A brief overview of the global reed sensor market with respect to the geographical landscape: APAC to emerge as a potential regional contender by 2024
The global reed sensor market is lately witnessing an exponential growth rate, driven by the rapidly rising demand for advanced sensor technologies across industries such as military, aerospace, medical, security, transportation, smart grid & utilities and telecommunications. Attributing to a widespread application spectrum, the global reed sensor market was valued at over $1 billion according to a 2017 estimate. Reed sensors are basically devices made up of reed switches that incorporate a pair of flexible magnetic reeds and can be used in various applications ranging from flow and liquid level measurement to motion detection and sensing, proximity sensing and metal detection. One of the major factors behind the sensor’s rapidly growing demand is its robust and reliable nature and the low power consumption that allows for the device to be used in a plethora of battery operated applications.
China reed sensor market size, by application, 2017 & 2024 (USD Million)
It is anticipated that the expansion of the smart home market in developed nations across the world would be further fueling the growth of the reed sensor market. Moreover, the incredible rate of production that the consumer electronics market is witnessing across developing nations would also be responsible for propelling global reed sensor market further.
Unveiling global reed sensor market trends through a regional frame of reference:
Asia Pacific (APAC):
Home to nations such as China, India, Japan, South Korea and Taiwan – some of the world’s biggest consumers as well as manufacturers of automotive and consumer electronics, APAC presently holds the largest share in reed sensor market. According to a report by Standex Electronics, the device’s high demand is attributed to its availability in hundreds of different shapes and sizes and its ability to survive billions of operations without experiencing much wear and tear.
The aforementioned features have made reed sensors the go-to solution for the established automotive and consumer electronics markets in the APAC region. Moreover, government initiatives that support and encourage the growth of these industries are also likely to augment reed sensor demand further. Additionally, demands for remote home monitoring systems from the smart home markets of South Korea, Japan and China is projected to be another major contributing factor that will impel the APAC reed sensor industry growth.
Driven by a highly established manufacturing sector and robust industrialization trends, it is projected that APAC reed sensor market will grow at an impressive CAGR of 12.5% over 2018-2024 in terms of unit shipment.
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A significant contributor toward the global industry, the North America reed sensor market is primarily driven by the booming smart home industry as the sensors are witnessing wide-scale adoption across a plethora of connected home systems such as voice controlled temperature modulating systems and automated intrusion-detecting smart home systems. The regional market is also simultaneously receiving a considerable boost from the automotive industry as more and more automobile manufacturers are implementing the systems in their vehicles to facilitate a number of features like power windows, fuel and oil level measurement.
The U.S. reed sensor market size, had been pegged at over $350 million according to a 2017 estimate. It is expected however, that the anticipated rise of the autonomous vehicle market in the region would be fueling reed sensor market growth as well. Furthermore, with major domestic companies unveiling new products and expanding their respective distribution networks to improve their capabilities of quenching the growing demands of reed sensors across various key application sectors, the North America reed sensor market has positioned itself on a lucrative path towards future growth.
Attributing to the extensive regional growth, the revenue graph of the reed sensor market is projected to etch out an exponential growth trajectory in the years ahead. According to a report by Global Market Insights, Inc., the global reed sensor market is anticipated to surpass $2 billion by 2024.
Author Name :Akshay Kedari