Surge in Urbanization, Industrialization, and Industrial Automation Driving Rotary Limit Switch Market Growth at a value CAGR of 5.5%, until 2032: Persistence Market Research
Persistence Market ResearchMarket Study on Rotary Limit Switches: Electromechanical Switches to Account for Two-thirds Market ShareNew York, Dec. 22, 2022 (GLOBE NEWSWIRE) -- The global rotary limit…
Market Study on Rotary Limit Switches: Electromechanical Switches to Account for Two-thirds Market Share
New York, Dec. 22, 2022 (GLOBE NEWSWIRE) -- The global rotary limit switch market is estimated to increase at a value CAGR of 5.5% and reach a market valuation of US$ 1.51 Bn by the end of 2032.
Rotary limit switches are experiencing increasing global demand of late due to the growing adoption of industrial automation. Digitization and automation are experiencing a rapid surge in the global manufacturing industry. All the manual operations in the industry are being replaced by automatic systems that do not require human contact. This factor will also increase labor safety in hazardous working conditions. This is being aided by the use of rotary limit switches in end-use industries. Furthermore, the use of rotary limit switches is increasing rapidly in assembly lines in the manufacturing industry.
'Increasing factory automation with a surge in Industry 4.0 norms, along with consistent growth of end-use industrial sectors and urbanization, are expected to have a beneficial effect on market growth,' says a Persistence Market Research analyst.
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Key Takeaways from Market Study
By technology, electromechanical rotary limit switches are projected to hold a market volume share of 66.6% by 2032.
By actuator type, roller-actuated rotary limit switches are anticipated to account for the largest market share of 58.1% by 2032.
By operation, the momentary/spring return segment is projected to hold a market share of 74.2% by 2032.
By application, hazardous location limit switches will enjoy a prominent share of 42.7% by 2032.
By end use, the materials handling and transportation industry is projected to create an absolute $ opportunity of US$ 197.3 Mn by 2032.
By 2032, North America is expected to account for the largest share of the global market at 23.6%.
Additionally, global sales of rotary limit switches are increasing due to Industry 4.0 norms. Also, smart cities have crucial infrastructure made up of a network of sensors, cameras, wireless devices, and data centers that enable civic authorities to deliver basic services more quickly and effectively. The use of rotary switches will increase in escalators and elevators with the growing number of smart cities and advanced infrastructure worldwide.
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By making new technological advancements, industry players are attempting to increase their market share. Top players are looking to collaborate more with other manufacturers to grow their companies. To improve their total operating efficiency, several key competitors are working on further product development.
Some of the key rotary limit switch manufacturers included in the report are Schneider Electric, Siemens AG, Honeywell International Inc., Eaton, and OMRON Corporation.
The market for rotary limit switches is anticipated to develop over time due to rising demand from end-use application areas such as the mining & metal, construction, oil & gas, and other manufacturing sectors. Over the coming years, the market is anticipated to expand as demand for rotary limit switches surges in developing smart cities and mega infrastructure projects. Manufacturers are focusing on expanding their product portfolios through mergers & acquisitions with other market players.
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Persistence Market Research, a research and consulting firm, has published a revised market research report on the electric cargo bike market that contains a global industry analysis of 2017–2021 and an opportunity assessment for 2022–2032. The report provides in-depth analysis of the market through different segments, namely, product type, end use, and region.
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