Global Microswitch Market Expected To Reach $ 689.7 Million By 2021 With A CAGR Of 4.1%

Date: 2017-08-23

Micro switches, alternatively known as miniature snap-action switches are electrical switches that are triggered by very small intensity of physical force, either by human or by physical object at the actuator. The working principal of micro switches is primarily based on tapping point mechanism. A small movement in the actuator buttons of micro switches produces a larger movement at the electric contact. These switches are primarily employed as safety devices owing to its reliability and inexpensive nature and are extensively used across various devices in order to open or close the electric circuit at a rapid speed.

The global Microswitch market was estimated at USD$ 564.2 Million in 2016, and is anticipated to reach USD$ 689.7 Million by 2021, expanding at a CAGR of 4.1% between 2017 and 2021. Rising disposable income coupled with increasing consumer’s spending on portable, sophisticated and technologically advanced consumer electronic devices in the primary factor anticipated to increase the demand of micro switches across the globe. In addition, rapid advancement and development of portable medical devices in turn is also predicted to accelerate the demand of micro switches at an exponential rate in the coming years.

Switching happens reliably at specific and repeatable positions of the actuator, which is not necessarily true of other mechanisms. They are very common due to their low cost and durability, greater than 1 million cycles and up to 10 million cycles for heavy duty models. This durability is a natural consequence of the design.

The defining feature of micro switches is that a relatively small movement at the actuator button produces a relatively large movement at the electrical contacts, which occurs at high speed (regardless of the speed of actuation). Most successful designs also exhibit hysteresis, meaning that a small reversal of the actuator is insufficient to reverse the contacts; there must be a significant movement in the opposite direction. Both of these characteristics help to achieve a clean and reliable interruption to the switched circuit.

North America held the largest market share in the micro switch market in terms of revenue in 2016. However, Asia Pacific region is predicted to witness the fastest growing market during the forecast period from 2017 to 2021. Rapid expansion of production facility in this region owing to huge capital investment by different manufacturers in this emerging technology coupled with increasing use of micro switches across various application segments is the primary factor responsible from the growing demand of micro switches in Asia Pacific region.

Globally, Europe is the second largest contributor to the global Micro switch market owing to a higher usage of Micro switches in the end-use industry and higher demand of end products using Micro switches. Germany, being largest industrial economy in the region, dominated the demand for Micro switches in the region followed by Italy and France as second and third largest regional market for Micro switches in Europe. Demand for Micro switches in the region is expected to grow due to increasing demand for the end products using Micro switches.
 

Read Full Report: 
http://www.gosreports.com/global-microswitch-market-research-report-2017/ 

Joanna | Executive – International Business and partner Relations
E-mail: info@gosreports.com | Tel: 1-510-400-8520
Web: www.gosreports.com
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