Major reed sensor market players include Littelfuse, Inc., HIS Sensing, Ryazan Metal Ceramics Instrumentation Plant JSC (RMCIP), Standex Electronics, Inc., PIC Proximity Instrumentation Controls Kontaktbauelemente GmbH, Coto Technology, Pickering Electronics, Ltd., Aleph America, Stg Germany GmbH, and Zheijang Xurui Electronics Co., Ltd.
New York, Oct. 16, 2023 (GLOBE NEWSWIRE) — The global reed sensor market size is slated to expand at ~6% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 4 billion by the end of 2035, up from a revenue of ~USD 2 billion in the year 2022.The growth of the market is majorly attributed to the rising development of technology using reed sensors. For instance, Panasonic Holdings Corporation used compressed sensing to develop very sensitive hyperspectral imaging equipment.
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This discovery allows for the detection of minute color changes, improving image analysis and detection precision while preserving the convenience of traditional color cameras. The accomplishment, which was published in Nature Photonics in partnership with Imec, a Belgian research center, was the world’s first display of reliable hyperspectral imaging using compressed sensing.
Growing Adoption of IoT Connected Devices is to Boost the Growth of the Reed Sensor Market
The overall number of Internet of Things (IoT) devices globally is expected to nearly double from 15.1 billion in 2020 to more than 29 billion IoT devices in 2030. IoT devices are employed in a variety of industry verticals and consumer segments, with the consumer segment representing over 60% of all IoT-linked devices in 2020. Moreover, China is going to have the most IoT devices in 2030, with roughly 8 billion consumer devices. Reed switches are utilized in Internet of Things (IoT) security and smart home applications such as door and window touch sensors and detectors for movement. Because these devices are frequently powered by low-capacity batteries and coin cells, good energy efficiency is crucial.
Reed Sensor Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Adoption of Smart Homes Appliances is to Boost the Market Growth in North America
The growing importance of home safety and security, as well as the need for an improved energy economy, has increased consumer interest in smart home products. In the United States, around 39 million households used smart home devices in 2018, which is fewer than two-thirds of what there are currently. Moreover, from 2018 through 2023, this statistic increased by an average of 10.2% every year, reaching around 43 million in 2019 and nearly 47 million in 2020. Furthermore, the growing adoption of autonomous vehicles in America is also expected to drive the demand for reed sensors in the region. Moreover, the number of smart homes in the United States is expected to reach around 70 million by 2024. This figure will rise to 77 million in 2025, then to 84 million in 2026 and then finally reach around 94 million households by 2027.
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Rising Cases of Road Accident is to Elevate Market Growth in Asia-Pacific
Potholes are one of the problems on roads that cause accidents, along with acute turns, curves, and steeper slopes. Drivers on such routes must exercise greater caution and vigilance in order to avoid accidents. In line with data from the Ministry of Road Transport and Highways (MoRTH), the entire number of road accident deaths attributed to potholes was 2,015, 2,140, and 1,471 in 2018, 2019, and 2020, respectively. The condition of road infrastructure is critical for drivers. Drivers in some regions ought to take caution because potholes have been proven to cause disasters, particularly during the wet season. Detecting potholes would enable vehicles to offer warnings, allowing drivers to pull down and avoid or the vehicle itself to modify settings to avoid potholes. It reduces the impact of potholes and makes the rise super comfortable.
Reed Sensor, Segmentation by Mounting Type
On the basis of mounting type, the surface mount segment in reed sensor market is expected to be responsible for a significant market share over the projected time frame. The growth of the segment is attributed to rising development in the surface mount. For instance, Littelfuse, Inc. has announced the development of surface mount reed sensors, 59155 and 59156. These are the world’s smallest subminiature mount reed sensors. It is compact in size, and does not require any contact for activation. It is best suited for the areas with constructed space.
Reed Sensor, Segmentation by Contact Position
Reed Sensor, Segmentation by Industrial Vertical
On the basis of the industrial vertical, the automotive segment in reed sensor market is expected to gain the highest market revenue over the forecasted period. The growth of the segment is majorly attributed to the rising production of new automobiles. In 2022, approximately 85 million automobiles were produced globally. This number represents a spike of around 6% over the previous year. In 2022, China, Japan, and Germany were the top three makers of automobiles and commercial vehicles. Molded and wrapped reed sensors are particularly built to endure shock as well as the humidity and temperature extremes that are necessary for automotive applications. There are various applications of reed sensors in the automotive industry, including, detecting ignition keys, robbery prevention, sun visors, electric car chargers, early brake sensing, exhaust emissions sensing, power windows, sunroofs, fuel cap position sensing, anti-lock braking system, seatbelt lock sensing, and many more.
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A few of the well-known industry leaders in the reed sensor market that are profiled by Research Nester are Littelfuse, Inc., HIS Sensing, Ryazan Metal Ceramics Instrumentation Plant JSC (RMCIP), Standex Electronics, Inc., PIC Proximity Instrumentation Controls Kontaktbauelemente GmbH, Coto Technology, Pickering Electronics, Ltd., Aleph America, Stg Germany GmbH, and Zheijang Xurui Electronics Co., Ltd.
Recent Developments in the Reed Sensor Market
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