The overall reed sensor market is expected to grow
from USD 1.49 billion in 2017 to USD 2.30 billion by 2023, at a CAGR of
7.40% from 2018 to 2023. Reed sensors offer several advantages, such as
simple and reliable sensing and actuation capabilities; low cost and
zero power requirement for operation; and safe to use in harsh
industrial environments, which, in turn, help in the growth of the
market. The reed sensor market is gaining traction with the emergence of
new applications and technologies. These sensors are being used in many
applications such as telecommunications, automotive and transportation,
consumer electronics and appliances, safety and security, healthcare,
construction, robotics and automation, and other applications. The base
year considered for the study is 2017, and the forecast has been
provided from 2018 to 2023.
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Market Dynamics
Drivers
- Use of reed sensors in automotive industry
- Reed sensor applications in home appliances, HVAC, and smart meters
- Benefit of low operating power and capable of working in harsh environments
Restraints
- Size of reed sensors
Opportunities
- Use of reed sensors in emerging technologies
Challenges
- Efficiency and reliability of reed sensors
Use of reed sensors in automotive industry drives global reed sensor market
A number of sensors are incorporated in a vehicle to
ensure the smooth functioning of its various parts. Almost all areas of
automotive interiors use reed sensors for reliable and safe operations.
The low operating power and long life of reed sensors make it ideal for
use in various applications in the automotive industry. For instance,
reed sensors are used in automobile sun visors, early brake sensing,
exhaust emission sensing, power windows, fuel cap position sensing,
anti-lock braking system, coolant flow sensing, defective lamp
detection, low fluid level monitoring, visual indicators of battery
life, seatbelt lock sensing, accidental airbag deployment prevention,
door sensors in cars, cruise control, and power steering, among others.
Therefore, the ever-growing automotive industry drives the growth of the
reed sensor market.
The following are the major Objectives of the Study.
- To describe and forecast the reed sensor market, in terms of value, by type, contact position, and application
- To describe and forecast the market, in terms of volume, by type and application
- To describe and forecast the reed sensor market, in terms of value, by region Asia Pacific (APAC), Europe, North America, and Rest of the World (RoW), along with their respective countries
- To provide detailed information regarding major factors influencing market growth (drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To study the complete value chain of reed sensor
- To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the reed sensor ecosystem
- To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing competitive landscape for market leaders
- To analyze strategic approaches such as product launches, acquisitions, contracts, agreements, and partnerships in the reed sensor market
During this research study, major players operating
in the reed sensor market in various regions have been identified, and
their offerings, regional presence, and distribution channels have been
analyzed through in-depth discussions. Top-down and bottom-up approaches
have been used to determine the overall market size. Sizes of the other
individual markets have been estimated using the percentage splits
obtained through secondary sources such as Hoovers, Bloomberg
BusinessWeek, and Factiva, along with primary respondents. The entire
procedure includes the study of the annual and financial reports of the
top market players and extensive interviews with industry experts such
as CEOs, VPs, directors, and marketing executives for key insights (both
qualitative and quantitative) pertaining to the market. The figure
below shows the breakdown of the primaries on the basis of the company
type, designation, and region considered during the research study.
To know about the assumptions considered for the study, download the pdf brochure
The reed sensor market comprises a network of players
involved in the research and product development, raw material supply,
component manufacturing, distribution and sale, and post-sales services.
Key players considered in the analysis of the reed sensor market are
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).
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