Reed Sensors Market revenue to cross USD 2 Bn by 2027: Global Market Insights Inc.

SELBYVILLE, Del., Dec. 8, 2021 /PRNewswire/ -- The reed sensors market size is anticipated to record a valuation of USD 2 billion by 2027, according to the most recent study by Global Market Insights Inc. Growth is attributed to the several advantages offered such as high accuracy, compact size, efficient power control, and high sensitivity. These features increase reed sensor adoption in medical & healthcare products, such as pediatric feeding tubes, hearing aids, dentist drill activation, and spirometers, further fueling the market growth. Rising government initiatives and investment activities to support the medical equipment industry will also create growth opportunities for the market.

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The thread mount reed sensors market is projected to witness 6.5% growth rate through 2027 led by the several advantages offered by thread mount reed sensors such as controlled power supply, high voltage switching, and form C contact configuration, among others. These sensors are heavily integrated into satellite antennas and actuators to detect the end limit & position of the satellite signals and provide convenient sensing adjustments. Enterprises are engaged in the development of advanced satellite antennas, which are expected to add opportunities for the thread mount reed sensors segment growth.

The form B segment held 10% of the market share in 2020 and is estimated to attain a CAGR of 5% by 2027. Form B type reed sensor aids in sensing close state motion, proximity & position, and controlling on/off switch function. These sensors are extensively integrated into domestic home appliances such as portable air conditioners, sewing machine pedals, electric toothbrushes, and coffee machines, among others. Moreover, amid COVID-19, several nations are supporting the manufacturing and export of home appliances.

The industrial application segment in the reed sensors market is poised to expand at more than 7% CAGR by 2027. The market expansion is driven by increased government initiatives to promote Industry 4.0 trends for industrial automation and control systems. The government aims to automate the manufacturing process by using smart pick & place machines, level monitoring systems, and inventory management systems, among others. These applications employ reed sensors to provide low-cost, maintenance-free & long-term service, further propelling the industry growth of reed sensors.

Europe reed sensors market is predicted to grow at a CAGR of 6.5% during 2021 to 2027 impelled by favorable government regulations and policies to mandate the use of reed sensors and ensure safety in electronic devices. According to the IEC 61810-4:2020 standard, the safety and functional requirement of reed sensing technology should be specified in all areas of electrical engineering and electronics

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Key players operating in the market include Coto Technology, Inc., Littelfuse, Inc., HSI Sensing, PIC GmbH, Standex Electronics, Inc., and TE Connectivity, among others. These companies are constantly involved in creating new strategies, such as market progression establishing new facilities, mergers, and acquisitions, to expand their product offerings and meet the industry's high demand.

Some major findings of the reed sensors market report include:

• Rising acceptance of electric and hybrid electric vehicles has increased the demand for several automotive systems such as body electronics, infotainment systems, and safety systems. Reed sensors are also incorporated in vehicle charging infrastructure, which significantly reduces charging time, thus supporting the industry expansion.
• Increased worker safety regulations and adoption of security alarms & safety systems in factories will foster the market demand. Form C condition type offers full-band control, low insertion loss, and isolation management, which is highly suitable for advanced security systems.
• Favorable government initiatives and policies that aim to boost electronics manufacturing are set to support the usage of reed sensors across the electronics & communication sector.
• The COVID-19 pandemic has had a major influence on the automotive sector, leading to the closure of multiple plants, supply chain problems, and international trade obstacles. Consumer demand has dropped, prompting some automakers to lower their new car production capacity and restricting the market potential for reed sensor manufacturers.
• The North America reed sensors market is slated to showcase a significant market share due to the rising demand for electric healthcare equipment manufacturing in the region. Whereas, in Asia Pacific, growing technological advancements have rapidly accelerated the acceptance of smart industrial equipment, driving the market value.

Table of Contents (ToC) of the report:

Chapter 3 Reed Sensors Market Insights

3.1  Industry segmentation

3.2  Impact analysis of corona virus (COVID-19) pandemic

3.2.1  Global outlook

3.2.2  Impact by region

3.2.3  Industry value chain

3.2.3.1  Research and development

3.2.3.2  Manufacturing

3.2.3.3  Marketing

3.2.3.4  Supply

3.2.4  Competitive landscape

3.2.4.1  Strategy

3.2.4.2  Distribution network

3.2.4.3  Business growth

3.3  Industry ecosystem analysis

3.3.1  Raw material and component suppliers

3.3.2  Manufacturers

3.3.3  Distribution channel

3.3.4  End-user

3.3.5  Vendor matrix

3.4  Technology & innovation 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

3.6  Industry impact forces

3.6.1  Growth drivers

3.6.2  Industry pitfalls and challenges

3.7  Growth potential analysis

3.8  Porter's analysis

3.9  PESTEL analysis

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SOURCE Global Market Insights Inc.