About Industrial Control Switches
Limit switches are the fastest growing segment and account for nearly half of the overall industrial control switches market. End-users prefer switches that hold certifications, such as European Union (CE certification) and Canadian Standards Association (CSA), to prevent factory accidents and frequent switch failures. However, these certification preferences tend to vary from industry to industry, and the cost of the switches depends on these certifications.
Technavio’s analysts forecast the global industrial control switches market to grow at a CAGR of 3.44% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global industrial control switches market for 2016-2020. To calculate the market size, the report considers the revenue generated from the following product types:
Technavio Announces the Publication of its Research Report – Global Industrial Control Switches Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Industrial Control Switches Market: ABB, Eaton, Emerson Electric, GE, Rockwell Automation and Schneider Electric.
Other Prominent Vendors in the market are: Altech Corp, C&K Components, Carling Technologies, CG Power Systems, Cherry Electrical Products, Chint, Delixi Electric, E-Switch, EECO, Fuji electric, Grayhill, Honeywell, Kaycee Industries, LG, Marquardt Switches, Mersen, Microprecision, NKK Switches, Omron, Schurter, Siemens, Socomec, TE Connectivity, Tengen, and Turck.
Commenting on the report, an analyst from Technavio’s team said: “Manufacturers are increasingly looking at standardization in their manufacturing facilities in addition to seeking economies of scale to reduce operational costs. The concept of automation, the IoT and other automation solutions are gaining significance in the market. Such technologies can reduce manual intervention and help industries to cut costs.”
According to the report, stringent regulations, such as process safety management guidelines related to health and environmental safety and excess power consumption, are leading to companies modernizing plants with advanced automation and instrumentation solutions. This is expected to boost the demand for industrial switches in mining, heavy machinery manufacturing power, automotive, oil and gas, and F&B industries, among others.
Further, the report states that slowing economy of major countries is restricting the market growth.
ABB, Eaton, Emerson Electric, GE, Rockwell Automation, Schneider Electric, Altech Corp, C&K Components, Carling Technologies, CG Power Systems, Cherry Electrical Products, Chint, Delixi Electric, E-Switch, EECO, Fuji electric, Grayhill, Honeywell, Kaycee Industries, LG, Marquardt Switches, Mersen, Microprecision, NKK Switches, Omron, Schurter, Siemens, Socomec, TE Connectivity, Tengen, Turck.
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