NEW YORK, March 16, 2022 (GLOBE NEWSWIRE) -- The global limit switch market is anticipated to witness a growth rate of around 6.1% over the decade. Market growth is mainly attributed to the rise in digitalization and growing industrial sector, among other factors.
Use of limit switches has seen substantial growth in the last few years, prominently due to increasing demand from end-use applications. Factors such as factory automation and Industry 4.0 are playing a pivotal role in the growth of the market. Additionally, rising demand from metal and mining due to increased battery manufacturing, and growing investments in the transportation industry, particularly in the railway sector, have been optimistically impacting demand growth for limit switched.
The global limit switch market was significantly impacted by the COVID-19 pandemic. In FY2020, market growth was limited by a significant drop in its end-use industries, and the manufacturing sector was one of the most critically impacted. However, with increased vaccination rates and a lower COVID-19 case count, as well as government programs, tax reliefs, and other economic efforts, sales of limit switches are expected to regain traction over the coming quarters.
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Key Takeaways from Market Study
- Global demand of limit switches is forecasted to reach a value of US$ 3.34 Bn by the end of 2032.
- East Asia is one of the key markets accounting for over 27% of the global market share in the year 2021.
- By product type, demand for heavy-duty limit switches is anticipated to witness a CAGR of 6.3% on value basis over the decade.
- The market in India is expected to expand at a substantial growth rate of 7.6% CAGR through 2032.
- South Asia & Pacific is set to remain the fastest growing regional market from 2022 to 2032.
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“Growing factory automation in Europe and the U.S. coupled with expanding manufacturing sector in South Asia Pacific will create a crux of opportunities for market players over the coming years,” says a Persistence Market Research analyst.
Competitive Landscape
The global market for limit switches has been identified as a moderately consolidated space with leading companies accounting for around half of the market share.
Some of the key market players included in the report are Schneider Electric, Siemens AG, Honeywell International Inc, Eaton, OMRON Corporation, Bernstein AG, and others. Key market participants are expected to maintain a competitive environment all over the globe.
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More Valuable Insights Available
Persistence Market Research, a research and consulting firm, has published a new market research report on the global limit switch market that contains industry analysis of 2017–2021 and opportunity assessment for 2022–2032.
The report provides in-depth analysis of the market through different segments, namely, product type, actuator type, operation, end use, and region. The report also provides supply and demand trends along with an overview of the parent market.
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