Widening Applications in End-use Industries to Drive Market Growth
The sensor technology has experienced noteworthy progress over the past few years and at present, flexible pressure sensors are gaining considerable popularity from the research fraternity worldwide. In addition, the increasing adoption of flexible pressure sensors to develop electronic equipment can be largely attributed to favorable physical and functional characteristics, including high flexibility, lightweight, and high sensitivity. As the sensor technology continues to evolve, it paves the way for new avenues wherein temperature & pressure switches are increasingly used– a factor that is expected to provide a boost to the growth of the global temperature & pressure switches market during the assessment period.
In addition, as research and development activities continue to explore new sensing mechanisms and discover new functional materials, considerable attention is being given to the development of the integration technology of flexible devices, especially in the field of sensor development. The considerable rise in private investments toward the development of temperature & pressure switches and growing demand for temperature & pressure switches from both the residential as well as the commercial sector is expected to provide a considerable boost to the growth of the global temperature & pressure switches market during the forecast period.
At the back of these factors, along with fast-paced development of high-performance smart materials, the global temperature & pressure switches market is projected to surpass the value US$ 3.8 Bn mark by the end of 2030.
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High Adoption in Heating Systems to Drive Global Market
While the demand for temperature sensors is expected to grow at a rapid pace in the upcoming years, the demand for temperature & pressure switches is also projected to witness consistent growth during the assessment period. Temperature switches are increasingly being used to manufacture heating systems, boilers, burners, air heaters, and circulation pumps. Furthermore, while temperature switches are extensively used in a broad spectrum of general-purpose applications, the growing demand from the automotive, pharmaceuticals, and food & beverages industry is one of the key factors expected to propel the temperature & pressure switches market during the forecast period. The complex nature of modern industrial machinery continues to drive innovations across the market for temperature & pressure switches and the trend is set to continue during the forecast period.
Several players have entered the competitive market for pressure switches over the past couple of decades, especially in the Asia Pacific region. Market players are increasingly investing resources in research and development and expanding their product range in-sync with the evolving industrial requirements. Some of the most extensively used pressure switches around the world include digital pressure switches and hydraulic pressure switches. Pressure switches are increasingly being used for multiple applications, especially in various sectors, including marine, food & beverages, automotive, aerospace & defense, and oil & gas. Market players are anticipated to comply with the laid down regulatory standards and manufacture temperature & pressure switches and gain approval for the same from the dedicated regulatory body. Pressure switches are increasingly being used in ventilation duct monitoring, fire protection damper control, fume exhaust systems, and more.
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Demand to Remain Steady despite Disruption in Supply Chain during COVID-19 Pandemic
The COVID-19 pandemic is anticipated to have a short-term impact on the overall growth of the global temperature & pressure switches market. While the market growth was normal during the first quarter of 2020, the second quarter growth was considerably slower than usual due to the outbreak of the novel COVID-19 pandemic. The closure of the industrial sector in various regions, stringent lockdown measures imposed by government authorities, and restrictions on cross-border trade and transportation have played a key role in disrupting the supply chain across the global temperature & pressure switches market.
However, as industries gradually open up and begin to operate under normal conditions, the production of temperature & pressure switches is expected to gain momentum in the third and fourth quarter of 2020. While the demand from the automotive sector is projected to remain modest amid the pandemic, the demand from marine, oil & gas, and food & beverages sector, among others, is likely to ascend in the upcoming months.
Temperature & Pressure Switches Market: Overview
- Temperature & pressure switches are an important part of controlling and monitoring equipment. Temperature & pressure switches help in carrying out smooth operations and can be used with flammable material, and in explosive atmospheres or hazardous locations, which increases its application in various end-use industries.
- Demand for temperature & pressure switches is expected to rise in the near future due to the growing number of end-use industries. Global demand for transport is growing, as the world is becoming more urbanized. The development of rail travel, which is economical and a convenient mode of transport is creating the need for various temperature & pressure switches in transportation and manufacturing industries.
- Asia Pacific is the biggest market for temperature & pressure switches followed by Europe and North America. The region is home to two of the most populated countries in the world, thus creating significant opportunity for development. Asia Pacific comprises many emerging economies, which is expected to drive the market during the forecast period.
- On the other hand, Europe is a developed region consisting of numerous global manufacturers striving for technology improvement and product enhancement, which is likely to help in driving the temperature & pressure switches market
Temperature & Pressure Switches Market: Regional Overview
- Asia Pacific is likely to be the most attractive region for the temperature & pressure switches market during the forecast period, and it is the biggest and fastest growing market for temperature & pressure switches. Asia Pacific, being a mix of developed and developing countries is expected to provide better opportunities for market growth during the forecast period. Railways, aerospace, and HVAC are the major markets, which are set to drive the temperature & pressure switches market in the region.
- Europe and North America are expected to be other major markets for temperature & pressure switches. Europe has many industries, which has significant share of the global market. The region has many small and medium scale industries, which generate high demand for various switches with different operating ranges. The growth of drilling activities in the region is expected to drive the demand for switches during the forecast period. The U.K. power sector is undergoing huge transformation, as it is switching from coal to gas. This is projected to drive the demand for temperature & pressure switches during the forecast period.
- Demand for temperature & pressure switches in North America is expected to increase during the forecast period, due to growing investments in end-use industries coupled with the development in switch technology and its multifunctional capabilities. The temperature & pressure switches market in Middle East & Africa and South America is expected to witness slow growth during the forecast period.
Temperature & Pressure Switches Market: Market Trends
- Consumers are demanding technologically advanced products with increased monitoring capabilities. Demand for durable, reliable, explosion-proof, small deadband range, hermetically sealed, and long lasting temperature & pressure switches is increasing.
- Demand for temperature & pressure switches is also increasing due to growing investment in end-use industries. Manufacturers with an extensive range of products and with customization & service capabilities are popular in the market.
- Business strategies of temperature & pressure switches companies revolve around promoting new and innovative products. Furthermore, manufacturing of temperature & pressure switches with premium technologies such as patented isolation system by CCS, enhanced surge protection by Eaton, and remote data monitoring capability introduced by WIKA has created a buzz in the market.
Temperature & Pressure Switches Market: Drivers, Opportunities, and Restraints
- The growing population and income has led to increased demand for white goods. White goods manufacturers are using new lubricants with low global warming potential, which become flammable in certain conditions. Hence, switches are used in white goods, which also help in saving cost by eliminating the need for extra protective shielding.
- Changing geo-political conditions and rise in security threats have led to rising investment in military & defense and aerospace industries. Investments by various governments in strengthening transportation, military, aerospace, industrial, and other sectors are likely to lead to higher demand for pressure & temperature switches during the forecast period.
- Bimetallic strip switches have a drawback in terms of accuracy due to changes caused by ambient temperature and are susceptible to shocks and vibrations. Similarly, the response time of liquid filled switch is a bit slow, which acts as a restraint to the global market.
- Various countries are expanding their production capabilities, which creates lucrative business opportunities for manufacturers of temperature & pressure switches. Companies are heavily investing in R&D to cater to the needs of a wide range of consumers.
Temperature & Pressure Switches Market: Key Market Segments
- The global temperature & pressure switches market has been segmented based on product type, product range, price range, application, distribution channel, and region
- In terms of product type, the global temperature & pressure switches market has been segmented into temperature switches (liquid filled temperature switches and bimetallic strip temperature switches) and pressure switches (electromechanical pressure switch and solid state pressure switch)
- Based on product range, the global temperature & pressure switches market has been classified into temperature switch range in °C (below 50, 50 – 70, 70 – 120, 120 – 150, 150 – 250, 250 – 500, and more than 500) and pressure switch range (less than 10 bar, 10 bar – 50 bar, and more than 50 bar)=
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