to a certain extent.
Availability of Alternative Pressure Sensing Tech
- High availability of pressure sensors, pressure transducers, and other types pf pressure sensing technologies could also slow down the sales of pressure switches over the coming years. Moreover, growing adoption of advanced electric pressure sensors with faster response times could also slow down market growth in the future.
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Global Pressure Switch Market Competitive Landscape
Pressure switch companies should focus on taking advantage of the growing popularity of industrial automation trends to maximize their sales potential. Key players in the market are focusing on enhancing their product portfolios by introducing technologically advanced pressure-sensing solutions tailored to meet the evolving needs of end-users across various industries. Market players can also focus on mergers, acquisitions, and partnerships to enhance their market share in the global pressure switch landscape.
Top Player’s Company Profiles
- Danfoss
- ABB
- Nason
- Eaton
- Schlumberger
- Tameson B.V.
- Baumer Group
- Emerson Electric
- Bosch Rexroth
- Hitachi Power ABB Grids
- Parker Hannifin
- Fox s.r.l
- Honeywell International
- SOR Inc.
- LEFOO
- MAMCO
- Barksdale
Recent Developments
- STMicroelectronics, a renowned supplier of semiconductors and advanced technologies, announced the launch of a new pressure sensor back in June 2023. The new MEMS sensor is also waterproof.
- In July 2022, WIKA India, an Indian subsidiary of a renowned German supplier of precision instruments and equipment, announced the launch of a new pressure switch. The new product was available for use in water pumps and air compressors.
- WIKA, a renowned provider of precision equipment, announced the launch of a new pressure switch called PSD-4 back in August 2023. The new product is capable of operating in harsh conditions and designed with industrial automation in mind.
Global Pressure Switch Key Market Trends
- Integration of IoT: IoT (Internet of Things) technologies have been gaining prominence around the world and this factor is also estimated to change the future of pressure switch market growth as well. Real-time data collection, remote monitoring, and remote control are slated to be key features that integration of IoT will provide for pressure switch companies in the long run.
Global Pressure Switch Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per our analysis, rapid industrialization around the world and a growing focus on industrial automation are estimated to be top factors that could bolster the global pressure switch demand outlook across the forecast period. A high focus on industrial safety around the world is also forecasted to benefit the sales of pressure switches in the long run. On the contrary, complexity in the deployment and maintenance could impede pressure switch market growth to a certain extent across the forecast period and beyond. Asia Pacific regional market is the largest one in the world owing to the presence of a robust industrial sector and rising adoption of automation technologies. Companies should focus on the integration of technologies such as IoT to maximize their business potential in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.45 billion |
| Market size value in 2031 | USD 2.1 billion |
| Growth Rate | 4.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Pressure Switch Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Pressure Switch Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Pressure Switch Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Pressure Switch Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Pressure Switch Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Pressure Switch Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Pressure Switch Market Report Snapshots
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