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Reed Sensor Market Growth Potential with Major Industry Players Littelfuse, Standex-Meder Electronics and YASKAWA Europe

12-19-2018 11:32 AM CET | IT, New Media & Software

Press release from: Global Market Insights, Inc.

/ PR Agency: Global Market Insights, Inc.
Reed Sensor Market

Reed Sensor Market

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.

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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.

The automotive industry held a majority revenue share of nearly 30% in 2017. The globally flourishing automotive sector is one of the major propellers of the reed sensor market. There is a significant demand for these products in automotive systems for relays, entertainment, communication, and safety. These components serve a plethora of applications including seatbelt locking, anti-theft alarm, power windows, door-latch sensing, coolant flow sensing, speed sensing, seatbelt lock sensing, inclination sensing, etc.

Asia Pacific reed sensors market dominates the industry and is expected to grow in terms of unit shipment at a CAGR of 12.5%. This is attributed to the established electronic and automotive industries of Taiwan and China respectively. Shanghai and Beijing are the major regions for the manufacturing of automobiles, communication equipment, and electronics in China, augmenting the market. Government support provided to Taiwan’s electronics industry is one of the major factors augmenting demand. Growing market for smart home devices in South Korea is further contributing toward industry growth. A high demand for remote home monitoring systems is creating opportunities for the market as many manufacturers are expanding their smart home product portfolios.

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The U.S. reed sensor market was valued at over USD 350 million in 2017 and is projected to be driven by the automotive industry and the growing utilization of these components in smart home appliances. A huge adoption of smart homes, automated security systems, voice-controlled thermostats, and mood lights in the U.S. will further drive the U.S. industry. Moreover, the U.S. is witnessing a high demand for the components in passenger automotive systems such as GPS, liquid level sensors, power windows, etc.

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, YASKAWA Europe, 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. 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.

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For instance, in May 2017, Reed Switch Developments Corp., a company based in the U.S. entered into a distribution agreement with Amazon.com for its magnetic reed switch sensor and actuator kits. The agreement will enable the company to strengthen its market presence in the North American market by offering its standard magnetic reed switch sensor kits to its customers for meeting the switching requirements.

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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Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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