The global pressure switch market is projected to reach a market size of USD 2.09 billion by 2023, at a CAGR of 4.39%. The pressure switch market in Asia Pacific is estimated to be the largest, followed by the market in North America in 2018. Factors such as increasing demand for pressure switches across the transportation sector and rising focus on process automation are driving the pressure switch market.
The pressure switch market is dominated by a few major players that have a wide regional presence. The leading players in the pressure switch market include ABB (Switzerland), Eaton (Ireland), Danfoss (Denmark), Schlumberger (US), and Parker (US).
The major strategies adopted by the players include new product developments, contracts & agreements, and mergers & acquisitions. Contracts & agreements was the most commonly adopted strategy from January 2015 to April 2018. Industry players also adopted new product launches, which was the second most widely followed strategy, during the same period. Companies such as Emerson, Honeywell, and Schlumberger adopted contracts & agreements as their key strategy. For instance, in November 2017, Emerson received a contract from ENGIE for replacing the turbine controls with Oviation turbine control technology at the combined power plant in Dunkirk, France.
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ABB provides power and automation technology to various industries such as oil & gas, power generation, and transport & infrastructure globally. The company operates through 4 divisions, namely, power grids, electrification products, robotics and motion, and industrial automation. It provides pressure switches under the electrification products division segment. It offers various types of pressure switches for a number of applications. The company has a presence in over 100 countries, with production and R&D centers worldwide. Moreover, the company plans to enhance its revenues from Asia Pacific by adopting the organic growth strategies.
Eaton is a power management company. The company operates through 5 divisions, namely, electrical product, electrical system and services, vehicles, hydraulics, and aerospace. Its electrical products & electrical systems and services business segment provides pressure switches for a wide range of applications such as automatic pressure monitoring, automatic pressure limitation, and water pumps. The company operates in 59 countries and offers services to more than 175 countries. The company strongly focuses on both organic and inorganic growth strategies to maintain its leading position in the market. Since 2000, it has acquired more than 60 companies and has entered into 10 joint ventures. The company has also invested in diversification and expansion of its business across geographies to maintain a balance between variability and volatility in demand for various products within the electrical segment.
Pressure Switch Market by Type (Electromechanical, Solid State), Pressure Range (Below 100 bar, 100–400 bar, Above 400 bar), Application (HVAC, Monitoring & Control, Safety & Alarm Systems, Hydraulics & Pneumatics), End-User - Global Forecast to 2023
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