LONDON--(BUSINESS WIRE)--The global float switch market is expected to grow at a CAGR of more than 3% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global float switch market for 2017-2021. The market is further categorized into two product segments comprising of horizontally mountable and vertically mountable float switches, of which the horizontally mountable float switches accounted for more than 62% of the market share in 2016.
“The demand for these products is expected to continue throughout the forecast period mainly due to the demand from the oil and gas, water and wastewater, chemicals, and automotive industries. There are many investments in these industrial sectors for process automation and to meet the government regulations on workplace safety. This will have a positive impact on the global float switch market as many end-users use these switches for liquid level measurement,” says Bharath Kanniappan, a lead automation research expert from Technavio.
Technavio’s research analysts segment the global float switch market into the following regions:
- Americas
- APAC
- EMEA
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Float switch market in the Americas
The Americas was the leading revenue generator for the global float switch market in the past year, and this is expected to continue throughout the forecast period due to the demand from chemicals, automotive, and power industries. The US, Mexico, and Brazil are the major revenue generating countries in the Americas. There are many investments in this region, which are expected to have a positive impact on the float switch market in the Americas.
The chemical industry in the region has benefitted due to the recent decline in the crude oil prices and shale gas exploration in the US. This acts as a feedstock for chemical manufacturers, and there are strict government regulations in countries like the US due to which many chemical manufacturers are upgrading their facilities to meet the regulations. This will lead to an increase in demand for float switches in the region.
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Float switch market in APAC
APAC is expected to be the fastest growing market for float switches during the forecast period, mainly due to the increased investments in water and wastewater, oil and gas, and food and beverages industries. The major factors for the increased investment are the lower labor wages, abundant availability of natural resources, and favorable government policies in the region.
“The growing need for potable water in countries like Singapore, India, and China has led to increased investments to improve the efficiency of the water treatment plants and water supply systems. Singapore is importing water from Malaysia to meet its demand, which is forcing the Singapore government to invest in water treatment and desalination plants. These developments will have a positive impact the float switch market in APAC,” says Bharath.
Float switch market in EMEA
The revenue from the EMEA market is expected to rise at a slow rate mainly due to the recent decline in the crude oil prices. This has affected the revenue from the Middle Eastern countries. However, there are many investments, which will have a positive impact on the float switch market in the region during the second half of the forecast period.
Due to the strict government regulations on workplace safety, many manufacturing facilities across Europe are upgrading their machinery. This will create demand for float switches in EMEA during the forecast period.
The top vendors in the global float switch market as highlighted in this market research analysis are:
- Baumer
- Emerson
- OMEGA Engineering
- SMD Fluid Controls
- WIKA
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