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 is expected to reach US$ 6,480.7 Mn in 2026. The market is projected to expand at a CAGR of 8.30% during the forecast period from 2018 to 2026. According to the report, the global surface mount switch market will continue to be influenced by the thriving consumer electronics industry, especially in China. The market in Asia Pacific is projected to be at the forefront of global demand. The market in the region is likely to expand at a CAGR of 9.41% throughout the forecast period.
The Ultra-miniature Surface Mount Pushbutton Switch Segment is Likely to Expand Rapidly
Based on product, the global surface mount switch market has been segmented into ultra-miniature surface mount pushbutton switch and ultra-miniature surface mount toggle switch. The ultra-miniature surface mount toggle switch segment accounted for a major revenue share in 2017 because of the low price of the switch and its widespread adoption for various applications. The ultra-miniature surface mount pushbutton switch segment is anticipated to expand at a rapid CAGR, owing to rapid uptake of the switch in industrial and medical applications.
Consumer Electronics Segment to Witness Robust Growth during the Forecast Period
In terms of application, the surface mount switch market has been segmented into industrial control, medical, telecommunications, aerospace and defense, and others. The consumer electronics segment is expected to expand at a rapid pace throughout the forecast period. This can be attributed to the thriving consumer electronics industry, especially in emerging economies such as India and China. The consumer electronics segment is expected to expand at a rapid CAGR of 9.37% during the forecast period.
Asia Pacific Expected to Continue to Hold Significant Share in the Overall Market
Asia Pacific is projected to constitute a significant share of the surface mount switch market during the forecast period. This is primarily due to an increase in demand for surface mount switches from industrial consumers in the region and a robust consumer electronics industry.
A rise in the middleclass population in the region has led to an increase in the disposable income of individuals, especially from emerging economies such as China and India. This has boosted demand for consumer electronic goods that employ surface mount switches. According to the International Bureau of Statistics, China’s per capita income rose 6.6% year-on-year in July 2018. Furthermore, according to the World Economic Forum (WEF), the middle class population in India is expected to surpass that of China, Europe, and the U.S. in 2027.
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Middle East & Africa is witnessing a steady increase in investments by electronics component providers. This represents significant growth opportunities for the surface mount switch market.
Key players operating in the market are 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., among others. Details such as financials, business strategies, recent developments, product implementation expertise, key contracts, certified professionals, gas meter offerings, and other such strategic information pertaining to these players have been provided as part of company profiling.
Read TMR Research Methodology at: https://www.transparencymarketresearch.com/methodology.html
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