Owing to benefits such as high reliability, long life, and low cost, the demand for microswitches is expected to increase in the forecast period 2021 to 2031. The global microswitch market is projected to be driven by a number of factors. The global fault motherboard market is experiencing a rise in its demand lately. There has been a greater demand for this market in comparison to their other traditional alternatives.
The need for microswitches in a wide range of applications such as consumer electronics, instrumentation, power systems, and appliance equipment is driving the demand for this market. They can be used to detect open or closed doors, excessive water levels, and temperature variations. The increasing adoption of electronic components in consumer applications such as washing machines and dishwashers is also aiding in the growth of the global microswitch market.
Microswitches are commonly used in applications such as electronic equipment, instrumentation, power systems, appliances, and other industrial sectors. The increasing utilization of these switches in various industries is expected to drive the growth of the global microswitch market during the forecast period. Such elements encourage notable development in the micro switch market worldwide. This growth is mainly attributed to increasing demand for miniaturized and high-precision switches in various industries such as automotive, consumer electronics, and medical equipment among others. The market consistently undergoes a series of developments in order to provide better services.
Advantages such as low cost and robustness have made microswitches a popular choice for an array of applications, such as automotive, HVAC (heating, ventilation, and air conditioning), appliances, industrial automation, and instrumentation.
Considering these factors, it is reasonable to say that the global microswitches market is growing at an appreciable compound annual growth rate (CAGR) of 6.2%. It is expected that the market might acquire a size of USD 4.43 billion during the forecast period, that is, 2021-31.
A microswitch is a type of switch that is actuated by very little physical force, such as a light touch or pressing down on the switch. It is most commonly used in electronic circuits for detecting the position, presence, or absence of an object, quickly interrupting the electrical current, and counting objects passing through its field of view.
A significant rise in the demand for microswitches is driving the growth of the global microswitch market. Microswitches are small, mechanical switches that close or open a circuit when it is activated by an external force. The growing demand for smaller and more efficient switches is also driving the growth of the market. Moreover, miniaturization trends and advancements in technology are further boosting the demand for micro switches globally.
However, certain limitations such as the high cost of micro switches are restraining the growth of the market. The Asia Pacific region is expected to register considerable growth during the forecast period owing to developments in the automotive, consumer electronics, and industrial sectors. Moreover, major market players are investing heavily in this region for expanding their production capacity. In spite of a few restraints, the global microswitch market is expected to experience a considerable rate of growth with new additions and developments that might take place in the market during the forecast period, that is, 2021-31.
The major participants operating in the global microswitch market are Omron Corporation, Panasonic Corporation, Honeywell International Inc., Johnson Electric Group, TE Connectivity Ltd., Alps Alpine Co Ltd., Schneider Electric SE, NKK Switches, ABB Ltd., Grayhill Inc., C&K Components Inc., RAFI GmbH & Co. KG among others. These companies have adopted various strategies such as collaborations, mergers & acquisitions to gain a competitive edge over each other in the Micro switches Market space. These players operate in the market and adopt a number of strategies to stay in the market and establish themselves at a higher position than their competitors.
The Standard Micro switches Type Remains the Most Lucrative Segment
The global microswitch market is divided into four major segments based on type: standard, ultraminiature, sub-miniature, and others. Standard micro switches dominate the market with over 60% share owing to its wide array of applications such as automotive systems, domestic appliances, and industrial controls. However, ultraminiature micro switches are also growing at a rapid rate due to their compact size and lightweight structure which make them suitable for different application areas such as portable electronics and instrumentation devices.
During the Study Period, the Electronic Equipment Segment Will Predominate the Market
On the basis of application segmentation, Microswitch Market has been categorized into Electronic Equipment, Instruments, Power Systems Appliances Equipment, and Others. Electronic Equipment accounted for a significant share in terms of revenue in 2020 owing to increasing demand for integrated circuits and semiconductor components used in consumer electronics products such as digital cameras and mobile phones etc.
Asia Pacific Region is Expected to Render Ample Investment Avenues
Based on region, the micro switch market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. Though North America accounts for a major share of the global microswitch market due to rapid industrialization in countries such as the US and Canada, Asia Pacific is expected to be the fastest-growing region in terms of revenue during the forecast period owing to growing production activities in countries like China and India. Moreover, rising investments from key players in this region are also anticipated to fuel the growth of the microswitch market.
Covid-19 Impact and Market Status
The outbreak of COVID-19 has impacted the global micro switches market in several ways. Firstly, the pandemic has resulted in a decrease in demand for microswitches as many industries have halted production. Secondly, the supply of microswitches has also been impacted as factories in China, where a large number of microswitch manufacturers are based, have been closed due to the outbreak. This has led to a shortage of microswitches and an increase in prices. Despite these challenges, the global micro switches market is expected to recover in 2021 as production resumes and demand increases.
The impact of the COVID-19 pandemic on the global micro switches market
can be divided into three main phases: pre-COVID-19, during COVID-19, and post-COVID-19. The strong growth was driven by factors such as increasing industrial automation, rising demand for consumer electronics, and expanding the automotive industry. During COVID-19: The outbreak of COVID-19 led to a decrease in demand for micro switches as many industries halted production due to lockdown measures implemented across the globe.
Latest Innovations in the Global Microswitches Market: a Snapshot
• In 2020, Honeywell International Inc. announced the acquisition of Sine Controls Ltd., a U.K.-based provider of switch technology solutions, to expand its portfolio of switch products and services.
Microswitch Market Scope
|Revenue forecast in 2031
|USD 4.43 billion
|CAGR of 6.2 % during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|Omron Corporation, Panasonic Corporation, Honeywell International Inc., Johnson Electric Group, TE Connectivity Ltd., Alps Alpine Co Ltd., Schneider Electric SE, NKK Switches, ABB Ltd., Grayhill Inc., C&K Components Inc., RAFI GmbH & Co. KG among others.
Key Segments of the Microswitch Market
By Type Overview, 2021-2031 (USD Billion)
By Application Overview, 2021-2031 (USD Billion)
• Electronic Equipment
• Power System
• Appliances Equipment
By Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa