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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.
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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.
Key Takeaways from Market Study
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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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