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 increase observed in the historical period can be attributed to factors such as the miniaturization of electronics, the adoption of reed sensors in the automotive industry, the expansion of telecommunications, the growth of industrial automation, and the development of security systems.

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 anticipated growth in the forecast period can be attributed to the proliferation of IoT and connected devices, advancements in the automotive industry, an increase in home automation, growing safety and security needs, and advancements in material science. Significant trends expected during the forecast period include advancements in magnet technology, enhanced sensing capabilities, integration of AI and machine learning, the adoption of energy harvesting solutions, and a focus on increased reliability and longevity of reed sensors.

The anticipated surge in demand for electric vehicles is poised to drive the growth of the reed sensor market in the foreseeable future. Electric vehicles, designed for enhanced environmental friendliness and energy efficiency compared to traditional combustion engine vehicles, extensively utilize reed sensors for position and proximity sensing. These sensors play a crucial role in optimizing functionality, safety, and efficiency, ensuring reliable and precise sensing capabilities that control vehicle operations. Notably, the International Energy Agency reported a significant uptick in electric vehicle sales, reaching 6.6 million in 2021 - a nearly doubled figure from 2020, representing approximately 9% of total sales. This surge contributed to a total of 16.5 million electric vehicles on the road, underscoring the pivotal role of reed sensors in the expanding electric vehicle market.

The escalating demand for consumer electronics is anticipated to be a driving force behind the growth of the reed sensor market. Consumer electronics encompass a wide range of electronic devices designed for every day, personal, or professional use. Reed sensors contribute significantly to the realm of consumer electronics by providing reliable and efficient proximity and position sensing capabilities, enhancing the overall functionality of various devices. For example, data from the Japan Electronics and Information Technology Industries Association revealed robust electronic equipment production, reaching $52,36,535 million, with consumer electronics production totaling $2,178,430 million in May 2023. This growth, compared to the figures from May 2022, underscores the increasing reliance on reed sensors within the consumer electronics sector.

Technological advancements stand out as a prominent trend gaining momentum in the reed sensor market. Leading companies in the sector are actively engaged in the development of innovative and specialized products to maintain their competitive edge. An illustrative example is Littelfuse Inc., a US-based electronics company, which recently introduced the world's smallest subminiature flange mount reed sensors - models 59155 and 59156. These sensors, designed for versatile applications across diverse industries, offer customization options to meet specific application requirements, showcasing the industry's commitment to ongoing technological advancements.

Major players in the reed sensor market are intensifying their focus on innovative sensor development, including TMR sensor IC, as a strategic move to enhance their market position. Tunnel Magneto Resistance (TMR) sensor ICs leverage the TMR effect to detect and measure magnetic fields. A case in point is the launch by ABLIC, a Japan-based company, of the S-5701 B Series TMR Sensor IC in March 2021. This sensor offers long life, durability, and compact features, with a low typical current consumption of 160 nA, contributing to power savings and extended battery life. The TMR sensor IC's high-sensitivity magnetic characteristics facilitate downsizing of magnets, ensuring accurate mechanism operation across a broad temperature range.

In March 2022e, Standex Electronics Inc., a US-based manufacturer of electro-magnetic components, acquired Sensor Solutions Corporation for $9.7 million. This acquisition aims to broaden Standex Electronics Inc.'s product portfolio, enhance profitability, and reinforce its position in the sensor market. Sensor Solutions Corporation, a US-based manufacturer and designer of reed sensors and magnetic field sensors, brings valuable expertise to further strengthen the market presence of Standex Electronics Inc.

Major companies operating in the reed sensor market report are ZF Friedrichshafen AG, Schneider Electric SE, TE Connectivity, Madison Company Inc., Yaskawa Electric Corporation, Littelfuse Inc., KEMET Corporation, AirTAC International Group, GEMÜ Group, Standex Electronics Inc., HNC Electric Ltd., PIC GmbH, HSI Sensing, Coto Technology Inc., Bernstein AG, Pickering Electronics Ltd., Aleph America Corporation, MagneLink Inc., Misensor Tech (Shanghai) Co. Ltd., Sensor Measurement PTY Ltd., Zhejiang Xurui Electronics Co Ltd., Hamilton Electronics Pvt. Ltd., Sigma Enterprises, Ryazan Metal Ceramics Instrumentation Plant JSC, STG Germany GmbH.

Asia-Pacific was the largest region in the reed sensor market in 2023. The regions covered in the reed sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the reed sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of reed sensors include ultra-miniature, dry-reed, and mercury-wetted. Ultra-miniature reed sensors are exceptionally small in size. They are available in various mounts, including panel-mounted, surface-mounted, thread-mounted, screw-mounted, and others. These sensors offer different contact positions such as Form A, Form B, Form C, and others. They find applications across various industry verticals, including automotive, electronics, information technology and telecommunications, healthcare, robotics and automation, aerospace, construction, safety and security, among others.

The reed sensor market research report is one of a series of new reports that provides reed sensor market statistics, including reed sensor industry global market size, regional shares, competitors with a reed sensor market share, detailed reed sensor market segments, market trends and opportunities, and any further data you may need to thrive in the reed sensor industry. This reed sensor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The reed sensor market consists of sales of standard reed sensors, high-power reed sensors, high-pressure reed sensors, latching reed sensors, proximity sensors, and magnetic level sensors. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.