Global Reed Switches/Sensors Market 2023-2030

Global Reed Switches/Sensors Market 2023-2030

Global Reed Switches/Sensors Market Size, Share & Trends Analysis Report by Reed Sensor Type (High-Temperature Reed Sensor, High Voltage Reed Sensor, Metal Detection Reed Sensor, Dry-Reed Sensor, Mercury-Wetted Reed Sensor, and Others), by Reed Sensor Mount Type (Panel Mount, Screw Mount, Surface Mount, and Thread Mount), and by Application (Automotive & Transportation, Consumer Electronics & Appliances, Cruise Control, Infotainment Systems, Safety Systems, and Others) Forecast Period (2024-2031)

The global reed switches/sensors market is anticipated to grow at a CAGR of 9.5% during the forecast period (2024-2031). The market’s growth is attributed to the growing demand for automation across the globe. The development in automation across sectors has raised increasing demand for sensors that provide reliable responses in a variety of applications. For instance, in August 2023, Littelfuse, Inc. released its newest products, the 59155 and 59156. The globe's smallest subminiature flange mount reed sensors offer contactless activation, minimal dimensions, and versatility, making them suitable for various sectors with tight spacing requirements. The 59155 and 59156 are miniature reed sensors with a switchable voltage of 120 Vac/170 Vdc, suitable for various applications including small appliances, security, and IoT.

Segmental Outlook

The global reed switches/sensors market is segmented on the reed sensor type, reed sensor mount type, and application. Based on the reed sensor type, the market is sub-segmented into high-temperature reed sensors, high-voltage reed sensors, metal detection reed sensors, dry-reed sensor

mercury-wetted reed sensor, and others. Based on the reed sensor mount type, the market is sub-segmented into panel mount, screw mount, surface mount, and thread mount. Furthermore, based on application, the market is sub-segmented into automotive & transportation, consumer electronics & appliances, cruise control, infotainment systems, safety systems, and others. The automotive & transportation subcategory is expected to capture a significant portion of the market share within the passenger cars segment. The growth can be attributed to the rising global demand for electric vehicles has provided possibilities for growth in the industry. Reed switches are used in electric car chargers to accelerate the charging process. According to the International Energy Agency (IEA),in 2022, the global number of public charging points reached 2.7 million, with 900,000 installations, a 55% increase from the previous year and comparable to pre-pandemic growth.

The high-temperature reed sensor Sub-Segment is Anticipated to Hold a Considerable Share of the global Reed Switches/Sensors Market

Among the reed sensor types, the high-temperature reed sensor sub-segment is expected to hold a considerable share of the global Reed Switches/Sensors market. The segmental growth is attributed to the increasing demand for industry demand for high-temperature solutions. Industries with high-temperature applications, such as downhole drilling in oil & gas or automotive under-the-hood applications, are expected to increase demand for high-temperature reed sensors. For instance, in July 2023, Pickering Electronics launched a new high-temperature high voltage single-in-line reed relay that can operate at up to 125°C. The Series 104HT relay is a small high-voltage reed relay with a stand-off voltage of up to 4kV. It is available in the SIL package with a 6.35mm (0.25in) pitch.

Regional Outlook

The global reed switches/sensors market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the manufacturers' growing emphasis on product innovation, in addition to higher expenditures in research and development (R&D) activities in this region.

The Asia-Pacific region is Expected to Grow at a Significant CAGR in the global Reed Switches/Sensors Market

Among all regions, the Asia-Pacific region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the increased automation in industry and the growth of Industrial 4.0 across the region. The development of automation in industry and Industrial 4.0 promises to accelerate the usage of reed sensor technology. According to the International Federation of Robotics (IFR), in October 2018, it is anticipated that approximately 630,000 robot units are projected to be shipped globally by 2022. This advancement in robot technology, combined with the adoption of international standards, has helped to provide safer workplaces, boost productivity, and reduce environmental impact. A reed sensor is used to precisely determine the terminal position of hydraulic or pneumatic cylinders and actuators.

Market Players Outlook

The major companies serving the global reed switches/sensors market include Honeywell International Inc., Littelfuse, Inc., Standex International Corp., OMRON Corp., and TE Connectivity Ltd., among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2024, Murata launched the SCH16T-K01 - A Next Generation 6DoF Inertial Sensor. The SCH16T-K01 sensor provides superior positioning solutions owing to its advanced gyro, noise density, dynamic range, and high linearity, in addition to superior performance and time synchronization characteristics that ensure optimal performance through all temperature ranges.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global reed switches/sensors market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies. Competitive strategies by identifying ‘who-stands-where’ in the market.