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Technavio’s market research analyst predicts the global industrial control switches market to grow steadily at a CAGR of around 3% during the forecast period. Due to the wide range of applications in manufacturing processes, such as material handling, packaging, assembly, robot cells, conveyor systems, and transport systems, the need for control switches is estimated to increase. Moreover, the ability of control switches to lower the chances of machine breakdown and to reduce the need for continuous maintenance by bringing about operational stability will result in its augmented adoption during the forecast period.
In this market analysis, analysts have estimated eminent factors, such as the rising need for power control, to impel market growth during the predicted period. Recently, it has been observed that the process of industrialization in developed countries such as Japan, the US, and Germany - is being replicated in emerging economies like China, India, and Brazil. Such infrastructure expansion will necessitate the extensive utilization of power control switches like disconnect switches, cam switches, and push buttons as they help to bring about operational stability. Similarly, in the automotive industry, industrial control switches are in high demand as they help users to control machines that operate at variable speeds.
In this segmentation analysis, analysts have estimated the limit switches segment to account for nearly half of the total market share during the forecast period. The extensive adoption limit switches across various end-user industries like automotive, metals and mining, plastic, glass, and heavy machinery will result in this segment’s high growth during the forecast period.
The APAC region currently accounts for about 36% of the total market share and is envisaged to be the fastest growing market segment during the forecast period. Much of this region’s strong growth can be attributed to the rising demand for industrial switches from developing economies like China, Japan, South Korea, and India. Furthermore, factors such as growing investments in the power and manufacturing sectors will also spur the demand for industrial control switches during the predicted period.
The industrial control switches market is highly competitive as many vendors provide the same products without much differentiation. Due to the rising competition between key vendors and domestic suppliers, the level of competition in this market is anticipated to escalate rapidly over the next few years. To survive in this market, the vendors have to adopt strategies like M&A as it will help them to bolster their product offerings and revenue generating capacity.
The leading vendors in the market are -
Other prominent vendors in the market include Altech, C & K Components, Carling Technologies, CG Power Systems, Cherry Electrical Products, Chint, Delixi Electric, E-Switch, EECO, Fuji Electric, Grayhill, Honeywell International, Kaycee Industries, LG, Marquardt Switches, Mersen, Microprecision, NKK Switches, Omron, Schurter, Siemens, Socomec, TE Connectivity, Tengen, and Turck.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Appendix
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