Press release
What's Driving the Growth for Reed Sensor Market in Automotive Sector | Prominent Players are: Standex Electronics, Inc., Littelfuse, Inc., HSI Sensing, PIC GmbH, COTO TECHNOLOGY, Altech Corporation
The reed sensor market is expected to witness significant growth during the forecast period due to surge in need for technological advancements in the sensors.
Reed sensor are used in every part of automotive for reliable and safe operations. For instance, reed sensors are used in automobile sun visors, early brake sensing, exhaust emission sensing, power windows, fuel cap position sensing, anti-lock braking system, coolant flow sensing, defective lamp detection, low fluid level monitoring, visual indicators of battery life, seatbelt lock sensing, accidental airbag deployment prevention, and power steering. Therefore, growth in the automotive industry is increasing the need for reed sensors in the coming years.
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The factors such as increase in need for reed sensors in home appliances and HVAC systems, followed by rise in demand for low operating power, capability of working in harsh environments, and increase in usage of reed sensors in the automotive industry drive the growth of the reed sensor market. Furthermore, incorporation of IoT in reed sensors and emergence of advanced technologies related to reed sensor provide lucrative opportunities for the market growth.
Key players operating in the reed sensor market include Standex Electronics, Inc., Littelfuse, Inc., HSI Sensing, PIC GmbH, COTO TECHNOLOGY, Altech Corporation, KEMET Corporation, Honeywell International Inc., Schneider Electric, and Murata Manufacturing Co., Ltd. These players adopt collaboration, partnership, and agreement as their key developmental strategies to increase revenue of the reed sensor industry and develop new products for enhancing product portfolio.
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Various market players are adopting number of strategies such as product launch and business expansion to sustain the growing competition in the market. For instance, SMC Corporation, a Japan-based company developed a product by using reed sensor technology called "D-A90" a connector type and used for MX cylinders. The company is specialized in providing solution regarding industrial automation, control systems, and equipment.
Opportunities By Region
o North America
o U.S.
o Canada
o Mexico
o Europe
o UK
o Germany
o France
o Italy
o Rest of Europe
o Asia-Pacific
o China
o India
o Japan
o Korea
o Rest of Asia-Pacific
o LAMEA
o Latin America
o Middle East
o Africa
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