The overall reed sensor market is expected to be worth USD 2.30 billion by 2023, growing at a CAGR of 7.40% from 2018 to 2023. The use of reed sensors in emerging technologies such as the development of electric vehicles and growth of security systems provide major opportunities for the growth of the reed sensor market. Key factors such as the use of reed sensors in the automotive industry; application of reed sensors in home appliances, HVAC, and smart meters; and benefit of low operating power and capable of working in harsh environments are driving the growth of the reed sensor market.
Key players operating in the reed sensor market include major players operating in different stages in the entire value chain of reed sensor systems; these players are Littelfuse (US), HSI Sensing (US), RMCIP (Russia), Standex-Meder Electronics< (US), PIC GmbH (Germany), Coto Technology (US), Pickering Electronics (UK), Aleph America (US), STG Germany GmbH (Germany), and Zhejiang Xurui Electronic (China). Many major companies focus on the implementation of organic growth strategies such as product launches, and inorganic strategies such as agreements, partnerships, and collaborations to boost their revenues.
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Top 2 Players in Reed Sensor Market:
Standex-Meder Electronics (US) was ranked first in the overall reed sensor market in 2017. The company offers standard reed sensor-based solutions. It also provides custom magnetics and power conversion components and assemblies. It offers custom magnetic products, fluid sensors and floats, Hall effect sensors, reed relays and optocouplers, reed sensors and magnets, and reed sensors, among others. The company offers engineered product solutions for a broad spectrum of product applications such as aerospace and military, automotive and transportation, electric power and utilities, industrial and power distribution, test and measurement, security and safety, and household and appliances, among others. The company has significantly grown over the years by developing new products, partnering with customers, and expanding global capabilities. For instance, in October 2017, the company partnered with Heilind Electronics (US), a global distributor, to expand the company’s sensor product line through Heilind Electronics’ integrated supply chain, warehouse, and customer-centric sales force, as well as its tactical expertise in delivering products in the digital age through its ecommerce platform.
Littelfuse (US) was ranked second in the global reed sensor market in 2017. It is one of the leading players of the reed sensor market. It offers circuit protection products and solutions for circuit protection, power control, and sensing for a multitude of electronic and industrial electronics applications. The company offers a wide range of reed sensors for various applications such as consumer electronics, automobiles, commercial vehicles, and industrial equipment. The company offers high-precision vane reed sensor, high voltage reed sensor, actuator for PCB mount reed sensor, vane reed sensor, flange mount reed sensor, and surface mount reed sensor, among others. The company focuses on inorganic growth strategies for capturing the market. For instance, in January 2018, the company completed the acquisition of IXYS Corporation (US), a pioneer in the power semiconductor market with a focus on medium- to high-voltage power semiconductors across the industrial, communications, consumer and medical device markets.
Reed Sensor Market by Type, Contact Position (Form A, Form B, Form C), Application (Automotive & Transportation, Consumer Electronics & Appliances, Robotics & Automation, Safety & Security), and Geography - Global Forecast to 2023
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