At 10%+ CAGR, Reed Sensors Market shipments to hit 3 billion units by 2024
Reed Sensors Market 2019 By Product, Contact Position, Application, Regional Outlook, Growth Potential, Competitive Market Share & Forecast to 2024
Selbyville, Delaware, USA – April 18, 2019 /MarketersMedia/ —
Reed sensors market growth is driven by upsurge in electric vehicles. Automotive giants such as Ford, BMW, Daimler are investing in electric vehicle charging infrastructure and have announced their plans to develop over 400 charging sites across Europe. These components enable safe and efficient charging of electric vehicles. Also, they continually check the correct position of the connector into the port and interrupt the power supply should the need arise to avoid potential electrical accidents, fueling the adoption of reed sensors market. There is an option to control additional functions with the sensors, such as an immobilizer, power indicator, locking, etc.
Other major factor augmenting the reed sensors market is the continuous technical improvements in its design. Technological advancements in sensor technology have enabled manufacturers to develop miniaturized devices propelling their demand across the consumer electronics segment. Many companies are investing in R&D to manufacture highly compact miniaturized components for expanding its use across various industries. For instance, OKI Sensor Device experimented manufacturing reed sensors by using micro machine technology for compact reed sensors Moreover, these components are being modified for high speed applications and are being introduced in the market fueling the reed sensors market.
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The reed sensors market is projected to witness lucrative growth for the forecast period owing to their growing demand of these components in the healthcare industry. The increasing incidence of heart diseases have propelled the demand for such medical devices ensuing the growth of the reed sensors market. These sensors are used in defibrillators and pacemakers for heart conditions such as bradycardia and tachycardia in which the heart beats at an abnormal rate. The devices enable this equipment to operate with high precision and the device mode is changed with a magnet externally. Compact sensors are being manufactured for such devices which are exclusively manufactured for use in life saving equipment are very compact and have a very high degree of reliability and precision.
The industrial controls & automation segment in the reed sensors market will witness growth to reach over USD 300 million by 2024 due to an increased demand in the industrial sector for ferrous part detection, end-position sensing in cylinders & pistons, and in transformer tap changers. They are considered as the extremophile of sensors as they work efficiently in most harsh environments and can be used from the bottom of the ocean (high pressure) to space (zero pressure) and from very cold (cryogenic temperatures) to very hot (> 200 C).
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Asia Pacific reed sensors market dominates the industry and is expected to grow in terms of unit shipment at a CAGR of 12.5%. This is attributed to the established electronic and automotive industries of Taiwan and China respectively. Shanghai and Beijing are the major regions for the manufacturing of automobiles, communication equipment, and electronics in China, augmenting the market. Government support provided to Taiwan’s electronics industry is one of the major factors augmenting demand. Growing market for smart home devices in South Korea is further contributing toward industry growth. A high demand for remote home monitoring systems is creating opportunities for the market as many manufacturers are expanding their smart home product portfolios.
The reed sensors market landscape is highly consolidated with a few major players as manufacturing reed sensors require specialized equipment and technical expertise. Major vendors in the market space are Standex Meder, Littelfuse, HSI Sensing, Coto Technology, Nippon Aleph, and others. The gap between demand and supply for reed sensors and disruption in the production capacities of these players can have a severe impact on the global supply of these components. These companies are launching new products in the industry and are also expanding their distribution networks to cater to the growing demands across several industries.
Browse key industry insights spread across 310 pages with 409 market data tables & 23 figures & charts from the report, “Reed Sensors Market Size By Product (Dry, Mercury Wetted), By Contact Position (Form A, Form C), By Application (Automotive, Consumer Electronics, Telecommunications, Healthcare, Construction & Security, Industrial Controls & Automation), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Switzerland, Spain, Denmark, Russia, China, India, Japan, South Korea, Taiwan, Singapore, Brazil, Mexico, Argentina, Saudi Arabia, UAE, Qatar, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
Table of Contents (ToC) of the report:
Chapter 6. Reed Sensors Market, By Application (Revenue)
6.1. Key trends by application
6.2.1. Market estimates and forecast, 2013 – 2024
6.3. Consumer electronics
6.3.1. Market estimates and forecast, 2013 – 2024
6.4.1. Market estimates and forecast, 2013 – 2024
6.5.1. Market estimates and forecast, 2013 – 2024
6.6. Construction & security
6.6.1. Market estimates and forecast, 2013 – 2024
6.7. Industrial controls & automation
6.7.1. Market estimates and forecast, 2013 – 2024
6.8.1. Market estimates and forecast, 2013 – 2024
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/reed-sensor-market
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