Reed Sensors Market size is set to surpass USD 2 billion by 2027, according to a new research report by Global Market Insights Inc.
The market growth is attributed to its increasing adoption in several automotive systems such as body electronics, infotainment & communication, and automotive safety systems. These sensors are highly integrated into the charging ports of electric vehicles, which help them to achieve a precise locking indication on the battery charging controller. Reed sensor also find applications in vehicle charging infrastructure to shorten the charging time.
One of the restraining factors in the market is the increasing acceptance of alternative switching technologies such as Hall effect and magnetoresistance-based sensors. Furthermore, these sensors are prone to breakage during installation in automobiles and the high capital expenditure associated with the development & maintenance are impeding market adoption of reed technology-based components. Several companies are investing heavily in the development of highly reliable & durable sensing technology and manufacturing of small-sized sensors for use in miniature electronic devices, further limiting the industry growth.
Increasing uptake of screw mount reed sensor in industrial robotics and automation will spur the market expansion
Get more details on this report - Request Free Sample PDF
The screw mount reed sensor segment held 20% of the market share in 2020 and is projected to witness 7.5% growth rate through 2027. The market progression is driven by several high-end features offered by screw mount reed sensor such as high-speed switching, low energy consumption, robustness, and adjustable sensitivity control, among others. These features increase their usage across industrial robotics and automation. Screw mount reed sensor are extensively used in the detection and measurement of parameters such as proximity, level, motion & position of the object. These sensors are heavily integrated into various industrial equipment, such as programmable controllers, automated assemblies, and servo positioning systems, to effectively manage the process control operations. The acceptance of robotics in industrial applications is high, which is likely to boost the demand for position sensing applications and fuel the growth for screw mount reed sensor.
Browse key industry insights spread across 250 pages with 431 market data tables and 30 figures & charts from the report, “Reed Sensors 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 (Automotive, Electronics & Communication, Healthcare, Industrial, Construction & Security), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027”, in detail along with the table of contents:
Rising usage of form C reed sensor in security and safety systems to foster the market value
The form C contact position segment in the reed sensors market accounted for 15% of revenue share in 2020 and is poised to expand at more than 6.5% CAGR till 2027. Form C-based reed sensing technology can perform all the capabilities of form A and B, collectively in a compact, single & hermetically sealed package. These sensors also offer several advantages over form B contact position, such as full band control, low insertion loss & high isolation management, fueling the demand for reed sensor. Form C-based sensors are highly adopted in safety and security applications, such as alarms, security systems & machine safety systems, as it offers high switching speed and low-power consumption.
Favorable government initiatives to promote large-scale electronics manufacturing will impel the market demand
The electronics and communication segment accounted for 25% of the market share in 2020 and is estimated to attain a CAGR of 8.5% by 2027. Growth is credited to the rising adoption of advanced consumer electronics such as cellular phones, tablets, portable PCs, and notebooks. These electronics are extensively integrated with reed sensing technology owing to its ability to control the power and voltage of the batteries. Furthermore, the industry expansion in the electronics sector is influenced by the several features offered including low-power consumption, compactness, and functional reliability.
Several governments are taking initiatives to promote the domestic manufacturing of electronics and communication components, which will stimulate the acceptance of reed-based sensors in the coming years.
Growing demand for safe healthcare equipment in North America to accelerate the market revenue
North America reed sensors market is anticipated to grow at a CAGR of 7.5% during 2021 to 2027 led by the rising government initiatives to boost healthcare equipment manufacturing in the region. For instance, in October 2021, the American Department of Health and Human services invested USD 560 million to support healthcare product manufacturing of COVID-19 test kits and increase the supply chain availability. The administration is also aiming to enhance the manufacturing of key healthcare products, such as nerve stimulators, spirometers, canal hearing aids, and others, to increase domestic supply. These healthcare devices are equipped with reed sensing chipsets to enhance accuracy and offer safety to the patients.
Key players operating in the market include Littelfuse, HIS Sensing, Standex-Meder Electronics, TE Connectivity, PIC GmbH, and Coto Technology. These market leaders are constantly engaged in new strategies, such as mergers and acquisitions, to expand their product offerings and meet the high demand.