Temperature and Pressure Switches Market to Reach US$ 4 Bn by 2030, Experiencing Minimal Impact of COVID-19 Pandemic
Published : 16 Oct 2020 Industry: Industrial Goods
Notable developments in the manufacturing sector across the world have opened up new frontiers. Industrial production contributes a significant share towards a country’s economic development. To enhance their growth prospects, countries are concentrating on streamlining their manufacturing sectors by introducing novel advancements. A significant advancement in this respect is the introduction of temperature and pressure switches. Various end-use industries require these switches at different stages of manufacturing processes. Sectors such as automobiles, chemical manufacturing, HVAC, and iron and steel have all led to significant growth of the temperature and pressure switches market.
According to Fact.MR, the global temperature and pressure switches market is projected to reach a valuation amounting to around US$ 4 Bn by 2030, expanding at a steady CAGR during the 2020-2030 assessment period.
Key Takeaways from Temperature and Pressure Switches Market Report
- Heightening demand for white goods to accelerate temperature and pressure switches market revenue prospects.
- Pressure switches to hold immense sway by product throughout the 2020-2030 assessment decade.
- HVAC industry to find maximum utilization of pressure switches, attributed to increased consumption in emerging economies.
- Asia Pacific is likely to dominate the global temperature and pressure switches market, while Europe and North America to follow.
- Market is not likely to be majorly affected by the COVID-19 pandemic, owing to sustained demand from marine and heating & ventilation industries.
- Deepening penetration of smart devices to accelerate online marketing of temperature and pressure switches.
“Operational efficiency in industrial production is accelerating the popularity of flexible sensors, a notable trend likely to pivot the growth of the temperature and pressure switches market in the future,” remarks a Fact.MR analyst.
Temperature and Pressure Switches Market Competitiveness
Prominent companies operating in the global temperature and pressure switches market are focusing on expanding their global outreach through portfolio expansion, strategic acquisitions, and collaborations with other players, establishment of regional distribution networks, and extension of RandD capacities.
- In July 2020, ABB announced its collaboration with Accenture in order to enhance its digital solutions. This collaboration will build on ABB’s expertise in digitalized processes for the transformation of industries and Accenture’s Information and Operational Technologies (IT/OT) architecture and software development capabilities across industries.
- In August 2020, Danfoss announced the launch of its highest capacity oil-free compressor known as 450-ton Turbocor® VTX, with the objective of bringing in efficiency and long-lasting performance to larger applications such as data centers, hospitals, and university campuses.
- Likewise, Schneider Electric unraveled a series of completely anti-bacterial and self-disinfecting switches and sockets under its Livia product range, as a part and parcel of the “Aatmanirbhar Bharat” mission announced by the Indian government amidst the pandemic crisis.
- Texas Instruments, a prominent switch manufacturer, offers a range of analog switches and multiplexes, which help maintain signal integrity across a system while reducing design complexity.
More Valuable Insights on Temperature and Pressure Switches Market
Fact.MR, in its new offering, presents an unbiased analysis of the global temperature and pressure switches market, presenting historical demand data (2014-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the basis of product (temperature switches and pressure switches), product range (temperature range and pressure switch range), price range (less than US$ 50, US$ 50-100, US$ 100-200, and more than US$ 200), application (residential and commercial and industrial), and distribution channel (online and offline), across five major regions.
About the Industrial Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed the industrial goods industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.