According to the new research report "Reed Sensor Market
by Type, Contact Position (Form A, Form B, Form C), Application
(Automotive & Transportation, Consumer Electronics & Appliances,
Robotics & Automation, Safety & Security), and Geography -
Global Forecast to 2023", the reed sensor market is expected
to grow from USD 1.61 billion in 2018 to USD 2.30 billion by 2023, at a
CAGR of 7.40% during the forecast period. The growth of this market is
mainly driven by factors such as use of reed sensors in the automotive
industry; application of reed sensors in home appliances, HVAC, and
smart meters; and benefit of low operating power and capable of working
in harsh environments.
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https://www.marketsandmarkets.com/pdfdownload.asp?id=139248048
Dry reed sensors to hold largest share of reed sensor market by 2023
Dry reed sensors are expected to hold the largest
share of the reed sensor market based on type, in terms of value, by
2023. The largest share of the sensors based on this technology is
attributed to its features such as long life, contacts isolated from the
environment, low operating power, low cost compared with other magnetic
devices, and superior glass-to-metal seal. The dry-reed sensor is used
for a wide range of applications such as automotive and transportation,
security and safety, and consumer electronics and appliances.
Reed sensor market for robotics & automation application to grow at highest CAGR from 2018 to 2023
The reed sensor market for robotics and automation
applications is expected to grow at the highest CAGR from 2018 to 2023.
In the robotics and automation application, reed sensors are used in
various parts such as robotic arm movement (pick and place), visual
indication (alarm), liquid flow and level monitoring, inventory
management systems, and machinery ignition systems. Reed sensors are
used as proximity sensors to control robotic motion, conveyor speed,
location, and angle. The increase in automation in the manufacturing
field helps in the growth of the reed sensor market.
APAC to dominate reed sensor market during forecast period
The reed sensor market in APAC is expected to grow at
the highest CAGR during the forecast period. The rise in disposable
income in APAC countries has led to the increase in the demand for
vehicles and consumer appliances, which, in turn, increased the growth
of the reed sensor market in this region. The increasing penetration of
reed sensors and the influx of global players, along with the emergence
of native players, are contributing to the growth of the market. As a
result, APAC holds a significant share of the overall reed sensor
market.
The key players in the market include Littelfuse
(US), HSI Sensing (US), RMCIP (Russia), Standex-Meder Electronics (US),
PIC GmbH (Germany), Coto Technology (US), Pickering Electronics (UK),
Aleph America (US), STG Germany GmbH (Germany), and Zhejiang Xurui
Electronic (China). These players are increasingly undertaking mergers
and acquisitions, and product launches to develop and introduce new
technologies and products in the market.
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