Global Reed Sensor Market is Growing at a Significant Rate in the Forecast Period 2018-2025

According to Data Bridge Market Research new Market report, global reed sensor market will account to an estimated USD 1.63 billion in 2018 growing at a CAGR of 7.25% during the forecast period of 2019 to 2026.

Global Reed Sensor Market

Global Reed Sensor Market

Reed sensors are a type of electromagnetic switch, where they open the reed switch contacts when in the presence of magnetic fields. Its main applications can be found when there is a need to control the flow of electricity in a circuit. It is encased in a tube-like structure covered with glass. These sensors have a number of features involving detection of movements, detection of metals, and measurement of flow of liquid.

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Segmentation: Global Reed Sensor Market

Global reed sensor market is segmented on the basis of contact position, type, application and geography.

By Contact Position (Forma A, Form B, Form C, Others), Type (Dry-Reed Sensor, Mercury-Wetted Reed Sensor), Application (Automotive & Transportation, Consumer Electronics & Appliances, Robotics & Automation, Telecommunications, Healthcare, Safety & Security, Construction, Others) and Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa).

FACTORS DRIVING GROWTH IN REED SENSOR MARKET:

Growth of the automobile industry:

According to International Organization of Motor Vehicle Manufacturers, there has been a steady rise in the production and sales of the vehicles worldwide. In 2015, there was an estimated production of 90.78 million, and the number grew to an estimated value of 94.97 million in 2016, and then 97.30 million in 2017. This steady and constant rise of vehicle production is expected to be one of the major drivers for the market growth of reed sensors because of its widespread application in a variety of different components of vehicles, such as ignition, electric car chargers, power windows, ABS, and a number of other applications.

Global Reed Sensor Market

Key Market Competitors: Global Reed Sensor Market

Few of the major competitors currently working in the reed sensor market are Littelfuse, HSI Sensing, Ryazan Metal Ceramics Instrumentation Plant JSC (RMCIP), Standex-Meder Electronics, PIC GmbH, Coto Technology, Pickering Electronics,Aleph America, Stg Germany GmbH, Zhejiang Xurui Electronic Magnasphere, Nte Electronics, Multice Group, Zf Electronics Tvs, Kemet, Reed Switch Developments Corp., Yaskawa Electric Corporation, Soway Tech Limited, Hnc Group and Bernstein Ag.

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