Electromechanical Switch Market is projected to touch USD 2 billion by 2023
Electromechanical Switch Market Overview:
Process automation and increasing investment in the transportation sector is supporting the market for pressure switches. On the other hand, the low cost of the pressure switches along with their multifunctionality has led to widespread use of these switches in applications in oil and gas, chemical products, power generation, water and wastewater treatment, and mining. The electromechanical segment was the market leader in pressure switches in 2017 and is expected to have the largest market share in the expected period.
Electromechanical Switch Market Size:
From 2018 to 2023, Electromechanical Switch Market is expected to increase from around $ 1,990 million in 2018 to $ 2,090 million by 2023, which equates to a CAGR of 4.39%.
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Electromechanical Switch Market Drivers and Restraints:
It is expected that the HVAC segment will grow at the highest CAGR from 2018 to 2023. As part of HVAC systems, equipment such as pumps, compressors, fans, air conditioners, etc., and pressure switches are used to control these teams. Through the use of pressure switches, HVAC systems can operate at optimum levels and improve maintenance. Companies like Honeywell, BD | Sensors, Barksdale and KOBO are among others involved in the provision of pressure switches for HVAC applications. Therefore, the increasing demand for air conditioning from 2018 to 2023 has led to a high CAGR of pressure switches in the HVAC segment.
The automotive and transportation segment is expected to grow at the highest CAGR from 2018 to 2023. Pressure switches play an important role in the automotive and transportation segments, providing a monitoring and control system for a variety of applications, such as rail, sea and road. In railways, for example, pressure switches are used for brakes, horn operation, air suspension, pedals and compressor control. In this way, the increasing use of pressure switches for key applications in the automotive sector and increased investment in the transport sector are expected to increase their demand in the future.
Electromechanical Switch Market Geographical Segmentation:
The Electro Mechanical Switch market has been analyzed in five regions, namely Asia-Pacific, North America, South America, Europe, and Middle East and Africa. Asia-Pacific dominated the world market for pressure switches in 2017. China and Japan are the largest markets for pressure switches in the region. The Chinese government plans to increase investment in the process and manufacturing industries, creating demand for the market in the country. Meanwhile, Japan is one of the most technologically advanced manufacturers of automobiles, electronics, ships and processed industries. Therefore, factors such as increased investment in the transportation and manufacturing sectors are expected to drive the market for pressure switches in the region.
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Key Players of Electromechanical Switch Market:
The main players in the global market are ABB (Switzerland), Eaton (Ireland), Danfoss (Denmark), Schlumberger (USA) and Parker (USA). Key players are pursuing various strategies to increase their holdings in the market for pressure switches.
Key Takeaways from this Report:
- For different product types, end use applications and industry verticals, offers calculated growth rates (CAGR %), Volume (Units), and Value ($M) in each region to estimate the market potential.
- Identify various driving factors, constrains and untold opportunities that can impact the global marketplace
- Know the position of your competitor based on the market shares, financial performance, strategical approaches, SWOT, product benchmarking and so on.
- Increase overall revenue by understanding the geographical impact on sales and distribution channels.
- Evaluate the increase in values at each step of industry supply chain to improve process efficacy and optimize the value.
- Understand the market dynamics of leading players like deals, partnerships, new products, mergers and acquisitions in the last four years.
- Estimate the gaps in supply-demand, statics involved in import-export, and regulatory framework of the worldwide market in over 20 top nations.
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