Reed Sensor Market 2019–2026: Revenue Projections and Industry Insights | Standex Electronics, Inc., Littelfuse, Inc., HSI Sensing, PIC GmbH, COTO TECHNOLOGY, Altech Corp, KEMET Corp, Honeywell, Schneider Electric, and Murata Manufacturing
According to the report, reed sensor market is expected to witness significant growth during the forecast period due to surge in need for technological advancements in the sensors. The emergence of high-tech switch technology and automation makes switches advanced, highly reliable, secured, and durable.
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Further, the reed sensors are mostly used for proximity sensing and are activated by magnetic field such as door and window sensors. It is 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.
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.
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 the revenue of the reed sensor industry and develop new products for enhancing product portfolio.
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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. However, high cost and size of these sensors restrain the market growth. Furthermore, incorporation of IoT in reed sensors and emergence of advanced technologies related to reed sensor provide lucrative opportunities for the market growth.
The reed sensor market is segmented on the basis of type, application, and region. Based on type, the market is bifurcated into dry-reed sensor and mercury-wetted reed sensor. By application, it is categorized into automotive, transportation, consumer electronics, robotics & automation, telecommunications, healthcare, construction, and others. Based on region, the market is analyzed across North America, Asia-Pacific, Europe, and LAMEA.
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KEY BENEFITS FOR STAKEHOLDERS
• This study includes the analytical depiction of the global reed sensor market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information regarding the key drivers, restraints, and opportunities.
• The current reed sensor market is quantitatively analyzed from 2019 to 2026 to highlight the financial competency of the industry.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
KEY MARKET SEGMENTS
• Dry-Reed Sensor
• Mercury-Wetted Reed Sensor
• Consumer Electronics
• Robotics & Automation
• North America
o Rest of Europe
o Rest of Asia-Pacific
o Latin America
o Middle East
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