Analysis of Temperature and Pressure Switches market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Temperature and pressure switches have extensive applications across a broad spectrum of industries. These switches are used in various equipment for monitoring and controlling, help ensure operational consistency, and can be used in hostile environments.
Over the years, the scope of temperature and pressure switches has substantially widened. Advancements in sensor technology is considered to be a primary stimulator by leading industry experts. Presently, flexible pressure sensors are gathering momentum across the worldwide research community.
Flexible sensors are being increasingly deployed to manufacture electronic equipment, owing to their light weight, enhanced flexibility, and greater sensitivity. Based on these trends, Fact.MR projects the global temperature and pressure switches market size to expand healthily, surpassing almost US$ 4 Bn by 2030.
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Mushrooming Industrialization to Accelerate Adoption: Rapid industrialization, increasing automation of production processes, and advancements in production technologies are providing firm foundations for the proliferation of temperature and pressure switches. Prominence of sectors such as automobiles, chemical manufacturing, heating and ventilation, and iron and steel have all led to significant developments of the pressure switches market.
With globalization shrinking international borders, trade in the aforementioned goods has increased multifold in recent years. Prominent industry giants and corporations are seeking to diversify their operations by foraying into lucrative markets. These domains require temperature and pressure switches during several stages of manufacturing, leading to a spike in sales.
Players such as Danfoss have been at the forefront of the temperature and pressure switches market as far as manufacturing is concerned. With over 75 years of experience in producing pressure controls for industry applications, Danfoss offers the widest range of industrial switches. Its latest technology includes the SOLAS 282-compliant program for pressure control.
Revenue to be Sustained by Increasing Demand for White Goods: As consumers across the world experience a surge in their per capita incomes, demand for heavy consumer durables, or white goods, such as stoves, refrigerators, air conditioners, and pressure cookers is swelling.
Therefore, manufacturers of these goods are experiencing broader revenue and profit margins. These white goods manufacturers use lubricants to provide enhanced operational efficiency to the aforementioned goods. Oftentimes, these lubricants are highly volatile and flammable when exposed to extreme conditions. Thus, to regulate this, they are incorporating temperature and pressure switches on a large scale.
Using temperature and pressure switches also helps white goods manufacturers save considerable costs by eradicating the need for investing in the production of extra protective shielding. Based on these projections, revenue of the temperature and pressure switches market is slated to surge throughout the forecast period.
Pressure switches are anticipated to enjoy a lion’s share in the global temperature and pressure switches market over the forecast period. Extensive applications across a host of end-use industries is responsible for the segment’s spiking share.
Pressure switches are used to interface pneumatic or hydraulic systems with electrical control systems by opening or closing electrical contacts in response to pressure changes within the system. These switches have outstanding repeatability and drift performance, thus making them a primary choice of industrial manufacturers. Over the years, pressure switches have been extensively used across HVAC equipment, pumping systems, process equipment, and compressed air systems. This is expected to continue over the forecast period, which bodes well for the progress of the global temperature and pressure switches market.
Commercial HVAC devices are touted to emerge as the key application area for temperature and pressure switches over the assessment period. Temperature switches are being increasingly used to manufacture heating systems, boilers, burners, air heaters, and circulation pumps.
As consumers enjoy a higher standard of living, demand for heating and cooling systems such as air conditioners and air coolers is witnessing an exponential uptick. Consequently, their production is increasing, thus keeping the demand for temperature and pressure switches afloat.
Moreover, rapid advancements in aerospace and defense in lieu of rising national security concerns of countries is leading to enhanced uptake of these switches across the segment. Increasing production of commercial and defense aircraft with advanced controls to achieve optimum output is expected to drive the temperature and pressure switches market.
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Temperature and pressure switches costing between US$ 50 and US$ 100 are anticipated to account for a majority of the market share across the 2020-2030 forecast period. A major reason for this is the degree of affordability by industries combined with high effectiveness. For instance, the Switzer Pressure Switch typically costs around US$ 50, and is available in varied structures. The switch is designed to suit the mainstream needs of the manufacturing industry. Moreover, it is highly precise and accurate.
Online sales through specialized industrial equipment websites are garnering major popularity among end users. Rapid advancements in digital technology and increased ownership of smart devices has been fueling the online temperature and pressure switches market since recent times.
While there are very few direct sales of industrial equipment through e-Commerce portals such as Amazon and Alibaba, prominent manufacturers are availing their expertise to broaden their existing customer base. Besides, these players have their independent online portals through which they market their products.
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Asia Pacific is likely to be the most attractive region and the fastest-growing as far as temperature and pressure switches market share is concerned. Railways, aerospace, and HVAC are the major markets that are expected to stimulate demand for pressure and temperature switches. Rapidly expanding population base is fueling sectors such as construction and infrastructure development, which require raw materials such as concrete, steel, iron, and other important metals.
Europe and North America are expected to be other major temperature and pressure switches markets. Growth in both these regions is largely attributed to increase in drilling and exploration activities for precious resources such as hydrocarbons, iron ore, copper, etc. Additionally, major uptake is being witnessed in the power generation sector.
These players 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.
“Prolific advancements in sensor technology are prompting manufacturers to introduce highly sophisticated temperature and pressure switches, thus charting a staggering growth course for the market.”
The COVID-19 pandemic has ushered in a moderate slowdown in future temperature and pressure switches growth projections. In the first quarter of 2020, imposition of strict curbs on trade, cross-border travel, and nationwide lockdowns led to the closure of several manufacturing industries, including oil and gas, automotive, and electronic goods. As a result, supply chain disruptions were experienced by prominent players in these domains. However, flattening of infection curves in several potential markets has allowed manufacturing to get restored to normal levels, thus sustaining the demand for temperature and pressure switches.
While uptake across the automotive sector is expected to remain modest, the marine and HVAC sectors, among others, are poised to register positive growth. This is because trade in essential commodities such as medical equipment for treating patients is still active, meaning, ships require constant maintenance to be in working condition. Also, with business entities encouraging work from home practices, the amount of time spent indoors by employees is increasing. This is leading to extensive usage of air conditioners, heaters, and air coolers, thus keeping demand for pressure switches on a high plane.
Fact.MR has published an exclusive forecast report on the temperature and pressure switches market for 2020 to 2030. The foremost objective of this report is to pitch insights on the market scenario, demand generators, and technological advancements in the temperature and pressure switches market. Also, the study addresses key dynamics that are expected to diversify the sales and future prominence of the market.
The report begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the temperature and pressure switches market, elaborating on key segments. Also, the report outlines visionary insights on the dynamics of the temperature and pressure switches market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with the key buying factors for temperature and pressure switches.
Fact.MR’s research study assesses the global temperature and pressure switches market in terms of product, product range, price range, application, distribution channel, and region. This report presents extensive market dynamics and trends associated with different segments of the market and their influence on the growth prospects of the global temperature and pressure switches market.
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The global temperature and pressure switches market size is expected to surpass nearly US$ 4 Bn by 2030.
Pressure switches are anticipated to enjoy a lion’s share in the global temperature and pressure switches market.
Commercial HVAC devices have emerged as the key application area for temperature and pressure switches.
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