Global Surface Mount Switches Market: Snapshot
Miniaturization has become a hot in the electronics industry and this is boosting the demand for surface mount equipment. The smaller size of surface mount switches as compared to their through-hole counterparts increases their density over a printed circuit board (PCBs), thereby enhancing mechanical performance under shake and vibration conditions. During initial stages, the cost of installation of surface mount switches is also low as compared to the cost of installing through-hole switches.
Owing to these factors, the demand for surface mount switches has seen a significant rise across a vast array of industrial and manufacturing processes in the past few years. Vast investments across the telecommunication sector and the flourishing electronics industry, especially in developed economies, have also considerably increased the global demand for surface mount switches. Owing to these factor, the demand for surface mount switches will continue to be strong across the globe in the next few years as well.
Transparency Market Research estimates that the global surface mount switches market will exhibit a healthy 8.5% CAGR over the period between 2016 and 2024. At this rate, the market, which valued at US$2650.0 mn in 2015 in terms of revenue, is expected to reach US$5860.0 mn by 2024.
Ultra-miniature Surface Mount Toggle Switches to Constitute Bulk of Revenue
Based on type, global surface mount switch market is segmented into two types, namely ultra-miniature surface mount pushbutton switch and ultra-miniature surface mount toggle switch. The segment of ultra-miniature surface mount toggle switch held the dominant share in the global surface mount switch market in 2015 and is expected to maintain its leading position over the forecast period as well. Long lasting performance of toggle switches as compared to pushbutton switches is a key factor fueling the overall demand for the former. Toggle switches are mostly used as light switches in domestic settings and have wide applications in minicomputer panels, automated robots, and advanced medical equipment.
However, the segment of surface mount pushbutton switches is likely to witness a rise in its share in the global surface mount switches market during the forecast period. The smooth operation and ease of changing position of electrical devices with the use of pushbutton switches is expected to enhance their applicability in the global market in the near future.
Thanks to Strong Growth in Electronics Industry, Asia Pacific to Retain Dominance
In terms of geography, Asia Pacific is presently the dominant regional market for surface mount switches. The region accounted for over one-third of the global market’s overall revenue in 2015 and is expected to remain a hot market for future years. The vast rise in manufacturing of electronic products, rising demand for miniaturization of electronic components, and the strong growth of the automotive and electronics industry are expected to drive the market for surface mount switches in the region in the next few years. Moreover, the rapid growth in wireless communication and the increased penetration of high speed internet has boosted the demand for surface mount switches across the telecommunication sector in the region.
North America trails Asia Pacific in terms of revenue contribution to the global surface mount switches market and is expected to retain its position over the forecast period as well. The U.S. is the foremost economy driving the demand for surface mount switches in the region and is expected to continue generating strong demand owing to promising growth of sectors such as broadband connectivity and industrial automation. Extensive government initiatives aimed at the improvement of the healthcare sector is triggering the utilization of advanced medical machinery and equipment in North America, further fueling the growth rate of surface mount switch market in the region.
Some of the key players in surface mount switch industry are C&K components (U.S), Omron Corporation (Japan), Hokuriku Electric Industry Co. Ltd. (Japan), Honeywell International Inc. (U.S), Grayhill Inc. (U.S), among others.
Global Surface Mount Switch Market: Overview
Surface mount switch is an electrical component that is used in electronics devices. Surface mount switches have wide application in the areas of industrial automation, healthcare, aerospace & defense, security, telecommunication, audio & broadcast, power (including renewable energy) among others. Surface mount switches are used in medical and industrial devices, power equipment among others. It has extensive applications in oil and gas industries thus promoting its demand in oil dependent economies such as U.S., Iran, Iraq, U.A.E among others. Primarily, there are two types of surface mount switches such as surface mount pushbutton switches and surface mount toggle switches. Surface mount toggle switches acquired larger market share in 2015 and it is expected to maintain its leading position during the forecast period as well. With in-depth analysis, the global surface mount switch market is likely to follow growth trends over the forecast period.
Global Surface Mount Switch Market: Growth Dynamics
Consumer electronics market is expected to expand during the forecast period and this would expand surface mount switch market globally. Advent of miniaturization technology boosts growth prospect of surface mount switches. Surface mount technology has come up with unique characteristic of miniature sized components that enhances component density over the printed circuit board (PCBs) and improves component’s performance as well. Moreover, larger group of economies such as Japan, China, India, US, Germany, UK, Colombia, and Brazil among others are witnessing rapid internet penetration and telecommunication investment. Rising consumer base and growing trends towards digitalization enhance market prospect for surface mount switches. This acts as the major driver of surface mount switch market. Developing economies such as India, Indonesia, Iran, and Argentina among others stress on industrialization based economy where there is larger contribution of electronic manufacturing activity. These factors tend to promote higher demand for surface mount switches in the coming years and that is expected to expand the market as well.
Surface mount switches are relatively expensive as compared to through-hole switches thus making surface mount switches unattractive to consumers. Higher price is likely to depress the future growth prospect of surface mount market. Moreover, the East Asian economies such as China, Hong Kong, Japan, Taiwan, and South Korea among others experience frequent currency volatility. As Asia Pacific is the leading market for surface mount switches, currency volatility is likely to volatile price of surface mount switches in international market thus weakening surface mount switch market. European economies is in stagnant growth process. Moreover, Brexit is likely to have adverse impact on European markets and this would restrain the growth process of surface mount switch market.
Global Surface Mount Switch Market: Scope of the Report
This report analyzes future prospect of global surface mount switch market during the forecast period 2016 -2024 along with a synopsis of current market scenario. This report highlights different demand and supply factors that would impact on surface mount switch market globally. Apart from this, current industry structure, key players with their market share and strategic overview have also been analyzed here.
In order to have in-depth analysis, global surface mount switch market is segmented on the basis of two types such as ultra-miniature surface mount pushbutton switch and ultra-miniature surface mount toggle switch. Surface mount switches have four broad group of application segments s namely industrial control, medical, aerospace & defense and others (power, marine, audio & broadcast, security among others). This report incorporates segmentation on the basis of geography such as North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA).
Some of the leading market players in surface mount switch industry are C&K components (U.S), Honeywell International Inc. (U.S), Hokuriku Electric Industry Co. Ltd. (Japan), Omron Corporation (Japan), and Grayhill Inc. (U.S) among others.
Global surface mount switch market is segmented as follows;-
- Global Surface Mount Switch Market, By Type
- Ultra-Miniature Surface Mount Pushbutton Switch
- Ultra-Miniature Surface Mount Toggle Switch
- Global Surface Mount Switch Market, By Application
- Industrial Control
- Aerospace and Defense
- Global Surface Mount Switch Market, By Geography
- North America
- The U.S.
- The U.K.
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- South Africa
- Rest of Middle East and Africa
- North America