In the research report, Market Research Future (MRFR), highlights that the global reed sesor market 2020 is slated to grow exponentially over the review period, securing a considerable market valuation from USD 1.55 billion in 2017 to USD 2.37 billion by 2023, and a healthy 7.43% CAGR over the review period.
Drivers and Restraints
Growing use of reed sensors in home appliances, HVAC, and smart meters drives growth in the demand for reed sensors. In addition, the ability to operate in harsh environments and features such as low power consumption are some of the factors that fuel this market's growth The increase in safety and security features and other features in public buildings and vehicles is rising demand for the reed sensor market. The presence of well-established and new market players in North America providing reed sensor boosts the development of the reed switch sensor market in this area. Moreover, Asia-Pacific is expected to find good growth opportunity in this market owing to increasing use of reed sensors in vehicles and consumer appliances. Rising innovation of reed sensor for tracking oil level in the automotive industry, rising government initiatives to safeguard endangered fish species, is expected to boost the reed sensor market. In addition, the restoration of fish farming to increase the population of endangered species through the use of reed sensor to monitor fish migratory habits.
Less adoption of reed sensors in the various industries, the propensity to breakage problems during installation of reed sensors in the automotive industry and the need for higher initial capital investment are some of the constraints that hinder the growth of the reed sensor market. However, the advancement in the technology of reed sensor by the numerous emerging and well established manufactures are slated to overcome these restraints in near future.
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Reed sensor market is segmented on the basis of application, type, mount type, and region.
Based on the type, the market is divided into ultra-miniature, high-voltage reed sensor, dry-reed sensor, metal detection reed sensor, high-temperature reed sensor, and mercury-wetted reed sensor.
On the basis of mount type, the reed sensor market is segmented into surface mount, screw mount, panel mount, and thread mount.
Based on application, the reed sensor market is segmented into automotive & transportation, consumer electronics & appliances, robotics & automation, telecommunications, safety & security, healthcare, construction, and others.
Rising innovation of reed sensor for tracking oil level in the automotive industry, rising government initiatives to safeguard endangered fish species, is expected to boost the reed sensor market. In addition, the restoration of fish farming to increase the population of endangered species through the use of reed sensor to monitor fish migratory habits.
Less adoption of reed sensors in the various industries, the propensity to breakage problems during installation of reed sensors in the automotive industry and the need for higher initial capital investment are some of the constraints that hinder the growth of the reed sensor market.
It is anticipated that North America followed by Europe will show substantial growth due to increased automotive adoption, high emphasis on technological innovation, the involvement of well-established and emerging players providing reed sensors. In addition, during the forecast period, Latin America and the Middle East and Africa are projected to show considerable growth on the reed sensor market.
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The major market players operating in the global reed sensor market as identified by MRFR are STG Germany GmbH (Germany), Littelfuse Inc. (US), RMCIP (Russia), HSI Sensing (US), Standex Electronics, Inc. (US), PIC GmbH (Germany), Pickering Electronics Ltd (UK), Coto Technology (US),Aleph America Corporation (US), and Zhejiang Xurui Electronic (China) among others.
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