MarketsandMarkets’ research report, aptly titled “Reed Sensor Market by Type, Contact Position, Application, and Geography - Global Forecast to 2023”, indicates that the market is expected to grow from $1.61 billion in 2018 to $2.30 billion by 2023, at a CAGR of 7.40%. Growth is said to be driven using reed sensors in the automotive industry, in home appliances, HVAC, and smart meters. Low operating power and the ability to work in harsh environments also makes reed sensor an attractive choice.
- Dry reed sensors to hold largest share of reed sensor market by 2023
- Reed sensor market for robotics & automation application to grow at highest CAGR from 2018 to 2023
- APAC to dominate reed sensor market during forecast period
- The key players in the market include 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). These players are increasingly undertaking mergers and acquisitions, and product launches to develop and introduce new technologies and products in the market.
Hungry for more reed-sensor-market data? Browse the “Reed Sensor Market - Global Forecast to 2023” report.