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Mar 25, 2022, 06:30 ET
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NEW YORK, March 25, 2022 /PRNewswire/ — 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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"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.
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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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.
About Persistence Market Research:
Persistence Market Research (PMR), as a 3rd-party research organization, does operate through an exclusive amalgamation of market research and data analytics for helping businesses ride high, irrespective of the turbulence faced on the account of financial/natural crunches.
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
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