Reed Sensor Market to grow at 7% CAGR to 2024| by top key players Nippon Aleph, NTE Electronics, PIC GmbH, Standex Meder Electronics, Schneider Electric, STG Germany GmbH, Yaskawa Controls, Bernstein AG, Coto Technology, HSI Sensing, Littelfuse
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Reed Sensors Market size is set to exceed USD 2 billion by 2024; according to a new research report by Global Market Insights, Inc. The global shipments are set to grow at 10.5% CAGR between 2018 and 2024. Reed sensors market size is anticipated to grow owing to the increasing demand from the consumer electronics industry for battery-operated applications. The technology is being used in several household appliances such as washing machines, coffee machines, refrigerators, dryers, and dishwaters, etc. The demand for appliances is growing owing to the increasing disposable income of people in Asia Pacific and Latin America, contributing toward the growth of the reed sensors market. The sensors are witnessing an extensive demand from HVAC applications such as air conditioners, compressors & condensers, water flow, gas smart meters, etc.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Bernstein AG
• Coto Technology
• HSI Sensing
• Nippon Aleph
• NTE Electronics Inc.
• PIC GmbH
• Reed Switch Developments Corporation
• Ryazan Metal Ceramics Instrumentation Plant JSC
• Soway Tech Limited
• Standex Meder Electronics
• Schneider Electric
• STG Germany GmbH
• Yaskawa Controls
• Zhejiang Xurui Electronic
Moreover, the growing use of these components for cargo theft prevention and in medical equipment has added an extra value to its portfolio. For instance, the sensors are used in canal hearing aids, driving the demand for reed sensors in the healthcare equipment. The technology enables patients to adjust the volume and program the microelectronics. Other applications of reed sensors in medical equipment include pediatric feeding tubes, pacemakers & defibrillators, dentist drill activation, spirometers, etc.
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The industrial controls & automation segment in the reed sensors market will witness growth to reach over USD 300 million by 2024 due to an increased demand in the industrial sector for ferrous part detection, end-position sensing in cylinders & pistons, and in transformer tap changers. They are considered as the extremophile of sensors as they work efficiently in most harsh environments and can be used from the bottom of the ocean (high pressure) to space (zero pressure) and from very cold (cryogenic temperatures) to very hot (> 200 C). Reed sensors market 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.
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The reed sensors market landscape is highly consolidated with a few major players as manufacturing reed sensors require specialized equipment and technical expertise. Major vendors in the market space 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 components
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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