Temperature and Pressure Switches Market – Scope of the Report
A recent study by Fact.MR on the temperature and pressure switches market offers a 10-year forecast from 2020 to 2030. The study analyzes crucial trends that are currently determining the growth of the temperature and pressure switches market.
This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the manufacturing of temperature pressure switches. The study also provides the dynamics that are responsible for influencing the future status of the temperature and pressure switches market over the forecast period.
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Notable developments in the manufacturing sector across the world have opened up new frontiers. Industrial production contributes a significant share towards a country’s economic development. To enhance their growth prospects, countries are concentrating on streamlining their manufacturing sectors by introducing novel advancements.
A significant advancement in this respect is the introduction of temperature and pressure switches. Various end-use industries require these switches at different stages of manufacturing processes. Sectors such as automobiles, chemical manufacturing, HVAC, and iron and steel have all led to significant growth of the temperature and pressure switches market.
According to Fact.MR, the global temperature and pressure switches market is projected to reach a valuation amounting to around US$ 4 Bn by 2030, expanding at a steady CAGR during the 2020-2030 assessment period.
Key Takeaways from Temperature and Pressure Switches Market Report
- Heightening demand for white goods to accelerate temperature and pressure switches market revenue prospects.
- Pressure switches to hold immense sway by product throughout the 2020-2030 assessment decade.
- HVAC industry to find maximum utilization of pressure switches, attributed to increased consumption in emerging economies.
- Asia Pacific is likely to dominate the global temperature and pressure switches market, while Europe and North America to follow.
- Market is not likely to be majorly affected by the COVID-19 pandemic, owing to sustained demand from marine and heating & ventilation industries.
- Deepening penetration of smart devices to accelerate online marketing of temperature and pressure switches.
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Temperature and Pressure Switches Market Competitiveness
Prominent companies operating in the global temperature and pressure switches market are focusing on expanding their global outreach through portfolio expansion, strategic acquisitions, and collaborations with other players, establishment of regional distribution networks, and extension of RandD capacities.
- In July 2020, ABB announced its collaboration with Accenture in order to enhance its digital solutions. This collaboration will build on ABB’s expertise in digitalized processes for the transformation of industries and Accenture’s Information and Operational Technologies (IT/OT) architecture and software development capabilities across industries.
- In August 2020, Danfoss announced the launch of its highest capacity oil-free compressor known as 450-ton Turbocor® VTX, with the objective of bringing in efficiency and long-lasting performance to larger applications such as data centers, hospitals, and university campuses.
- Likewise, Schneider Electric unraveled a series of completely anti-bacterial and self-disinfecting switches and sockets under its Livia product range, as a part and parcel of the “Aatmanirbhar Bharat” mission announced by the Indian government amidst the pandemic crisis.
- Texas Instruments, a prominent switch manufacturer, offers a range of analog switches and multiplexes, which help maintain signal integrity across a system while reducing design complexity.
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