According to a new market report published by Transparency Market Research titled ‘Surface Mount Switch Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ the global surface mount switch market was valued at US$ 3,173.05 Mn in 2017 and is expected to expand at a CAGR of 8.30% from 2018 to 2026, to reach US$ 6,480.7 Mn by the end of the forecast period.
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Expansion in the Consumer Electronics Industry across the Globe to Propel the Surface Mount Switch Market
The global consumer electronics industry is likely to expand at a robust rate in the coming years. As per estimates of the Consumer Technology Associations (CTA), revenue in the U.S. consumer electronics industry rose 3.2% in 2017 over 2016. Revenues from the industry were valued at US$ 321 Bn in 2017. Rise in demand for smartphones and the small replacement cycles of electronics devices are fuelling the consumer electronics industry across the globe. Consumer electronic devices are one of the primary users of surface mount switches. Therefore, a rise in demand for consumer electronics across the globe is a significant growth driver for the surface mount switch market.
Industrial Control Segment to Constitute Major Revenue Share
The industrial control segment constituted a major revenue share of around 35% in 2017, followed by the consumer electronics segment. The advent of automation and its rapid adoption are fuelling the global surface mount switch market. Machine-to-machine communication, machinery controls, safety and security systems, and PLC and motion controllers used in industrial automation largely employ surface mount switches. Hence, rapid adoption of industrial automation is anticipated to fuel the surface mount switch market in the near future.
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