DUBLIN--(BUSINESS WIRE)--The "Pressure Switches Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; Pressure Range; Application; End-user, and Geography" report has been added to ResearchAndMarkets.com's offering.
According to this report the market was valued at US$ 1316.8million in 2019 and is projected to reach US$ 1629.1million by 2027; it is expected to grow at a CAGR of 3.8% from 2019 to 2027.
The report highlights key factors driving the market growth, and prominent players and their developments in the market.
Pressure switches are used in a vast number of industries. They are extensively used in the industrial equipment or control, such as plastic molding injection, press machines, and welding machines. Pneumatic and hydraulic pressure switches control the air bellows in trucks and brake pressure in trains. Pressure switches are also used in numerous automotive applications, such as power steering, monitoring engine oil, and transmissions. Medical equipment, such as oxygen delivery systems, utilizes pressure switches to control incoming gas pressure. Digitization has resulted in increased efficiency of existing machines coupled with increased safety, and are expected to increase demand for pressure switches.
Moreover, increasing urban population and growing demand for better infrastructure have led to the growth of the construction industry, which is expected to drive the growth of the pressure switches markets. Due to reliable offerings and high quality, manufacturers from the Asia Pacific and European regions have dominated the global pressure switches market in recent years. However, the emergence of new market players from the Asia Pacific region (particularly China) was a new challenge for established leaders. Asia Pacific pressure switches manufacturers offer price-competitive copies with comparable quality and reliability.
Aggressive pricing by new players has led to the eroding of profit margins in the domain of pressure switches. Digitization offers pressure switches players an attractive opportunity. Manufacturers have implemented analytics and automation to improve their products and services as well as to enrich customers' experience. The concept of digital machinery has transformed manufacturers from suppliers with 'hardware only' into suppliers with 'hardware, software, and services,' which in turn has led to the development of new business models. Pressure switches manufacturers utilize these new models to build a loyal customer base and generate a steady stream of revenues.
Digitization paved the way for pressure switches manufacturers to introduce new business models based on equipment utilization or performance level. Digitization has created new opportunities across different processes in the value chain of pressure switches, from designing the product to manufacturing, selling, and after-sales services. Pressure switches manufacturers use data collected from equipment through digitization to innovate and introduce new products to the market, based on the varied consumer demands.
COVID-19 Impact on Pressure Switches Market
The recent outbreak of the COVID-19 has significantly affected the world and is continuing to shatter several countries. The North America region especially the US witnessed an unprecedented rise in number of confirmed cases resulting in large-scale lockdown across different regions as well as industrial activities. As a result, several small & medium enterprise owners have limited their industry personnel; whereas, many other have laid off non-essential employees shortly owing to restricted business operation.
In addition to this, the company also minimized the allocated budget for manufacturing of pressure switches owing to economic slowdown, which affected the global pressure switches market. Moreover, the component manufacturer, supply chain and distributor lack of availability of business also has significantly influencing the production of pressure switches by the market players. Thus, the market is expected to witness a major drop in the demand from the end-users for the current year and the subsequent years to recover from the impact of COVID-19 pandemic.
Reasons to Buy
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the pressure switches market, thereby allowing players to develop effective long term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to type, pressure range, application and end-user.
Market Dynamics
Drivers
- Growing Digitization is Driving Demand for Pressure switches
- Increasing Investment in the Construction Industry
Restraints
- Concerns Regarding Accuracy
Opportunities
- Growing Manufacturing Sector
Future Trends
- Linking with Advanced Mobile-Hydraulic Controllers
Companies Mentioned
- ABB Ltd
- Parker Hannifin Corporation
- Danfoss A/S
- Barksdale Inc.
- Cleveland Controls
- Lefoo
- Baumer Holding AG
- Schneider Electric
- SMC Corporation
- Eaton Corporation plc
- Emerson Electric Co.
- Honeywell International Inc.
- Huba Control AG
For more information about this report visit https://www.researchandmarkets.com/r/98o1qs
