Reed Sensor Market Size & Share 2021 to 2027
Market Size by Mounting Type (Panel Mount Reed Sensor, Surface Mount Reed Sensor, Thread Mount Reed Sensor, Screw Mount Reed Sensor), by Contact Position (Form A, Form B, Form C), by Industry Vertical & Forecast.
Report ID: GMI2965
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Published Date: December 2021
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Report Format: PDF
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Authors:
Suraj Gujar, Ankita Chavan
Reed Sensor Market Size
Reed Sensor Market size exceeded USD 1 billion in 2020 and is anticipated to grow at over 7% CAGR from 2021 to 2027. The global industry unit shipments are projected to reach above 1,500 million units by 2027.
The reed sensor market growth is attributed to increasing adoption of these sensors in smart home technology products across the globe. These sensors are widely integrated into smart home appliances such as smart HVAC systems, smart door lock systems, dish washers, coffeemakers, and microwaves, among others. Reed sensor provide several benefits, such as high precision, low-power consumption & contact-less sensing, further increasing their acceptance in the market. Smart home products are expected to generate a revenue of USD 15 billion in the U.S. with a y-o-y growth rate of 11% compared to 2020. Adding to this, the proliferation of IoT and AI-based smart home technology products are predicted to support the market expansion during the forecast period.
The COVID-19 pandemic has severely affected the reed sensor market progression is credited to the prolonged shutdown of consumer electronics, home appliance, and automotive manufacturing facilities in early 2020. In first half of 2020, market players witnessed various challenges such as disruptions in raw material and component supply chains and international trade restrictions imposed by regulatory bodies & governments across the globe. However, in 2021, several automotive OEMs have reopened their production facilities and are focusing on mass production of passenger cars, majorly hybrid electric vehicles.
Reed Sensor Market Analysis
The surface mount reed sensor held 40% of the market share in 2020 and is poised to observe 8.5% growth rate through 2027. The industry growth is driven by several high-end features offered by surface mount reed sensor such as low-power consumption, smaller footprint, higher switching accuracy, and long life-cycle. These features increase their usage across the industrial and healthcare sectors. Adding to this, the contact-less sensing and low-power switching features further increases their uptake in portable and battery-powered medical devices.
Market leaders are focusing on integrating advanced packaging technology in sensor manufacturing to reduce the overall device footprint and increase the operational life-cycle, further contributing to the segment growth.
The form A contact position segment in the reed sensor market dominated more than 75% of revenue share in 2020 and is estimated to attain a CAGR of 12% CAGR till 2027. The industry expansion is led by high precision and accuracy provided by the form A type contact position. Reed sensor that are form A type are based on Single-Pull Single-Throw (SPST) mechanism due to this it has a higher switching speed compared to other sensors in the market.
The Normally Open (NO) configuration of form A type sensors are highly suitable for test & measurement equipment and subsystems including IC testers, SoC test systems & semiconductor test equipment. Growth is majorly attributed to increasing uptake of semiconductor test equipment from foundries and IDMs across Asia Pacific, majorly China. Burgeoning growth of semiconductor test & measurement systems across China will fuel industry progression during the forecast timeline.
The automotive segment accounted for 30% of the market share in 2020 and is poised to expand at more than 8% CAGR by 2027. Growth is owing to the increasing adoption of reed-based sensing technology in various automotive systems such as cruise control, ADAS, infotainment & communication systems, and automotive safety systems. These sensors are also integrated into on-board chargers and battery management systems of electric cars. The proliferation of new electric vehicles across European economies, majorly Germany and France, is slated to stimulate the industry demand.
Asia Pacific reed sensor market held 40% of revenue share in 2020 and will showcase 8.5% gains during 2021 to 2027. Growth is credited to favorable government schemes and initiatives supporting smart factory adoption in the region. The smart factories will be assembled with automated manufacturing facilities, leveraging advanced technologies such as AI, machine learning, IoT devices & advance sensors. The reed switches and sensors are highly integrated into industrial equipment including robotics, and automation equipment for proximity, level & flow sensing applications. The extensive penetration of industrial robots in these smart factories will further foster the industry revenue.
Reed Sensor Market Share
Key players operating in the reed sensor market are
These companies are emphasizing on strategic merger and acquisition activities to achieve a competitive advantage over other participants.
The reed sensor market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2027 for the following segments:
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Market, By Mounting Type
Market, By Contact Position
Market, By Industry Vertical
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
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