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Reed Sensor Market 2024: Bernstein AG, Coto Technology, HSI Sensing, Littelfuse, Magnasphere, Nippon Aleph, NTE Electronics Inc., PIC GmbH, Reed Switch Developments Corporation

03-24-2020 07:36 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Research

The reed sensor market will generate a revenue of more than USD 2 billion by the end of 2024. The increasing popularity of smart home appliances, self-driving vehicles, and industrial automation will also have a significant impact on the industry growth. Nowadays, most of the consumer electronics companies have been developing advanced versions of existing products with the use of latest technology trends such as IoT and AI that has also had a positive impact on the reed sensor market size.

In the era of digitalization, the advent of smart technologies has transformed homes and the usage of home appliances. As of now, most of the electronics devices manufacturers have developed a large range of smart kitchen appliances, that has been possible on account of sensors. From coolers to washing machines and sewing machines to food processors, home appliances have witnessed a commendable upsurge in functionality. The reed switch has successfully been integrated with coffee makers, dishwashers, and water heaters as fluid level sensors and in bicycle odometers, access panels, and appliance doors as proximity sensors.

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Currently, most of the consumers have been giving preference for comfort and convenience rather than slog away - the paramount effects of a sedentary lifestyle. In accordance, to enable quick operations, consumers' have been adopting smart home appliances on a large scale. Regionally, China is one of the major producers of home appliances and electric vehicles, and has been propelling reed sensor market.

In addition to smart appliances, the increasing popularity of smart homes has also been augmenting the industry trends. In order to enhance home security for instance, core companies have developed smart security devices such as cameras, smart locks. Other smart home technologies such as smart meters have also been developed and used to monitor the water flow and prevent extensive flooding. In fact, with the significant use of reed sensors in the household energy appliances, it is quite possible to obtain the advantage of energy efficient returns. The increasing awareness regarding the usage of energy efficient electronic devices for minimizing the overall energy cost has thus been impelling reed sensor market share from consumer electronics applications.

In the rapidly transforming industrial sector, the shifting focus toward improvisation of plant productivity for obtaining more revenue benefits has been leading to the implementation of automatic and robotic machinery. As of now, most of the companies have been deploying robots instead of humans for maintaining work accuracy, higher performance, and better output at the workplace. In order to control the robotic motion, reed sensors have been incorporated heavily in these robots, and assist in sensing doors, hoppers, tracks, and valves. The prominent use of proximity and fluid level sensors to control speed, motion and the working platform of robotic machines is poised to boost reed sensor market share over the years ahead.

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