The global surface mount switch market features a largely fragmented competitive landscape, wherein the top five companies accounted for nearly 46% of the overall market in 2015, observes a recent report by Transparency Market Research (TMR). These top companies, namely Omron Corporation, NKK Switches Co. Ltd, E-Switch Inc., Grayhill Inc., and C&K Components, have adopted the course of strategies such as expansion of production units, product innovation, and acquisitions and mergers to stay ahead of the competition.
Owing to the rapid development of the global surface mount switch market, a number of new players have forayed into the market by acquiring niche product manufacturers. A number of existing players have also entered into strategic collaborations or have acquired smaller firms to make the most of the existing growth opportunities and remain competitive in the market. This has enhanced the capital base for companies, enabling them to invest higher amounts in research and development activities and strengthen their hold on the market.
Browse the Report @
Growth in Key End-use Sectors to Keep Demand across Asia Pacific Strong
According to TMR, the global surface mount switch market was valued at US$2650.0 mn in 2015 and is expected to reach US$5860.0 mn in terms of revenue by 2024, exhibiting at a CAGR of 8.5% from 2016 to 2024. In terms of product variety, the segment of ultra-miniature surface mount toggle switch presently constitutes the bulk of market’s overall revenue and is expected to exhibit strong growth over the forecast period as well. Geographically, strong growth in industries such as automotive, electronics, and telecommunication, the Asia Pacific market is expected to remain dominant throughout the forecast period.
Request Sample @
Rising Demand for Electronics Goods to Help Market Retain Healthy Growth
The vast rise in the global consumption of electronics goods such as smartphones, tablets, computers, and laptops has been one of the key drivers of the global surface mount switches and will continue to have a strong impact on the market’s future growth prospects. The electronics goods industry consumes vast volumes of electronics hardware that utilize the extensive usage of surface mount technology.
The use of surface mount switches instead of through-hole devices grants the hardware an improved level of mechanization and also significantly reduced the cost of manufacturing. The potential rise in adoption of surface mount switches across the electronics goods industry owing to these factors will have a significant positive impact on the overall development of the market in the next few years.
Buy This Report@
Higher Costs and Relative Unsuitability for Mechanical Stresses to Hinder Market Growth
On account of the small size, better performance, and cost effectiveness of surface mount switches, when the overall cost of the end-product is considered, have led to their increased usage across a number of application areas; analysts have estimated that surface mounted switches are replacing through-hole switches in about 90% of new-age electronic hardware.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR Syndicated Research report covers a different sector – such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, our syndicated reports thrive to provide clients to serve their overall research requirement.
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
USA – Canada Toll Free: 866-552-3453