Reed Sensors Market worth over $2bn by 2024
Published Date: October 22, 2018 Authors: Preeti Wadhwani, Shubhangi Yadav
Reed Sensors Market size is set to exceed USD 2 billion by 2024, according to a new research report by Global Market Insights, Inc.
Increasing demand for reed sensors from the consumer electronics sector for battery-operated applications will boost the market growth. Moreover, the technology is being used in several household appliances such as washing machines, coffee machines, refrigerators, dryers, and dishwaters, etc. The sensors are also witnessing an extensive demand from HVAC applications such as air conditioners, compressors & condensers, water flow, and smart gas meters.
Furthermore, the growing use of these sensors in medical equipment has added an extra value to its portfolio. The applications of reed sensors in medical equipment include hearing aids, pediatric feeding tubes, pacemakers & defibrillators, dentist drill activation, and spirometers.
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The industrial controls & automation segment in the reed sensors market is predicted to reach USD 300 million by 2024 owing to an increased demand in the industrial sector for ferrous part detection, end-position sensing in cylinders & pistons, and in transformer tap changers.
Additionally, reed sensor is witnessing a huge demand in lock systems as they consume low power and serve as a desired solution for many emerging security applications that use battery-powered devices with wireless controllers.
Browse key industry insights spread across 310 pages with 409 market data tables & 23 figures & charts from the report, “Reed Sensors Market Size By Product (Dry, Mercury Wetted), By Contact Position (Form A, Form C), By Application (Automotive, Consumer Electronics, Telecommunications, Healthcare, Construction & Security, Industrial Controls & Automation), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:
Asia Pacific reed sensors market in terms of unit shipment is slated to expand at 12.5% CAGR from 2018 to 2024. This is attributed to established electronic and automotive industries in Taiwan and China respectively. Growing demand for smart home devices in South Korea is further contributing toward the industry growth. Moreover, high demand for remote home monitoring systems is creating opportunities for the market as many manufacturers are expanding their smart home product portfolios.
The reed sensor industry landscape is highly consolidated with a few major players as manufacturing reed sensors require specialized equipment and technical expertise. Major vendors in the market are Standex Meder, Littelfuse, HSI Sensing, Coto Technology, Nippon Aleph, and others.
The gap between demand and supply for reed sensors and disruption in the production capacities of these players can have a severe impact on the global supply of these sensors. These companies are launching new products in the industry and are also expanding their distribution networks to cater to the growing demands across several industries.