Pressure Switch Market Emerging Trend and Technology Research by Pressure Range, Major Applications, Types from 2018 to 2023 - iCrowdNewswire - 0 views
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Almira Coyne on 07 May 20The global pressure switch market is projected to reach USD 2.09 billion by 2023, at a CAGR of 4.39%, from an estimated USD 1.69 billion in 2018. The growth of the pressure switch market is mainly driven by the increasing focus on process automation and increasing demand for pressure switches in the transportation sector for various applications such as automotive, railways, and airplanes. Asia Pacific is estimated to be the fastest growing market for pressure switches, during the forecast period. The region has been segmented, by country, into China, Japan, India, South Korea, and the Rest of Asia Pacific. The pressure switch market in the region is primarily driven by the growth in various industries such as manufacturing, mining, oil & gas, textiles, and automation. In 2017, the region manufactured more than 44 million vehicles. Moreover, the government of India also plan to increase the contribution toward its manufacturing sector to reach 25% by 2025, which is likely to drive the pressure switch market in the region.