The global float switch market is on a steady incline with growth rates increasing by $43.9M. This accounts for a CAGR of more than 3 percent according to the latest research from TechNavio.
Float Switch Applications
Float switches are significant in many industries. They provide accuracy for detecting the level of liquids or other matter inside of a tank or vessel. Not just measurement, but the switches can serve additional functions like activating an alarm, controlling a pump, or even other devices.
As application use grows, the market will see a steady increase. According the Technavio study, the global market will grow from $235.4M in 2016 to $279.3M in 2021.
A float switch can be used in either a vertical or horizontal application. Their low installation and maintenance costs are also a strong point driving growth of the float switch market.
In industrial sectors like oil and gas, power, water and wastewater, horizontal float switches have been leading the way for investment growth.
Bharath Kanniappan, lead automation research expert at Technavio commented, “The demand for these products is expected to continue throughout the forecast period mainly due to the demand from the oil and gas, water and wastewater, chemicals, and automotive industries.”
“There are many investments in these industrial sectors for process automation and to meet the government regulations on workplace safety. This will have a positive impact on the global float switch market as many end-users use these switches for liquid level measurement.”
The report also looked closely at growth in regions across the globe. The Americas accounted for the largest revenue generation in chemical, automotive and power industries. However, APAC is becoming the fastest growing market. The region is seeing investments increase as the need for portable water and treatment grows in China, India and Singapore.
In EMEA, growth has been slower but promise remains. Many manufacturing locations are under pressure to upgrade their facilities to remain compliant with new government regulations.
SMD Fluid Controls, named among the leading vendors in this report, designs and manufactures both horizontal and vertically mountable float switches for a range of industries. Find out more.