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.
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.
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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.
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 2023, 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.
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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 2023. 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.