I Zack M. am a hoarder and must collect everything.
I have seen videos of players with what looks like hundreds! doubt those were found naturally, maybe thru console.
My first base had 12 of the repair stations, since I've moved to a new home at the airport I've 4 PA Stations (1 for my Leaded MK VI X-01 that I'm using now and 3 with X-01 in the middle of being configured differently) and 9 standing ready (now configured as 3 T-45, 3 T-51, 2 T-60 & 1 Raider II).....I also just found another T-45 in a new location. I purpose built my new base primarily for the Power Armor Storage, as my Protagonist actually lives under the workshop (also has a weapons, armour and chemistry stations), rather than having all the armor spread around the settlement, also no damn settlers at this location.
I can probably fit another six power armor in the existing building after that I'll be expanding the base to house my stock of power armor.......I may one day have enough to build separate buildings for each type of armor if I find enough or start buying frames.
I have 10 at level 26. I just gave my tricked out T45 to Sanctuary and am staring to bring them all up to snuff for other settlements. My T51 I'll probably keep around for a while but I drive a T60E these days.
At level 67, I have around 20 at Red Rocket (can't keep track anymore), both inside and outside. I'm still finding them and missed one last night because a raider jumped into one and die. I don't wear PA when wandering about because I want to be able to jump into one and bring it home. My best haul was 2 PA's when I had my companion get into the other one.
There is no limit for PA in settlements.
Settlement limit is only for building things.
there isn't a limit, other than how many you can physically fit