Reed Sensor Market 2020 by Trends, Market Share, Size, Growth, Opportunities Forecast 2023
Global Reed Sensor Market Overview
The global reed sensor market is anticipated to ascend at 7.43% CAGR, reaching a market valuation of USD 2.37 billion by the end of the forecast period, as per the latest MRFR report
Mounting use of reed sensors in the automotive industry is one of the most significant factors contributing to the growth of the reed sensor market. Apart from that, reed sensors have a variety of applications in other industries such as consumer electronics, telecommunications, robotics and automation, and safety & security. Such a wide scope of application is another factor supplementing market growth for reed sensors.
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However, susceptibility towards breakage at the time of installation is one of the major factors hampering the reed sensor market growth. Use of reed sensors in electric vehicles is, however, expected to neutralize the impact of such restraint on the market, setting it on an impressive growth trajectory. These manufacturers are facing certain challenges in the upscaling of efficiency and reliability of reed sensors. Hence, most manufacturers are observed to invest heartily in the research and development of reed sensors that are cost-effective and reliable, promoting demand for the same.
Key Players
Some distinguished vendors in reed sensor market include Littelfuse Inc. (US), HSI Sensing (US), RMCIP (Russia), Standex Electronics, Inc. (US), PIC GmbH (Germany), Coto Technology (US), Pickering Electronics Ltd (UK), Aleph America Corporation (US), STG Germany GmbH (Germany), and Zhejiang Xurui Electronic (China).
Industry Update
November 2018: A team of Indian researchers recently developed a nanotechnology-based crash sensor which can activate airbags in automobiles at a faster pace than conventional technology.
Market Segmentation
The global reed sensor market is analyzed for segments based on mount type, type, application, and region. Based on mount type, the market segments studied in the report include panel mount, surface mount, screw mount, and thread mount. Based on type, the global reed sensor market is segmented and studied for the segments of high-voltage reed sensor, high-temperature reed sensor, ultra-miniature, metal detection reed sensor, mercury-wetted reed sensor, and dry-reed sensor. By application, the global reed sensor market includes the segments of consumer electronics & appliances, robotics and automation, automotive and transportation, safety & security, construction, and healthcare.
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Detailed Regional Analysis
The global reed sensor market has been studied for the regional segments of North America, Europe, Asia-Pacific, and the rest of the world. North America is estimated to ascend at a significant pace during the forecast period, as per the MRFR report. This can be owed to the continuous focus of market vendors in the region on technology innovation for the improvement of accuracy of reed sensors.
Asia Pacific is estimated to grow at the fastest rate during the forecast period, owing to the increasing demand for electronic devices and vehicles which are integrated by reed sensors. Asia Pacific is also observed to spend heartily on the development of robotics systems which include drones for applications in the industrial, service, and consumer robotics industries, and after-market hardware. This is estimated to contribute to the impressive growth trajectory taken on by the APAC’s reed sensor market.
Competitive Analysis
Advancements noted in the sensor technology have encouraged manufacturers to develop miniaturized devices. This, in turn, is estimated to propel the demand for reed sensors. Market players are adopting new product development and enhancement strategies to maintain their market position, while trying to capture new markets and gaining market dominance. For instance, a US-based designer and manufacturer of standard and custom magnetic reed switch and proximity sensor, Reed Switch Developments, started to offer all standard and custom reed switch sensors, magnetic reed switches and bare reeds with the availability of most stock quantities.
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