Market Research Future (MRFR), highlights the projected exponential rise of the global reed sensor market in 2020 over the forecast period, thus ensuring significant market value from USD 1.55 billion in 2017 to USD 2.37 billion by 2023, at a steady 7.43% CAGR over the review period.
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The increasing use of reed sensors in home appliances, HVAC, and smart meters cause demand for reed sensors to increase. Furthermore, the ability to work in harsh environments and features such as low power consumption are some of the factors that fuel growth in this sector. Growing safety and security features and other features in public buildings and vehicles is increasing demand for the sector for reed sensors. Increasing reed sensor innovation for monitoring oil level in the automotive industry, increasing policy measures to protect endangered fish species, are expected to boost the reed sensor market. Additionally, the restoration of fish farming to increase the population of endangered species by using a reed sensor to track migratory fishing habits is also driving the market growth.
Less adoption of reed sensors in the various industries, a tendency to break problems during deployment of reed sensors in the automotive industry and the need for higher initial investment in capital are some of the constraints that impede the growth of the reed sensor market. Nevertheless, the development of reed sensor technology by the numerous emerging and well-established manufacturers is anticipated in the near future to overcome these constraints.
Reed sensor market is analyzed based on type, application, and mount type.
Based on the type, the reed sensors market is divided into ultra-miniature, metal detection reed sensor, high-voltage reed sensor, dry-reed sensor, high-temperature reed sensor, and mercury-wetted reed sensor.
Based on the mount type, the reed sensor market is bifurcated into panel mount, surface mount, screw mount, and thread mount.
Based on application, the reed sensor market is segmented into automotive & transportation, consumer electronics & appliances, telecommunications, safety & security, healthcare, robotics & automation, construction, and others.
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Asia-Pacific is also expected to find excellent opportunities for growth in this market, owing to increasing usage of reed sensors in automobiles and consumer appliances. The market in APAC is expected to witness substantial growth. Increasing reed sensor innovation for monitoring oil level in the automotive industry, increasing policy measures to protect endangered fish species, are expected to boost the reed sensor market.
The existence of well-established and new market players in North America that provide reed sensors increases the growth of the reed sensor market in that region. Less adoption of reed sensors in the different industries, the propensity to break complications during the installation of reed sensors in the automotive sector and the essential for higher initial capital investment are some of the constraints that impede the growth of the reed sensor market.
North America, followed by Europe, is expected to show significant growth due to increased adoption of cars, strong focus on technical innovation, the participation of well-established and emerging players providing reed sensors. Furthermore, Latin America and the Middle East and Africa are expected to show considerable growth in the reed sensor market during the forecast period.
The prominent market players operating in the global reed sensor market as identified by MRFR are Littelfuse Inc. (US), RMCIP (Russia), STG Germany GmbH (Germany), HSI Sensing (US), Standex Electronics, Inc. (US), Coto Technology (US), PIC GmbH (Germany), America Corporation (US), Pickering Electronics Ltd (UK), and Zhejiang Xurui Electronic (China) among others.
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