According to a new market report published by Transparency Market Research titled ‘Surface Mount Switch Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ the global surface mount switch market was valued at US$ 3,173.05 Mn in 2017 and is expected to expand at a CAGR of 8.30% from 2018 to 2026, to reach US$ 6,480.7 Mn by the end of the forecast period.
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Expansion in the Consumer Electronics Industry across the Globe to Propel the Surface Mount Switch Market
The global consumer electronics industry is likely to expand at a robust rate in the coming years. As per estimates of the Consumer Technology Associations (CTA), revenue in the U.S. consumer electronics industry rose 3.2% in 2017 over 2016. Revenues from the industry were valued at US$ 321 Bn in 2017. Rise in demand for smartphones and the small replacement cycles of electronics devices are fuelling the consumer electronics industry across the globe. Consumer electronic devices are one of the primary users of surface mount switches. Therefore, a rise in demand for consumer electronics across the globe is a significant growth driver for the surface mount switch market.
Industrial Control Segment to Constitute Major Revenue Share
The industrial control segment constituted a major revenue share of around 35% in 2017, followed by the consumer electronics segment. The advent of automation and its rapid adoption are fuelling the global surface mount switch market. Machine-to-machine communication, machinery controls, safety and security systems, and PLC and motion controllers used in industrial automation largely employ surface mount switches. Hence, rapid adoption of industrial automation is anticipated to fuel the surface mount switch market in the near future.
Asia Pacific Market to Expand Rapidly due to the Booming Consumer Electronics Industry
In terms of geography, the market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. In 2017, Asia Pacific was the highest revenue generating region of the market, followed by North America. The market in Asia Pacific is expected to expand at a rapid CAGR from 2018 to 2026, due to the thriving consumer electronics industry in the region, especially in India and China.
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Key Market Players Are Engaged in the Development and Introduction of Advanced Products in a Bid to Gain a Competitive Edge
Key players are focusing on the introduction and development of new products to gain a competitive edge and improve brand positioning in the surface mount switch market. Furthermore, they are engaged in forming strategic alliances with peers and less-established players in order to gain a higher market share. For instance, in August 2018, C&K Components, a key provider of electromechanical switches, announced the launch of its new SDB DIP switches. These switches would be a cost-effective solution for applications that require low-profile switches for space saving on PCB layouts. Key players in the global surface mount switch market profiled in the report include NKK Switches Co. Ltd., C&K Components, Omron Corporation, Hokuriku Electric Industry Co. Ltd., Panasonic Corporation, E-Switch Inc., Honeywell International Inc.,Grayhill Inc., APEM Inc., and Bourns Inc.
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