Market Research Future (MRFR), highlights the projected exponential rise of the global reed sensor market in 2020 over the forecast period, thus ensuring significant market value from USD 1.55 billion in 2017 to USD 2.37 billion by 2023, at a steady 7.43% CAGR over the review period.
The increasing use of reed sensors in home appliances, HVAC, and smart meters cause demand for reed sensors to increase. Furthermore, the ability to work in harsh environments and features such as low power consumption are some of the factors that fuel growth in this sector. Growing safety and security features and other features in public buildings and vehicles is increasing demand for the sector for reed sensors. Increasing reed sensor innovation for monitoring oil level in the automotive industry, increasing policy measures to protect endangered fish species, are expected to boost the reed sensor market share. Additionally, the restoration of fish farming to increase the population of endangered species by using a reed sensor to track migratory fishing habits is also driving the market growth.
Less adoption of reed sensors in the various industries, a tendency to break problems during deployment of reed sensors in the automotive industry and the need for higher initial investment in capital are some of the constraints that impede the growth of the reed sensor market. Nevertheless, the development of reed sensor technology by the numerous emerging and well-established manufacturers is anticipated in the near future to overcome these constraints.
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Reed sensor market is analyzed based on type, application, and mount type.
Based on the type, the reed sensors market is divided into ultra-miniature, metal detection reed sensor, high-voltage reed sensor, dry-reed sensor, high-temperature reed sensor, and mercury-wetted reed sensor.
Based on the mount type, the reed sensor market share is bifurcated into panel mount, surface mount, screw mount, and thread mount.
Based on application, the reed sensor market is segmented into automotive & transportation, consumer electronics & appliances, telecommunications, safety & security, healthcare, robotics & automation, construction, and others.
Rising innovation of reed sensor for tracking oil level in the automotive industry, rising government initiatives to safeguard endangered fish species, is expected to boost the reed sensor market. In addition, the restoration of fish farming to increase the population of endangered species through the use of reed sensor to monitor fish migratory habits.
Less adoption of reed sensors in the various industries, the propensity to breakage problems during installation of reed sensors in the automotive industry and the need for higher initial capital investment are some of the constraints that hinder the growth of the reed sensor market.
It is anticipated that North America followed by Europe will show substantial growth due to increased automotive adoption, high emphasis on technological innovation, the involvement of well-established and emerging players providing reed sensors. In addition, during the forecast period, Latin America and the Middle East and Africa are projected to show considerable growth on the reed sensor market.
The prominent market players operating in the global reed sensor market as identified by MRFR are Littelfuse Inc. (US), RMCIP (Russia), STG Germany GmbH (Germany), HSI Sensing (US), Standex Electronics, Inc. (US), Coto Technology (US), PIC GmbH (Germany), America Corporation (US), Pickering Electronics Ltd (UK), and Zhejiang Xurui Electronic (China) among others.
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