The overall reed sensor market is expected to grow from USD 1.49 billion in 2017 to USD 2.30 billion by 2023, at a CAGR of 7.40% from 2018 to 2023. Reed sensors offer several advantages, such as simple and reliable sensing and actuation capabilities; low cost and zero power requirement for operation; and safe to use in harsh industrial environments, which, in turn, help in the growth of the market. The reed sensor market is gaining traction with the emergence of new applications and technologies. These sensors are being used in many applications such as telecommunications, automotive and transportation, consumer electronics and appliances, safety and security, healthcare, construction, robotics and automation, and other applications. The base year considered for the study is 2017, and the forecast has been provided from 2018 to 2023.

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Market Dynamics

Drivers

Use of reed sensors in automotive industry
Reed sensor applications in home appliances, HVAC, and smart meters
Benefit of low operating power and capable of working in harsh environments

Restraints

Size of reed sensors

Opportunities

Use of reed sensors in emerging technologies

Challenges

Efficiency and reliability of reed sensors

Use of reed sensors in automotive industry drives global reed sensor market

A number of sensors are incorporated in a vehicle to ensure the smooth functioning of its various parts. Almost all areas of automotive interiors use reed sensors for reliable and safe operations. The low operating power and long life of reed sensors make it ideal for use in various applications in the automotive industry. 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, door sensors in cars, cruise control, and power steering, among others. Therefore, the ever-growing automotive industry drives the growth of the reed sensor market.

Reed Sensor Market

The following are the major Objectives of the Study.

To describe and forecast the reed sensor market, in terms of value, by type, contact position, and application
To describe and forecast the market, in terms of volume, by type and application
To describe and forecast the reed sensor market, in terms of value, by region Asia Pacific (APAC), Europe, North America, and Rest of the World (RoW), along with their respective countries
To provide detailed information regarding major factors influencing market growth (drivers, restraints, opportunities, and challenges)
To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
To study the complete value chain of reed sensor
To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the reed sensor ecosystem
To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing competitive landscape for market leaders
To analyze strategic approaches such as product launches, acquisitions, contracts, agreements, and partnerships in the reed sensor market

During this research study, major players operating in the reed sensor market in various regions have been identified, and their offerings, regional presence, and distribution channels have been analyzed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Factiva, along with primary respondents. The entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) pertaining to the market. The figure below shows the breakdown of the primaries on the basis of the company type, designation, and region considered during the research study.

Reed Sensor Market

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The reed sensor market comprises a network of players involved in the research and product development, raw material supply, component manufacturing, distribution and sale, and post-sales services. Key players considered in the analysis of the reed sensor market are Littelfuse (US), HSI Sensing (US), RMCIP (Russia), Standex-Meder Electronics (US), PIC GmbH (Germany), Coto Technology (US), Pickering Electronics (UK), Aleph America (US), STG Germany GmbH (Germany), and Zhejiang Xurui Electronic (China).

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