The Global Pressure Switch Market is projected to reach a market size of USD 2.09 billion by 2023, at a CAGR of 4.39%, from an estimated USD 1.69 billion in 2018. This growth can be attributed to the low cost of pressure switches coupled with their multi-functionality, increasing demand for electric vehicles, and increasing investments in the railways sector.
Browse 65 market data Tables and 41 Figures spread through 120 Pages and in-depth TOC on "Release Agents Market by Ingredient (Emulsifiers, Vegetable Oils, Wax & Wax Esters, and Antioxidants), Application (Bakery, Confectionery, Processed Meat, and Convenience Food), Form (Liquid and Solid), Function, and Region - Global Forecast to 2023"
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The Pressure Switch Market, by pressure range, is segmented into below 100 bar, 100–400 bar, and above 400 bar. The below 100 bar segment is expected to dominate the pressure switch market from 2018 to 2023.Growth in the automotive & transportation sector is one of the key reasons behind the growth of the below 100 bar pressure switch market.
The pressure switch market is segmented into HVAC, monitoring & control, safety & alarm systems, and hydraulics & pneumatics based on application. The HVAC segment is one of the major applications of the pressure switch market. Also, this segment is expected to hold the largest market share, during the forecast period. Pressure switches help HVAC systems to operate at optimum levels and offer better maintenance, thereby driving the pressure switch market in the HVAC segment.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Pressure Switch Market. The key players ABB (Switzerland), Eaton (Ireland), Danfoss (Denmark), Schlumberger (US), and Parker (US). The leading players are adopting various strategies to increase their shares in the pressure switch market.
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The Pressure Switch Market has been analyzed with respect to 5 regions, namely, North America, Europe, South America, Asia Pacific, and Middle East & Africa. The market in Asia Pacific is estimated to be the largest pressure switch market, from 2018 to 2023. Countries such as India, plan to increase their contribution toward the manufacturing sector to reach 25% by 2025. Moreover, in 2017, the automotive industry in South Korea produced approximately 3.75 million passenger car units. All such factors are expected to drive the pressure switch market in the Asia Pacific region.
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