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Reed Sensor Market Size, Product Trends, Key Drivers, Share Analysis And Forecast To 2033
Reed Sensor Market Size
As per the report, the reed sensor market size has grown strongly in recent years. It will grow from $1.61 billion in 2023 to $1.77 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The reed sensor market size is expected to see strong growth in the next few years. It will grow to $2.47 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
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Reed Sensor Market Accelerates With Surging Demand From The Electric Vehicle Sector
Increasing demand for electric vehicles is expected to propel the growth of the reed sensor market going forward. Electric vehicles are types of vehicles that are designed to be more environmentally friendly and energy-efficient compared to traditional internal combustion engine vehicles. Reed sensors are primarily used in electric vehicles for position and proximity sensing. It enhances functionality, safety, and efficiency while ensuring reliable and accurate sensing capabilities and controlling the operation of the vehicles. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 compared to 2020, which is almost 9% of sales share, and increased by 4 % points in 2021, increasing the total number of electric vehicles on the road to 16.5 million. Therefore, the increasing demand for electric vehicles is driving the growth of the Reed sensor market.
Innovative Products Redefine Reed Sensor Market Landscape
Technological advancements are a key trend gaining popularity in the reed sensor market. Major companies operating in the Reed sensor market are developing innovative, specialized products to sustain their position in the market. For instance, in August 2023, Littelfuse Inc., a US-based electronics company, launched the world's smallest subminiature flange mount reed sensors, the 59155 and 59156, which are designed for various applications across different industries. The sensors offer customization options to cater to specific application requirements.
The reed sensor market covered in this report is segmented -
1) By Type: Ultra-Miniature, Dry-Reed Sensor, Mercury-Wetted
2) By Mounting Type: Panel Mount Reed Sensor, Surface Mount Reed Sensor, Thread Mount Reed Sensor, Screw Mount Reed Sensor, Other Mounting Types
3) By Contact Position: Form A, Form B, Form C, Others Contact Positions
4) By Industry Vertical: Automotive, Electronic, Information Technology And Telecommunication, Healthcare, Robotics And Automation, Aerospace, Construction, Safety And Security, Other Industry Verticals
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Major companies operating in the reed sensor market report are ZF Friedrichshafen AG, Schneider Electric SE, TE Connectivity, Madison Company Inc., Yaskawa Electric Corporation, Littelfuse Inc., KEMET Corporation, AirTAC International Group, GEMÜ Group, Standex Electronics Inc., HNC Electric Ltd., PIC GmbH, HSI Sensing, Coto Technology Inc., Bernstein AG, Pickering Electronics Ltd., Aleph America Corporation, MagneLink Inc., Misensor Tech (Shanghai) Co. Ltd., Sensor Measurement PTY Ltd., Zhejiang Xurui Electronics Co Ltd., Hamilton Electronics Pvt. Ltd., Sigma Enterprises, Ryazan Metal Ceramics Instrumentation Plant JSC, STG Germany GmbH.
Contents of the report:
1. Executive Summary
2. Reed Sensor Market Report Structure
3. Reed Sensor Market Trends And Strategies
4. Reed Sensor Market - Macro Economic Scenario
5. Reed Sensor Market Size And Growth
…..
27. Reed Sensor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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