“The pressure switch market is projected to grow at a CAGR of 4.39%, from 2018 to 2023.”
The pressure switch market is projected to reach USD 2.09 billion by 2023, from an estimated USD 1.69 billion in 2018, at a CAGR of 4.39%, from 2018 to 2023. This growth can be attributed to the increasing demand for pressure switches in the transportation sector and the increasing focus on process automation. For instance, pressure switches are used in trains, marine, and vehicles for various monitoring and controlling operations. These major applications coupled with rising investments in the transportation sector are expected to boost the use of pressure switches in the automotive & transportation sector. Limited monitoring capabilities can restraint the growth of the pressure switch market.
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