Reed Sensor Market Worth $2.30 Billion by 2023
PUNE, India, August 23, 2018 /PRNewswire/ --
According to the new market research report "Reed Sensor Market by Type, Contact Position (Form A, Form B, Form C), Application (Automotive & Transportation, Consumer Electronics & Appliances, Robotics & Automation, Safety & Security), and Geography - Global Forecast to 2023", published by MarketsandMarkets(TM), the market is expected to grow from USD 1.61 billion in 2018 to USD 2.30 billion by 2023, at a CAGR of 7.40% during the forecast period. The growth of this market is mainly driven by factors such as use of reed sensors in the automotive industry; application of reed sensors in home appliances, HVAC, and smart meters; and benefit of low operating power and capable of working in harsh environments.
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Browse 66 market data Tables and 37 Figures spread through 122 Pages and in-depth TOC on "Reed Sensor Market - Global Forecast to 2023"
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Dry reed sensors to hold largest share of reed sensor market by 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.
Reed sensor market for robotics & automation application to grow at highest CAGR from 2018 to 2023
The reed sensor market for robotics and automation applications is expected to grow at the highest CAGR from 2018 to 2023. In the robotics and automation application, reed sensors are used in various parts such as robotic arm movement (pick and place), visual indication (alarm), liquid flow and level monitoring, inventory management systems, and machinery ignition systems. Reed sensors are used as proximity sensors to control robotic motion, conveyor speed, location, and angle. The increase in automation in the manufacturing field helps in the growth of the reed sensor market.
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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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