Reed Sensor Market anticipated to witness significant growth by 2024

The U.S. reed sensor market size had been pegged at over $350 million according to a 2017 estimate. It is expected however, that the anticipated rise of the autonomous vehicle market in the region would be fueling reed sensor market growth as well. Furthermore, with major domestic companies unveiling new products and expanding their respective distribution networks to improve their capabilities of quenching the growing demands of reed sensors across various key application sectors, the North America market has positioned itself on a lucrative path towards future growth.
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.
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Home to nations such as China, India, Japan, South Korea and Taiwan - some of the world's biggest consumers as well as manufacturers of automotive and consumer electronics, APAC presently holds the largest share in reed sensor market. According to a report by Standex Electronics, the device's high demand is attributed to its availability in hundreds of different shapes and sizes and its ability to survive billions of operations without experiencing much wear and tear.
The aforementioned features have made reed sensors the go-to solution for the established automotive and consumer electronics markets in the APAC region. Moreover, government initiatives that support and encourage the growth of these industries are also likely to augment reed sensor demand further. Additionally, demands for remote home monitoring systems from the smart home markets of South Korea, Japan and China is projected to be another major contributing factor that will impel the APAC reed sensor industry growth.
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 market 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. One of the major factors behind the sensor's rapidly growing demand is its robust and reliable nature and the low power consumption that allows for the device to be used in a plethora of battery operated applications.
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It is anticipated that the expansion of the smart home market in developed nations across the world would be further fueling the growth of the reed sensor market. Moreover, the incredible rate of production that the consumer electronics market is witnessing across developing nations would also be responsible for propelling global reed sensor market further.
Attributing to the extensive regional growth, the revenue graph of the 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 market is anticipated to surpass $2 billion by 2024.
Table of Contents (ToC) of the report:
Chapter 3. Reed Sensor Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Component suppliers
3.3.2. Product manufacturers/OEMs
3.3.3. Distribution channel analysis
3.3.4. End-use landscape
3.3.5. Demand supply gap
3.3.6. Vendor matrix
3.4. Technology landscape
3.4.1. Advancements in liquid level sensors based on reed sensor technology
3.4.2. True Form B reed sensor by HSI Sensing
3.5. Regulatory landscape
3.5.1. North America
3.5.2. Europe
3.5.3. Asia Pacific
3.5.4. Latin America
3.5.5. Middle East and Africa
3.6. Industry impact forces
3.6.1. Growth drivers Flourishing electric vehicle market and electronics industry in China Increasing demand for smart home appliances in the U.S. Growing manufacturing sector in the UK Huge automotive manufacturing base in Germany Medical equipment manufacturers driving demand in Denmark Large electronics industry in Taiwan Expanding smart home industry in South Korea
3.6.2. Industry pitfalls and challenges Stiff competition from alternative switching technologies Large size of reed sensors limiting use in miniature devices
3.7. Growth potential analysis
3.8. Porter's analysis
3.8.1. Threat of new entrants
3.8.2. Buyer's power
3.8.3. Threat of substitutes
3.8.4. Threat of suppliers
3.8.5. Industry rivalry
3.9. Competitive landscape, 2017
3.9.1. Company market share
3.9.2. Strategy dashboard
3.9.3. Acquisition landscape
3.10. Price trend analysis, 2013 - 2024
3.10.1. North America
3.10.2. Europe
3.10.3. Asia Pacific
3.10.4. Latin America
3.10.5. MEA
3.11. PESTEL analysis
Chapter 4. Reed Sensor Market, By Product (Revenue, Shipment)
4.1. Key trends by product
4.2. Dry
4.2.1. Market estimates and forecast, 2013 - 2024
4.3. Mercury-wetted
4.3.1. Market estimates and forecast, 2013 - 2024
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