Reed Sensors Market size is expected to exceed USD 2 billion by 2024; according to a new research report by Global Market Insights, Inc.
The global reed sensors market is lately witnessing an exponential growth rate, thanks to the rapidly rising demand for advanced sensor technologies across industries such as military, aerospace, medical, security, transportation, smart grid and utilities and telecommunications.
According to a new research report by Global Market Insights, reed sensors market size is set to exceed USD 2 billion by 2024 and the global shipments are set to grow at 10.5% CAGR between 2018 and 2024.
The global reed sensors 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 rapidly growing demand for reed sensors 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.
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.
Asia Pacific market dominates the industry
As per the report, 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 growth is attributed to the extensive demand from the electronic and automotive industries in Taiwan, South Korea and China.
The report identifies Shanghai and Beijing as 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.
The report states that a high demand for remote home monitoring systems is creating opportunities for the market as many manufacturers are expanding their smart home product portfolios.
High demand for dry reed sensor
Global Market Insights study predicts the dry reed sensor market to witness a growth of over 9.5% from 2018 to 2024.
Market analysts attribute this to the growing transition of manufacturers to adopt dry switching technology over mercury-wetted. This shift is driven by rising environmental concerns regarding the use of mercury. Though mercury-wetted provides more consistent contact resistance, the growing use of mercury in electronic components is being regulated by countries all over the world in consideration of the Minamata Convention.
Littelfuse, Standex-Meder Electronics, HIS Sensing, RMCIP, and Nippon Aleph are identified as major vendors in the reed sensors market.