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.

Dry reed sensors are expected to hold the largest share of the reed sensor market based on type, in terms of value, by 2023. The largest share of the sensors based on this technology is attributed to its features such as long life, contacts isolated from the environment, low operating power, low cost compared with other magnetic devices, and superior glass-to-metal seal. The dry-reed sensor is used for a wide range of applications such as automotive and transportation, security and safety, and consumer electronics and appliances.

APAC to dominate reed sensor market during forecast period

The reed sensor market in APAC is expected to grow at the highest CAGR during the forecast period. The rise in disposable income in APAC countries has led to the increase in the demand for vehicles and consumer appliances, which, in turn, increased the growth of the reed sensor market in this region. The increasing penetration of reed sensors and the influx of global players, along with the emergence of native players, are contributing to the growth of the market. As a result, APAC holds a significant share of the overall reed sensor market.

The key players in the market include 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). These players are increasingly undertaking mergers and acquisitions, and product launches to develop and introduce new technologies and products in the market.

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