Market Highlights
Increasing use of reed sensors in home appliances, HVAC, and smart meters is driving the growth of reed sensor market. Furthermore, capability of working in harsh environments and features such as low power consumption are some of the factors boosting the growth of this market. Presence of well-established and emerging players providing reed sensor in North America is enhancing the growth of reed sensor market in this region. Moreover, Asia-Pacific is expected to find good growth opportunity in this market owing to increasing use of reed sensors in vehicles and consumer appliances. Reed sensors are used in vehicles such as heavy-duty trucks, airplanes, trains, motorcycles, e-cars, and e-bikes to measure brake pressure, coolant level, windshield, tire pressure monitoring, liquid level detection, HVAC controls, and emissions, among others.
Reed Sensor Market Size is expected to grow from USD 1.55 billion in 2017 to USD 2.37 billion by 2023, at a compound annual growth rate (CAGR) of 7.43% during the forecast period.
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Key players
The prominent players in the reed sensor market are Littelfuse Inc. (US), HSI Sensing (US), RMCIP (Russia), Standex Electronics, Inc. (US), PIC GmbH (Germany), Coto Technology (US), Pickering Electronics Ltd (UK), Aleph America Corporation (US), STG Germany GmbH (Germany), and Zhejiang Xurui Electronic (China) among others.
Regional Analysis
The global reed sensor market size is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of reed sensor market is done across North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific is expected to be the fastest growing region as robotics technology is increasingly being adopted in this region owing to rising demand for automation of processes, efficiency and productivity improvement, and reduction in human errors, thereby enhancing the growth of reed sensor market. North America followed by Europe is expected to show significant growth on account of increasing the adoption of the automobiles, high focus on technology innovation, presence of well-established, and emerging players providing reed sensors. Furthermore, Latin America and the Middle East and Africa are expected to show considerable growth in the reed sensor market during the forecast period.
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