Reed Sensor Market Growth Trajectory Through 2024-2033

The Reed Sensor Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Reed Sensor Global Market Report 2024, The reed sensor market size has grown strongly in recent years. It will grow from $1.61 billion in 2023 to $1.77 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to electronics miniaturization, automotive industry adoption, telecommunications expansion, industrial automation growth, security system development.

The reed sensor market size is expected to see strong growth in the next few years. It will grow to $2.47 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to iot and connected devices, automotive industry advancements, rise in home automation, safety and security needs, advancements in material science. Major trends in the forecast period include advancements in magnet technology, enhanced sensing capabilities, ai and machine learning integration, energy harvesting solutions, increased reliability and longevity.

Increasing demand for electric vehicles is expected to propel the growth of the reed sensor market going forward. Electric vehicles are types of vehicles that are designed to be more environmentally friendly and energy-efficient compared to traditional internal combustion engine vehicles. Reed sensors are primarily used in electric vehicles for position and proximity sensing. It enhances functionality, safety, and efficiency while ensuring reliable and accurate sensing capabilities and controlling the operation of the vehicles. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 compared to 2020, which is almost 9% of sales share, and increased by 4 % points in 2021, increasing the total number of electric vehicles on the road to 16.5 million. Therefore, the increasing demand for electric vehicles is driving the growth of the Reed sensor market.

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The reed sensor market covered in this report is segmented –

1) By Type: Ultra-Miniature, Dry-Reed Sensor, Mercury-Wetted

2) By Mounting Type: Panel Mount Reed Sensor, Surface Mount Reed Sensor, Thread Mount Reed Sensor, Screw Mount Reed Sensor, Other Mounting Types

3) By Contact Position: Form A, Form B, Form C, Others Contact Positions

4) By Industry Vertical: Automotive, Electronic, Information Technology And Telecommunication, Healthcare, Robotics And Automation, Aerospace, Construction, Safety And Security, Other Industry Verticals

Technological advancements are a key trend gaining popularity in the reed sensor market. Major companies operating in the Reed sensor market are developing innovative, specialized products to sustain their position in the market. For instance, in August 2023, Littelfuse Inc., a US-based electronics company, launched the world’s smallest subminiature flange mount reed sensors, the 59155 and 59156, which are designed for various applications across different industries. The sensors offer customization options to cater to specific application requirements.

The reed sensor market report table of contents includes: