Reed Sensor Market Size

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.

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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.