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Reed Sensor global Market 2019 Industry Size and Current Status Analysis by Littelfuse, HSI Sensing, RMCIP, Standex Electronics, PIC, Coto Technology, Pickering Electronics, Aleph America Corporation, STG Germany, Zhejiang Xurui Electronic
Market Analysisglobal reed sensor market. indicates a likely rise at a CAGR of 7.43% with a valuation of 2.37 Billion By 2023. Reed sensor is referred to as an electromagnetic switch that is used to control the flow of electricity in a circuit. These have various features which include low power, tight tolerance, and reliable reed-switch technology.
Reed sensors are aimed mainly at various applications in consumer electronics, robotics & automation, telecommunications, safety & security among others. Apart from this, the reed sensors technology is also being used in several household appliances such as washing machines, coffee machines, refrigerators, dryers, and dishwashers, etc.
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Key Players
The prominent players in the reed sensor market are Littelfuse Inc. (US), HSI Sensing (US), RMCIP (Russia), Standex Electronics, Inc. (US), PIC GmbH (Germany), Coto Technology (US), Pickering Electronics Ltd (UK), Aleph America Corporation (US), STG Germany GmbH (Germany), and Zhejiang Xurui Electronic (China) among others.
Reed Sensors Market: Top Impacting Factors
To make the existing switches smaller, better and durable has become the current program of reed switch businesses and these developments are expected to maintain the popularity of this long-standing technology.
Technological advancements in the reed sensor technology have resulted in advanced and highly reliable one which acts as a driver to the increase of the reed sensor market. On the other side, the increasing use of reed sensors in the automotive industry is one of the significant factors kindling the growth of reed sensor market in substantial ways.
However, the challenges that are coming in the line of the market growth is susceptibility to breakage during installation. This factor is hindering the adoption of reed sensors in the market. Even the manufacturers are facing the challenges in improving the efficiency and reliability of reed sensors. Therefore, most of them are heavily investing in research and development of cost-effective and reliable reed sensors owing to the increasing demand and hence supporting the reed sensor market to grow instantaneously at a higher CAGR in the years to come.
Market Segmentation
By the analysis of MRFR’s report, the reed sensor market is segmented on the basis of type, mount type, application, and region.
By mode of type, the market is segmented into high-temperature reed sensor, high-voltage reed sensor, metal detection reed sensor, ultra-miniature, dry-reed sensor, and mercury-wetted reed sensor.
By mode of mount type, the market is segmented into panel mount, screw mount, surface mount, and thread mount.
By mode of application, the market is segmented into automotive & transportation, consumer electronics & appliances, robotics & automation, telecommunications, healthcare, safety & security, construction, and others.
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Regional Analysis
The geographical analysis of the reed sensor market is done in the regions of North America, Europe, Asia-Pacific, and rest of the world.
North America region is expanding with the market at a high rate owing to continuous developments, technology innovations to improve the accuracy of reed sensors.
Next comes the Asia Pacific region which is expected to witness the fastest growing area during the forecast period owing to the soaring demand for electronic appliances and vehicles. Also, this region is highly investing in robotics systems including drones, industrial, service, and aftermarket hardware, which is directly contributing to the market growth in the years to come.
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