Temperature & Pressure Switches Market: Introduction
Transparency Market Research delivers key insights on the global temperature & pressure switches market. In terms of revenue, the global temperature & pressure switches market is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global temperature & pressure switches market report.
In the report, TMR predicts that the global temperature & pressure switches market would be largely driven by factors such as rise in investment by various governments in strengthening transportation, military, aerospace, industrial, and other sectors that is projected to drive the global temperature & pressure switches market during the forecast period.
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In the temperature & pressure switches market report, the product type segment includes temperature switches (liquid filled temperature switches and bimetallic strip temperature switches), and pressure switches (electromechanical and solid state). In terms of product range, the temperature & pressure switches market is classified into temperature range in °C (Below 50, 50 -70, 70 – 120, 120 – 150, 150 – 250, and 250 – 500), and pressure switch range (less than 10 bar, 10 bar – 50 bar, and more than 50 bar). Based on price range, the temperature & pressure switches market is segmented into less than US$ 50, US$ 50 – US$ 100, US$ 100 – US$ 200, and more than US$ 200. Based on application, the temperature & pressure switches market is categorized into residential and commercial (HVAC industry, food & beverages industry, marine industry, automotive industry, industrial manufacturing, railways, aerospace & defense, oil & gas, and others). The distribution channel segment is divided into online (e-Commerce websites and company-owned websites) and offline (hypermarkets & supermarkets, direct sales, specialty stores, and others).
In terms of product type, pressure switches account for majority share in the global temperature & pressure switches market. Pressure & temperature switches find applications in many industries. Depending on the application, consumers decide the operating range and type of switches. The next decade is expected to be significant due to the rise in population, upgrade of infrastructure, developments in the construction sector, and investment in telecommunication. All these factors are likely to drive the global temperature & pressure switch market during the forecast period.
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In terms of application, the commercial segment accounts for a maximum share of the global temperature & pressure switches market. HVAC, aerospace & defence, oil & gas, and railways are the major application segments. The rise in construction industry and changing geopolitical conditions will lead to the growth of the military & defence sector; urbanization is set to lead to development of the transportation industry; and changing lifestyle and disposable income will lead to the growth of other industries. All these factors are anticipated to drive the temperature & pressure switches market during the forecast period.
Temperature & Pressure Switches Market: Prominent Regions
Asia Pacific holds a major share of the global temperature & pressure switches market followed by Europe and North America. Key players largely depend on geographical expansions, promotions, and technological advancements to cater to customer demand and gain a competitive edge in the global temperature & pressure switches market.
Asia Pacific accounted for ~37% share of the global temperature & pressure switches market in 2019, followed by Europe and North America. It is anticipated to maintain its dominance in the market during the forecast period, due to the growth of the commercial segment.
Temperature & Pressure Switches Market: Key Players
Key players operating in the global temperature & pressure switches market include ABB Ltd., Danfoss, United Electric Controls, Honeywell International Inc. – Sensing and Internet of Things, Parker Hannifin Corporation, Beck GmbH Druckkontrolltechnik, WIKA Group, Schneider Electric SE, The Baumer Group, Texas Instruments, Trafag AG, Georgin, Kulite Semiconductor Products, Inc., Eaton Corporation PLC., and Custom Control Sensors, LLC.
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