Reed Sensor Market Growth, Analysis and Forecast 2023
The Reed Sensor Market is expected to grow from USD 1.49 billion in 2017 to USD 2.30 billion between 2018 and 2023, at a CAGR of 7.40%.
At a CAGR of 7.40% throughout the projected period, the Reed Sensor Market is anticipated to increase from USD 1.61 billion in 2018 to USD 2.30 billion by 2023. Reed sensors are used in the automobile sector, are used in home appliances, HVAC systems, and smart metres, and have the advantages of low operating power and being able to operate in hostile environments. These are the primary factors driving the growth of this market.
By 2023, dry reed sensors will account for the greatest market share.
By 2023, dry reed sensors are anticipated to have the highest value type-share in the Reed Sensor Market. This technology's advantages over other magnetic devices in terms of extended life, separated contacts from the environment, low operating power, low cost, and better glass-to-metal seal are what account for the majority of its sensors' market share. The dry-reed sensor is utilised in many different fields, including consumer electronics and appliances, security and safety, and automotive and transportation.
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The Reed Sensor Market will have the greatest CAGR for robotics and automation applications from 2018 to 2023.
From 2018 to 2023, the Reed Sensor Market for robotics and automation applications is anticipated to see the greatest CAGR. Reed sensors are utilised in a variety of robotics and automation applications, including robotic arm movement (pick and place), visual indication (alert), monitoring liquid flow and level, inventory management systems, and equipment igniting systems. Reed sensors are employed as proximity sensors to regulate conveyor speed, location, and angle for robotic motion. The Reed Sensor Market is expanding as a result of increased production automation.
During the projection period, APAC will rule the market for reed sensors.
During the projected period, the Reed Sensor Market in APAC is anticipated to develop at the highest CAGR. APAC countries' rising disposable incomes have raised demand for automobiles and consumer electronics, which has in turn fueled the expansion of the reed sensor market in the area. Reed sensors are becoming more widely used, and both the influx of international players and the rise of local competitors are fueling the market's expansion. Because of this, APAC commands a sizeable portion of the global Reed Sensor Market.
The leading companies in the industry include Aleph America (US), Coto Technology (US), Pickering Electronics (UK), Littelfuse (US), HSI Sensing (US), RMCIP (Russia), Standex-Meder Electronics (US), PIC GmbH (Germany), and Zhejiang Xurui Electronic (China). To create and release new technologies and goods on the market, these businesses are progressively engaging in mergers, acquisitions, and product launches.
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