Reed Sensors technology Synopsis
In the research report, Market Research Future (MRFR), highlights that the Reed Sensors technology 2020 is slated to grow exponentially over the review period, securing a considerable market valuation from USD 1.55 billion in 2017 to USD 2.37 billion by 2023, and a healthy 7.43% CAGR over the review period.
Drivers and Restraints
The growing use of reed sensors in home appliances, HVAC, and smart meters drive growth in the demand for reed sensors. In addition, the ability to operate in harsh environments and features such as low power consumption are some of the factors that fuel this market's growth The increase in safety and security features and other features in public buildings and vehicles is rising demand for the reed sensor industry. The presence of well-established and new market players in North America providing reed sensors boosts the development of the reed sensor market in this area. Moreover, Asia-Pacific is expected to find good growth opportunities in this market owing to the increasing use of reed sensors in vehicles and consumer appliances. Rising innovation of reed sensor for tracking oil level in the automotive industry, and rising government initiatives to safeguard endangered fish species, is expected to boost the reed sensor industry. In addition, the restoration of fish farming to increase the population of endangered species through the use of reed sensors to monitor fish migratory habits.
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Competitive Overview
The major market players operating in the Reed Sensors technology as identified by MRFR are STG Germany GmbH (Germany), Littelfuse Inc. (US), RMCIP (Russia), HSI Sensing (US), Standex Electronics, Inc. (US), PIC GmbH (Germany), Pickering Electronics Ltd (UK), Coto Technology (US),Aleph America Corporation (US), and Zhejiang Xurui Electronic (China) among others.
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Segmental Analysis
The Reed sensor market is segmented on the basis of application, type, mount type, and region.
Based on the type, the market is divided into ultra-miniature, high-voltage reed sensors, dry-reed sensors, metal detection reed sensors, high-temperature reed sensors, and mercury-wetted reed sensors.
On the basis of mount type, the reed sensor market is segmented into the surface mount, screw mount, panel mount, and thread mount.
Based on application, the reed sensor market is segmented into automotive & transportation, consumer electronics & appliances, robotics & automation, telecommunications, safety & security, healthcare, construction, and others.
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Regional Analysis
Rising innovation of reed sensor for tracking oil level in the automotive industry, and 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 sensors to monitor fish migratory habits.
Less adoption of reed sensors in 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 industry.
It is anticipated that North America followed by Europe will show substantial growth due to increased automotive adoption, high emphasis on technological innovation, and 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 in the reed sensor market.
