The global reed switch market size was estimated at USD 520.13 million in 2020 and is projected to register a CAGR of 8.36% over the forecast period. The rapidly rising automotive industry worldwide is one of the major drivers of the global reed switch market. There is greater torque in more advanced and efficient engines, this has increased their demand in the global reed switch market.
The demand for the reed switch is likely to rise as smart homes become more popular in industrialized countries like the United States. Furthermore, reed switches are utilized in machinery ignition systems, industrial facilities for liquid flow as well as level monitoring, visual signals, and other applications, which is propelling market expansion.
However, problems such as the huge size of the reed switch, reduced durability are hampering the market's growth.
Reed switches are electrical switches that are activated by an applied magnetic field and are utilized in a variety of applications. When the switch is open, the end portions of a pair of magnetizable, flexible metal reeds are separated by a small gap, and when the switch is closed, the end portions of these reeds will come together due to the magnetic field completing the circuit. In the next years, technological developments in sensor and switch technologies will create new prospects for this market.
The report provides a detailed overview, including Comparison of Definitions, Range, Usage, Output and CAGR (percentage), Type Segmentation, Share, Revenue Status and Outlook, Capability, Demand , Market Drivers, Production Status, Import , Export, Opportunities, Growth Rate for Emerging Markets / Country Countries. The report offers a 360-degree analysis of the competitive environment of the industry. The industry study on global Market assesses the main regions (countries) promising a huge market share for the 2020-2028 forecast period.
Region-based Developments: By region, North America, Europe, Asia Pacific, Middle East & Africa, and South America make up the market. In 2020, the Asia Pacific region held the largest share of the global reed switch market, with roughly 30.81%.
During the projection period, Asia Pacific is expected to have the fastest growing market share. The automotive sector's exponential rise in India, China, and Japan is predicted to have a beneficial impact on the market's growth. Market growth in the region will be driven by rising demand for passenger and commercial cars, as well as a high penetration of the switch system.
Understanding Competition: One of the major drivers of the global Reed Switch market is the rapidly growing automotive industry worldwide. In order to sketch the competitive landscape in the Reed Switch market, recent market developments and competitive tactics such as expansion, product launch and development, partnership, merger and acquisition have been included. The study carefully identifies and profiles the top market participants, as well as analyses their core capabilities in each sector of the reed switch market, such as type, method of administration, and illness type.
To locate and collect material valuable for this technical, business-oriented, and commercial analysis of the Reed Switch market, this research study uses numerous secondary sources, directories, and databases like as Hoovers, Bloomberg Business Week, Reuters, and Factiva. Several industry experts from core and allied industries, as well as preferred suppliers, manufacturers, distributors, service providers, and organizations from all parts of the industry's value chain, are the key sources.
In-depth interviews with major industry participants, subject matter experts, C-Level executives of important market players, and industry consultants were undertaken to acquire and verify critical qualitative and quantitative information as well as to analyses prospects.
This report provides a detailed understanding of the global Reed Switch market demand from a qualitative and quantitative perspective with a forecast for the next few years. The report also provides dynamic indicators with potential impact in the market during the forecast period and an in-depth analysis of the leading companies operating in the global Reed Switch market. The major market drivers, challenges, and opportunities for the global Reed Switch market have also been covered in the market. This report also includes the market share of the leading companies operating in the Reed Switch market along with their production capacities and the growth strategies adopted by them.
The demand for the reed switch is likely to rise as smart homes become more popular in industrialized countries like the United States. Furthermore, reed switches are utilized in machinery ignition systems, industrial facilities for liquid flow as well as level monitoring, visual signals, and other applications, which is propelling market expansion.
However, problems such as the huge size of the reed switch, reduced durability are hampering the market's growth.
Reed switches are electrical switches that are activated by an applied magnetic field and are utilized in a variety of applications. When the switch is open, the end portions of a pair of magnetizable, flexible metal reeds are separated by a small gap, and when the switch is closed, the end portions of these reeds will come together due to the magnetic field completing the circuit. In the next years, technological developments in sensor and switch technologies will create new prospects for this market.
Key Offerings of the Study
The report provides a detailed overview, including Comparison of Definitions, Range, Usage, Output and CAGR (percentage), Type Segmentation, Share, Revenue Status and Outlook, Capability, Demand , Market Drivers, Production Status, Import , Export, Opportunities, Growth Rate for Emerging Markets / Country Countries. The report offers a 360-degree analysis of the competitive environment of the industry. The industry study on global Market assesses the main regions (countries) promising a huge market share for the 2020-2028 forecast period.
Region-based Developments: By region, North America, Europe, Asia Pacific, Middle East & Africa, and South America make up the market. In 2020, the Asia Pacific region held the largest share of the global reed switch market, with roughly 30.81%.
During the projection period, Asia Pacific is expected to have the fastest growing market share. The automotive sector's exponential rise in India, China, and Japan is predicted to have a beneficial impact on the market's growth. Market growth in the region will be driven by rising demand for passenger and commercial cars, as well as a high penetration of the switch system.
Understanding Competition: One of the major drivers of the global Reed Switch market is the rapidly growing automotive industry worldwide. In order to sketch the competitive landscape in the Reed Switch market, recent market developments and competitive tactics such as expansion, product launch and development, partnership, merger and acquisition have been included. The study carefully identifies and profiles the top market participants, as well as analyses their core capabilities in each sector of the reed switch market, such as type, method of administration, and illness type.
To locate and collect material valuable for this technical, business-oriented, and commercial analysis of the Reed Switch market, this research study uses numerous secondary sources, directories, and databases like as Hoovers, Bloomberg Business Week, Reuters, and Factiva. Several industry experts from core and allied industries, as well as preferred suppliers, manufacturers, distributors, service providers, and organizations from all parts of the industry's value chain, are the key sources.
In-depth interviews with major industry participants, subject matter experts, C-Level executives of important market players, and industry consultants were undertaken to acquire and verify critical qualitative and quantitative information as well as to analyses prospects.
What does this Report Provide
This report provides a detailed understanding of the global Reed Switch market demand from a qualitative and quantitative perspective with a forecast for the next few years. The report also provides dynamic indicators with potential impact in the market during the forecast period and an in-depth analysis of the leading companies operating in the global Reed Switch market. The major market drivers, challenges, and opportunities for the global Reed Switch market have also been covered in the market. This report also includes the market share of the leading companies operating in the Reed Switch market along with their production capacities and the growth strategies adopted by them.
Table of Contents
1 Market Abstract
2 Market Introduction
3. Research Practice
4 Key Related Data
5 Impact Factor Analysis
6 Market Development Analysis
7 Global Reed Switch Market, by Type
8 Global Reed Switch Market, by Application
9 Global Reed Switch Market, by End Use
10 Global Reed Switch Market, Regional Analysis
11 Company Profile
12 Appendix
List of Tables
List of Figures
Executive Summary
Reed switch is an applied magnetic field operated electrical switch that is used in a wide range of applications. It contains a pair of magnetizable, flexible, metal reeds whose end portions are separated by a small gap when the switch is open, and when closed, these reeds will come together due to magnetic field completing the circuit. Technological advancements in the sensor and switch technology will generate new opportunities for this market in the coming years.Increasing usage of reed switch for an effective passive safety system and the adoption of internet of things will increase the demand for reed switch. Additionally, the rising demand for reed switch from end-users for use in low temperature environment is the key factor that will enhance the growth of the reed switch market during the forecast period.
The market is also being driven by rising demand for advanced switch sensor technology in a variety of industries, including medical, aerospace & defense, security, telecommunications, transportation, and utilities. Reed switches are used in these industries for a variety of applications such as sensing and detecting movement, metal detection, proximity sensing, liquid level measurement, and flow measurement. These switches have low power consumption, making them suitable for a variety of battery-powered applications, and are available in power ratings of up to 100W in a variety of sizes. Because of their simple design and low cost, electrical equipment manufacturers actively use these switches.
The growing adoption of smart homes in developed countries such as the United States is expected to increase the demand for the reed switch. Furthermore, because reed switch work efficiently in extreme environments, they are used in machinery ignition systems, manufacturing facilities for liquid flow as well as level monitoring, visual indications, and so on, which is driving market growth.
However, the growth of the market is being hampered by factors, such as the large size of the reed switch, lower durability, and competition from Hall-effect technology as a result of the advancement in technology in magnetic resonance.
The global reed switch market size was estimated at USD 520.13 million in 2020 and is projected to register a CAGR of 8.36% to reach USD 988.87 million by 2028. But due to the COVID-19 impact, the market size estimation has come down to USD 485.98 million in 2020 and is projected to register a CAGR of 4.00%, reaching USD 665.32 million by 2028.
The reed switch market has been segmented on the basis of type, application, end use, and region.
Based on type, the market has been divided into Form A (SPST), Form B (SPST), Form C (SPDT), and latch type. SPST (Single Pole, Single Throw) switches are normal open reed switches with contacts that close throughout the magnetic field presence. Form B SPST, on the other hand, is a closed reed switch with contacts that open throughout the presence of a magnetic field. Form C SPDT (single pole, double throw) reeds are known as break-before-make reeds because they open a closed contact before closing an open contact.
The Form A segment accounted for the largest share of around 32.23% in the reed switch market in 2020. This segment was estimated at USD 167.62 million in 2020 and is projected to grow at a CAGR of 8.98% during the forecast period to reach USD 333.69 million by 2028. But due to the impact of COVID-19 on the market, the estimated value of the Form A segment has come down to USD 156.61 million in 2020 and is projected to register a CAGR of 4.60% during the forecast period to reach USD 224.51 million by 2028. Form A sensors are widely manufactured on account of their ability to provide more miniaturized portable devices. This is due to their relatively smaller size than other switching technologies.
Based on application, the market has been divided into relay application, position sensing, temperature sensing, pulse sensing, and others. The position sensing segment accounted for the largest share of around 32.14% in the global reed switch market in 2020. This segment was estimated at USD 167.17 million in 2020 and is projected to grow at a CAGR of 8.30% during the forecast period to reach USD 316.49 million by 2028. But due to the impact of COVID-19 on the market, the estimated value of the position sensing segment has come down to USD 156.19 million in 2020 and is projected to register a CAGR of 3.94% during the forecast period to hit USD 212.94 million by 2028. However, the relay application segment is expected to grow at the fastest CAGR of 4.50% over the forecast period
High lifespan and advanced technology are the advantages that are driving the growth of the position sensing segment. Moreover, the rising prevalence of high-tech electronics as well as automation in the electronics industry and growing complexity in automobile circuits of electric vehicles are driving the growth of the position sensing segment.
Based on end use, the market has been divided into electronics & communications, consumer durables, automotive, construction & security, robotics & automation, marine & weather, internet of things (IoT), and others. The automotive segment accounted for the largest share of around 25.45% in the global reed switch market in 2020. This segment was estimated at USD 132.35 million in 2020 and is projected to grow at a CAGR of 9.26% during the forecast period to reach USD 268.91 million by 2028.
But due to the impact of COVID-19 on the market, the estimated value of the automotive segment has come down to USD 123.66 million in 2020 and is projected to register a CAGR of 4.87% during the forecast period to reach USD 180.93 million by 2028.
The growing demand for electric vehicles across the globe has created growth opportunities for the market. Reed switches are being used in electric car chargers to minimize the time needed for charging the vehicle. Moreover, they are being installed in electric cars in charging sockets and a magnet is available at the end of the charging cable. The use of these switches creates an accurate locking signal on the charging circuit, making them vital for EVs.
By region, the market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The Asia Pacific region accounted for the largest share of around 30.81% in the global reed switch market in 2020. This region was estimated at USD 160.23 million in 2020 and is projected to grow at a CAGR of 8.98% during the forecast period to reach USD 319.01 million by 2028. But due to the COVID-19 impact, the estimated value of the Asia Pacific region has come down to USD 149.71 million in 2020 and is projected to register a CAGR of 4.60% during the forecast period, reaching USD 214.63 million by 2028.
Asia pacific is expected to capture the largest market share during the forecast period. Exponential growth of the automotive sector in India, China, and Japan is expected to have a positive impact on the growth of the market. Increasing demand for passenger and commercial vehicles with high penetration of the switch system in the region would drive market growth in the region.
The reed switch market in North America accounted for USD 130.37 million in 2020 during without COVID 19 period and is expected to grow at a rapid pace during the forecast period, owing to the region's expanding automotive sector. The widespread adoption of smart homes, voice-controlled thermostats, automated security systems, and mood lighting in the U.S. will drive market revenue further.
Companies Mentioned
A selection of companies mentioned in this report includes:
- Standex International Corporation
- Omron Corporation
- Smc Corporation of America
- Littelfuse Inc.
- Rmcip
- Hsi Sensing
- Reed Relays and Electronics India Limited
- Comus International
- Hong Kong Aleph Co. Ltd
- Stg Germany GmbH
- Thomas White (Leicester) Limited
- Coto Technology
- Pic GmbH
- Pit-Radwar Sa
- Celduc Relais
