Market Research Future (MRFR) highlights that the Global Reed Sensor Market 2020 is slated to grow exponentially over the review period, securing a substantial market valuation from USD 1.55 billion in 2017 to USD 2.37 billion by 2023, and a healthy 7.43% CAGR over the review period.
The report highlights all major trends and services playing a key role in the growth of the Reed Sensor market from 2017. It also focuses on market drivers, growth factors, and opportunities in the market during that period. Additionally, features such as the ability to operate in harsh environments and low power consumption are some of the factors driving this market. The increase in safety and security functions and other functions in public buildings and vehicles is increasing the demand for the reed sensor market. Innovations in reed sensors for oil level tracking in the automotive industry and an increase in government initiatives to protect endangered fish species are expected to boost the reed sensor market.
The major market players operating in the global reed sensor market as identified by MRFR are STG Germany GmbH (Germany), Littelfuse Inc. (US), RMCIP (Russia), HSI Sensing (US), Standex Electronics, Inc. (US), PIC GmbH (Germany), Pickering Electronics Ltd (UK), Coto Technology (US),Aleph America Corporation (US), and Zhejiang Xurui Electronic (China) among others.
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SEGMENTATION:
- Segmented by type, the Reed sensor market segmented into ultra-miniature, high-voltage reed sensor, dry-reed sensor, metal detection reed sensor, high-temperature reed sensor and mercury-wetted reed sensor.
- Segmented by mount type, the reed sensor market is segmented into surface mount, screw mount, panel mount, and thread mount.
- Segmented by application, the reed sensor market is segmented into automotive & transportation, consumer electronics & appliances, robotics & automation, telecommunications, safety & security, healthcare, construction, and others.
Growth Factors Elevating the Market:
With the increasing use of reed sensors in consumer electronics, HVAC and smart meters, the demand for reed sensors is increasing. Additionally, features such as the ability to operate in harsh environments and low power consumption are some of the factors driving this market. The increase in safety and security functions and other functions in public buildings and vehicles is increasing the demand for the reed sensor market. Asia-Pacific is expected to find good growth opportunity in this market owing to increasing use of reed sensors in vehicles and consumer appliances.
Regional Insights:
The regional segmentation of the global Reed sensor market segments the market into North America, Europe, Asia Pacific, and the Middle East & Africa. Following North America, Europe is expected to see significant growth due to increased automotive adoption, high emphasis on technological innovation, and the involvement of well-known emerging companies offering reed sensors. Also, during the forecast period, Latin America, the Middle East and Africa are expected to see significant growth in the reed sensor market.
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Major Highlights of TOC Covers:
- Executive Summary
- Key Business Trends
- Regional Trends and Growth
- Product Trends
- End-use Trends
- Definition and Forecast Parameters
- Reed sensor Market Segmentation
- Reed sensor Market Landscape
- Vendor Matrix
- Company Profiles
- Business Overview
- Financial Data
- Product Landscape
- Strategic Outlook
- SWOT Analysis
- Regional Reed sensor Market Share
- Country Reed sensor Market Share
- Revenue and Sales Forecast
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