The global reed sensor market is accounted to US$ 765.07 Mn in 2018 and is expected to grow at a CAGR of 7.8% during the forecast period 2019 - 2027, to account to US$ 1,473.33 Mn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
Proximity sensors are capable of detecting an object in their detection range by utilizing a non-contact detection principle. The proximity sensors have a long functional life, high switching rate and provide high reliability as compared to other sensors. The reed proximity sensors have a wide range of applications in appliance doors, passenger vehicles, and access panels. Reed proximity sensor is gaining popularity in the robotics and automation sector, where reed switches are used as proximity sensors for performing various tasks such as controlling conveyor speed, robotic motion, location, and angle. Reed proximity sensor is utilized in mobile devices to provide a sleek design and replace the mechanical buttons. The reed proximity sensors are gaining popularity for various applications like the consumer, industrial, embedded, communications, and medical among others. The increasing demand for industrial automation and the growing popularity of non-contact sensing technology are the primary factors that are supporting the growth of proximity sensors market whereas limitation in sensing capabilities of the proximity sensors might slow down the growth proximity sensors market.
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The global reed sensor market for the type is fragmented into Proximity Sensor, Level Sensor, Speed Sensor, Flow Sensor, and Others. Companies focusing on developing innovative products for domestic and international markets has been one of the prime reasons of China’s leadership in Asian region. Given the huge demand volumes, many companies are likely to focus on the Chinese market and design products that are tailored for China. Chinese companies are increasingly realizing the benefits of adopting emerging technologies and innovating to meet the rising consumer demands. Despite concerns over China’s economy, the growing consumer middle class, as well as the Chinese government’s planned investment in semiconductors, China is expected to play a critical role in the semiconductor industry’s future. Continued impetus in development and commercialization of artificial intelligence, mobile, data and analytics, Internet of Things and robotics is being led by innovative companies based in APAC.
New spends have been concentrated towards operational efficiencies, like ‘factories of the future’ investments and novel business models such as products as a service, subsequently boosting the demand growth for sensor based products and automation in APAC region. There have been significant advancements in the sensors used in vehicles, and various automotive players are working rigorously towards improving the driving experience. Multiple types of reed sensors like proximity sensors, flow sensors, speed sensors, and flow sensors among others have a wide range of applications in the automotive industry. Additionally a strong focus on advanced automation electronic integration like in vehicles infotainment, ADAS (advanced driver-assistance systems) to assist the drivers are also supporting the growth of reed sensors. Reed speed sensors are used for detecting the rotational speed of wheel which and is used in advanced braking systems like ABS (anti-lock braking system) which is driven by the increasing demand for passenger safety. Additionally, the growing demand for autonomous vehicles is also supporting the increasing demand for various reed sensors like proximity sensors, speed sensors, and flow sensors. Therefore, a high focus on advanced automotive integration is expected to drive the revenue of reed sensors.
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Some of the leading Reed Sensor market include, Bimba Manufacturing Company, COTO technology, Littelfuse Inc., pic GmBH, Pickering electronics ltd, RMCIP, SMC Corporation, Standex Electronics Inc., STG-Germany group, and Zhejiang Xurui Electronic Co. Ltd among others.
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