|01-04-2019 11:09 AM CET - IT, New Media & Software||
Littelfuse, Standex-Meder Electronics and YASKAWA Europe Are Profiled in Reed Sensors Market Research Report
Press release from: Global Market Insights, Inc.
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.. 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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Major companies in the reed sensor market are BERNSTEIN AG, Coto Technology, HSI Sensing, Littelfuse, MAGNASPHERE CORPORATION, Nippon Aleph Corporation, NTE Electronics, Inc, PIC GmbH, Reed Switch Developments Corp., Ryazan Metal Ceramics Instrumentation Plant JSC, Soway Tech Limited, Standex-Meder Electronics, S.t.g. Germany GmbH, YASKAWA Europe, Zhejiang Xurui Electronic.
Growth Drivers: -
1. Flourishing electric vehicle market and electronics industry in China
2. Increasing demand for smart home appliances in the U.S.
3. Growing manufacturing sector in the UK
4. Huge automotive manufacturing base in Germany
5. Medical equipment manufacturers driving demand in Denmark
6. Large electronics industry in Taiwan
7. Expanding smart home industry in South Korea
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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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.
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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This release was published on openPR.
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