The growing smart home market in developed nations, such as the U.S., is projected to augment the reed sensor market
Sellbyville, DE -- (SBWIRE) -- 12/10/2018 -- Reed Sensor Market is projected to exceed USD 2 billion by 2024 owing to the upsurge in electric vehicles. Automotive giants such as Ford, BMW, Daimler are investing in electric vehicle charging infrastructure and have announced their plans to develop over 400 charging sites across Europe. These components enable safe and efficient charging of electric vehicles. Also, they continually check the correct position of the connector into the port and interrupt the power supply should the need arise to avoid potential electrical accidents, fueling the adoption of reed sensor market. There is an option to control additional functions with the sensors, such as an immobilizer, power indicator, locking, etc.
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Other major factor augmenting the reed sensor market is the continuous technical improvements in its design. Technological advancements in sensor technology have enabled manufacturers to develop miniaturized devices propelling their demand across the consumer electronics segment. Many companies are investing in R&D to manufacture highly compact miniaturized components for expanding its use across various industries. For instance, OKI Sensor Device experimented manufacturing reed sensors by using micro machine technology for compact reed sensors Moreover, these components are being modified for high speed applications and are being introduced in the market fueling the reed sensor market.
The reed sensor market is projected to witness lucrative growth for the forecast period owing to their growing demand of these components in the healthcare industry. The increasing incidence of heart diseases have propelled the demand for such medical devices ensuing the growth of the reed sensor market. These sensors are used in defibrillators and pacemakers for heart conditions such as bradycardia and tachycardia in which the heart beats at an abnormal rate. The devices enable these equipment to operate with high precision and the device mode is changed with a magnet externally. Compact sensors are being manufactured for such devices which are exclusively manufactured for use in life saving equipment are very compact and have a very high degree of reliability and precision. Other medical equipment in which it finds applications include capsule endoscopy, glucose monitors, neuromodulation, core body temperature capsule etc contributing to the reed sensor market.
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The reed sensor market has been segmented by product, contact position and application. Based on contact position, form A is estimated to hold the largest market share owing to their capability to be manufactured in smaller sizes than other contact forms. This is driving their demand across various verticals contributing towards the growth of the market. Asia Pacific is projected to dominate the reed sensor market due to their extensive demand from the electronics industry from regions such as Taiwan, South Korea and China. The flourishing automobile market in China is one of the major factors for the demand for these components for passenger comfort and other electronic systems.
Littelfuse, HSI Sensing, RMCIP, Standex Meder, and Coto Technology are the key companies in the reed sensor market landscape. To gain a competitive advantage over other companies in the market, players are following the strategy of acquisitions and strategic alliances. For instance, Littelfuse in August 2017 acquired XYS Corporation which will enable the company to expand its market presence across electronics and industrial sector. With the acquisition, Littelfuse will be able to enter their power control portfolio in automotive markets and in stronger relationships with electronic distributors. Moreover, companies are launching upgraded products with expanded capabilities such as the ultra-miniature sensor by Standex Meder and one similar product for liquid level and flow measurement for automobiles, metal detection etc
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