Portland, OR, May 02, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Micro Switch Market By Type (Subminiature Micro Switch, Miniature Micro Switch, and Ultra Miniature Micro Switch), Actuator Type (Pin Plunger, Lever, and Others), Application (Electronic Equipment, Industrial Automation, Medical Devices, Automotive, and Others), and End-Use Industry (Household Appliances, Transportation and Logistics, Healthcare, Building and Construction, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global micro switch industry generated $730.19 million in 2022, and is projected to reach $1,241.57 million by 2032, registering a CAGR of 5.5% from 2023 to 2032.
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Prime determinants of growth
The micro switch market is driven by factors such as the increasing demand for automation, IoT devices, miniaturization of electronic devices, and implementation of smart homes and buildings. Additionally, during the forecast period, the micro switch market is anticipated to benefit from increasing demand for safety-critical applications. On the other hand, growth of the micro switch market is expected to be restrained by the availability of alternatives.
Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2022–2032 |
| Base Year | 2022 |
| Market Size in 2021 | $0.7 billion |
| Market Size in 2031 | $1.2 billion |
| CAGR | 5.5% |
| No. of Pages in Report | 313 |
| Segments covered | Type, Actuator Type, Application, End-Use Industry, and Region |
| Drivers | Rise in demand for home automation |
| Increase in demand in the automotive industry | |
| Growth in demand for energy-efficient devices | |
| Opportunities | Surge in demand for safety-critical applications |
| Restraints | Availability of alternatives |
COVID-19 Scenario:
- The COVID-19 pandemic had a mixed impact on the micro switch market, with some negative effects due to supply chain disruptions and reduced demand, however, also some positive effects due to the increased demand for home automation systems and online sales.
- The pandemic led to changes in consumer behavior, including an increase in demand for home automation systems as people spent more time at home. This created new opportunities for micro switch manufacturers to supply switches for these systems.
The subminiature micro switch segment to maintain its leadership status throughout the forecast period
Based on type, the subminiature micro switch segment held the highest market share in 2022, accounting for around two-fifths of the global micro switch market revenue, and is estimated to maintain its leadership status throughout the forecast period, as it is known for its small size & flexibility, and it is widely used in electronic devices, appliances, and industries, where space is limited. However, the miniature micro switch segment is projected to manifest the highest CAGR of 6.18% from 2023 to 2032, driven by increase in demand for miniature micro switches in various end-use industries such as automotive, healthcare and others, growth in adoption of automation & safety switches, advancements in micro switch technology, and increase in adoption of wireless and IoT-enabled miniature micro switches.
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The lever segment to maintain its leadership status throughout the forecast period
Based on actuator type, the lever segment held the highest market share in 2022, accounting for more than two-fifths of the global micro switch market revenue, and is estimated to maintain its leadership status throughout the forecast period. In addition, the same segment is projected to manifest the highest CAGR of 5.75% from 2023 to 2032. With the growing use of automation and Internet of Things (IoT) devices, there is a corresponding increase in demand for reliable, high-performance switches that can operate in a variety of conditions.
The healthcare segment to maintain its leadership status throughout the forecast period.
Based on end-use industry, the healthcare segment held the highest market share in 2022, accounting for nearly one-fourth of the global micro switch market revenue, and is estimated to maintain its leadership status throughout the forecast period. In addition, the same segment is projected to manifest the highest CAGR of 5.95% from 2023 to 2032, owing to the increase in demand for medical devices such as insulin pumps, blood glucose monitors, and ventilators, globally due to the rise in prevalence of chronic diseases and an aging population.
Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global micro switch market revenue. This region is expected to witness the fastest CAGR of 5.83% from 2023 to 2032, and is likely to dominate the market during the forecast period, driven by the increase in demand for industrial automation, consumer electronics, automotive, healthcare, and smart homes & buildings. The growth in adoption of automation, IoT, and smart technologies in the region is expected to further boost the demand for micro switches during the forecast period.
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Leading Market Players:
- ALPS ALPINE CO., LTD
- APEM (IDEC)
- E-Switch, Inc. (Stein Industries, Inc)
- Grayhill Inc.
- Honeywell International Inc
- Johnson Electric Holdings Limited.
- Littlefuse Inc.
- NKK SWITCHES CO., LTD
- OMRON Corporation
- Schneider Electric
The report provides a detailed analysis of these key players of the global micro switch market. These players have adopted different strategies such as product development, acquisition, innovation, partnership, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits For Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the micro switch market analysis from 2022 to 2032 to identify the prevailing micro switch market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the micro switch market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global micro switch market trends, key players, market segments, application areas, and market growth strategies.
Micro Switch Market Key Segments:
By Type:
- Subminiature Micro Switch
- Miniature Micro Switch
- Ultra Miniature Micro Switch
By Actuator Type:
- Pin Plunger
- Lever
- Others
By Application:
- Electronic Equipment
- Industrial Automation
- Medical Devices
- Automotive
- Others
By End-Use Industry:
- Transportation and Logistics
- Healthcare
- Building and Construction
- Others
- Household Appliances
By Region:
- North America (U.S., Canada, and Mexico)
- Europe (U.K., Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Poland, and Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Thailand, Philippines, Indonesia, and Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East and Africa)
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