The global reed sensor market is lately witnessing an exponential growth rate, driven by the rapidly rising demand for advanced sensor technologies across industries such as military, aerospace, medical, security, transportation, smart grid & utilities and telecommunications. Attributing to a widespread application spectrum, the global reed sensor industry was valued at over $1 billion according to a 2017 estimate. Reed sensors are basically devices made up of reed switches that incorporate a pair of flexible magnetic reeds and can be used in various applications ranging from flow and liquid level measurement to motion detection and sensing, proximity sensing and metal detection.
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Other major factor augmenting the reed sensor 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 sensor industry.
The reed sensor 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 sensor industry. 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 these 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. Other medical equipment in which it finds applications include capsule endoscopy, glucose monitors, neuromodulation, core body temperature capsule etc contributing to the reed sensor market.
The reed sensor market has been segmented by product, contact position and application. Based on contact position, form A is estimated to hold the largest market share owing to their capability to be manufactured in smaller sizes than other contact forms. This is driving their demand across various verticals contributing towards the growth of the market. Asia Pacific is projected to dominate the reed sensor industry due to their extensive demand from the electronics industry from regions such as Taiwan, South Korea and China. The flourishing automobile market in China is one of the major factors for the demand for these components for passenger comfort and other electronic systems.
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A significant contributor toward the global industry, the North America reed sensor market is primarily driven by the booming smart home industry as the sensors are witnessing wide-scale adoption across a plethora of connected home systems such as voice controlled temperature modulating systems and automated intrusion-detecting smart home systems. The regional market is also simultaneously receiving a considerable boost from the automotive industry as more and more automobile manufacturers are implementing the systems in their vehicles to facilitate a number of features like power windows, fuel and oil level measurement.
Attributing to the extensive regional growth, the revenue graph of the reed sensor market is projected to etch out an exponential growth trajectory in the years ahead. According to a report by Global Market Insights, Inc., the global reed sensor industry is anticipated to surpass $2 billion by 2024.
Some Points From Table Of Content: –
Chapter 4. Reed Sensor Market, By Product (Revenue, Shipment)
4.1. Key trends by product
4.2.1. Market estimates and forecast, 2013 – 2024
4.3.1. Market estimates and forecast, 2013 – 2024
Chapter 5. Reed Sensor Market, By Contact Position (Revenue, Shipment)
5.1. Key trends by contact position
5.2. Form A
5.2.1. Market estimates and forecast, 2013 – 2024
5.3. Form C
5.3.1. Market estimates and forecast, 2013 – 2024
5.4.1. Market estimates and forecast, 2013 – 2024
Chapter 6. Reed Sensor 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
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