The temperature and pressure switches market was valued at US$ 3,689. 62 million in 2019 and is projected to reach US$ 5,023. 18million by 2027; it is expected to grow at a CAGR of 5. 0% from 2020 to 2027.
New York, Jan. 22, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Temperature and Pressure Switches Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product Type and End-user" - https://www.reportlinker.com/p06010106/?utm_source=GNW
Mounting requirement for temperature sensors is expected to boost the demand for temperature and pressure switches during the forecast period.There is an increase in adoption of temperature switches in the manufacturing of heating systems, burners, boilers, air heaters, and circulation pumps.
Moreover, temperature switches are comprehensively being used across general-purpose applications.Increasing demand from pharmaceuticals, automotive, and food & beverages industries is one of the significant factors boosting the temperature and pressure switches market during the forecast period.
Rising complexity of modern industrial machinery continues to drive innovations across the temperature and pressure switches market.Several market players are entering the competitive market for pressure switches, mainly in the Asia Pacific region’s emerging economies.
Manufacturers are progressively investing resources in research and development and enhancing their product range with the evolving industrial demands. The pressure switches are robustly used for multiple applications across different sectors, such as marine, aerospace & defense, automotive, food & beverages, and oil & gas. The market players are expected to fulfill the regulatory standards and manufacture the temperature and pressure switches to gain approval from the dedicated regulatory body. The temperature and pressure switches are gradually being used in ventilation duct monitoring, fume exhaust systems, fire protection damper control, and many more. This, in turn, is creating enormous opportunities for the market players to develop advanced temperature and pressure switches and meet the emerging needs of the customers.
The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.The COVID-19 pandemic is anticipated to have a short-term impact on the overall growth of the global temperature and pressure switches market.
The market growth is considerably slower than usual due to the outbreak of the COVID-19 pandemic.The shutdown of the industrial sector across all regions, the government authorities imposed stringent lockdown measures, 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 are gradually re-opening and beginning to operate under normal conditions, the production of these switches is expected to gain momentum in the first quarter of the 2021. The COVID-19 impacted the supply chain of the temperature and pressure switches, and majority of the government is focusing on medical sector and moderately on others sector; thus, slowdown the temperature and pressure switches market.
The overall temperature and pressure switches market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the temperature and pressure switches market with respect to all the segments.It also provides the overview and forecast for the global temperature and pressure switches market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East &Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the temperature and pressure switches market.
Major players operating in the global browser isolation software market include ABB Ltd., Baumer Holding AG, Beck GmbH Druckkontrolltechnik, Danfoss A/S, Eaton Corporation Plc. Honeywell International Inc., Parker Hannifin Corporation, Schneider Electric, SMC Corporation, and WIKA Alexander Wiegand SE & Co. KG.
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