South Korea to introduce second extra budget for this year
SEOUL: South Korea's government will introduce a second supplementary budget for the year on Thursday, after passing a 13.8 trillion won (US$10.13 billion) budget in May, to support an economy weighed down by US tariffs and sluggish consumer demand.
The budget plan will include spending to help the recovery of people's livelihoods and will be taken up at a cabinet meeting, a spokesperson at the presidential office said on Monday.
President Lee Jae-myung, who took office on June 4, has argued for expansionary fiscal policy and cash-like handout schemes to boost consumer demand, as the country's central bank last month slashed this year's economic growth outlook to 0.8 per cent, nearly half the previous 1.5 per cent.
Among specific measures, spending to ease the burden of rising food prices will be included in the plan, Acting Finance Minister Lee Hyoung-il said at a separate meeting on inflation.
At the meeting, the government decided to extend tax breaks on oil products by two months to the end of August, in response to a surge in oil prices amid heightened geopolitical tension in the Middle East.
Financial support and import quota increases were introduced to stabilise rising food prices, which President Lee Jae-myung said were causing "too much pain ", while tax cuts on car purchases were extended until the end of the year to support the auto industry.
South Korea's consumer inflation weakened to a five-month low of 1.9 per cent in May, below the central bank's medium-term target of 2 per cent and market expectations, as petroleum prices dropped 2.3 per cent from a year earlier, but prices of processed food products jumped 4.1 per cent and dining services rose 3.2 per cent.
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In such advanced manufacturing ecosystems, pressure switches play a critical role by providing precise pressure monitoring and enabling responsive control mechanisms to prevent equipment failure, ensure process stability, and meet stringent safety standards. As factories become increasingly digitalized, the need for reliable and efficient pressure management systems becomes more pronounced, thereby driving demand for high-performance pressure switches. Additionally, the integration of these switches into IoT-enabled platforms enhances predictive maintenance capabilities and data-driven decision-making, further boosting their relevance. The SPIE-SEW-Eurodrive partnership exemplifies how the evolving infrastructure of smart manufacturing directly correlates with the growing need for sophisticated sensing and control technologies such as pressure switches, positioning them as indispensable components in the modern industrial landscape. 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As the event unveiled key market trends and innovative solutions, it provided manufacturers and suppliers of pressure switches an ideal environment to network, forge partnerships, and position themselves at the forefront of emerging safety and security technologies in Europe. This exposure not only helped drive market awareness but also opened doors to new business opportunities across sectors increasingly focused on integrated safety systems. Geographical Insights: Asia Pacific is expected to dominate the pressure switches market with the highest market share in 2024. For Detailed Pressure Switches Market Insights, Visit: Market Segmentation In terms of type, the pressure switches market is segmented into electromechanical and solid-state. Based on pressure range, the market is divided into Below 100 Bar, 100-300 Bar, and Above 300 Bar. In terms of application, the pressure switches market is segmented into HVAC, monitoring and control, safety and alarm systems, and hydraulic and pneumatic. In terms of end-users, the market is segmented into automotive and transportation, process and manufacturing, and commercial. The pressure switches market is segmented into five major regions: North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America. Competitive Strategy and Development Key Players: A few major companies operating in the pressure switches market include ABB Ltd, Parker Hannifin Corporation, Danfoss A/S, Barksdale Inc., Cleveland Controls, Eaton, Baumer Holding AG, Schneider Electric, and SMC Corporation, among others. 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The growing emphasis on workplace safety and strict regulatory requirements in sectors such as chemicals, energy, and pharmaceuticals is also fueling adoption. Additionally, the rising integration of pressure switches with IoT-enabled platforms and PLC/SCADA systems is enhancing remote monitoring, predictive maintenance, and system optimization. The development of smart cities and infrastructure projects further increases the need for advanced pressure control in utilities and public safety systems. Moreover, demand for compact, durable, and energy-efficient pressure switches suitable for harsh environments is increasing across sectors such as marine, mining, and aerospace. These trends collectively underscore the growing importance of pressure switches in modern industrial and safety-critical environments. The report from The Insight Partners, therefore, provides several stakeholders—including raw material suppliers, pressure switch manufacturers, and end-users—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities. Purchase Premium Copy of Global Pressure Switches Market Size and Growth Report (2025-2031) at: Trending Related Reports: About Us: The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials. 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