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Reed Sensor Market Size

Report ID: GMI2965
Published Date: Dec 2021
Report Format: PDF

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Reed Sensor Market Size

Reed Sensor Market size exceeded USD 1 billion in 2020 and is anticipated to grow at over 7% CAGR from 2021 to 2027. The global industry unit shipments are projected to reach above 1,500 million units by 2027.

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The reed sensor market growth is attributed to increasing adoption of these sensors in smart home technology products across the globe. These sensors are widely integrated into smart home appliances such as smart HVAC systems, smart door lock systems, dish washers, coffeemakers, and microwaves, among others. Reed sensor provide several benefits, such as high precision, low-power consumption & contact-less sensing, further increasing their acceptance in the market. Smart home products are expected to generate a revenue of USD 15 billion in the U.S. with a y-o-y growth rate of 11% compared to 2020. Adding to this, the proliferation of IoT and AI-based smart home technology products are predicted to support the market expansion during the forecast period.

The COVID-19 pandemic has severely affected the reed sensor market progression is credited to the prolonged shutdown of consumer electronics, home appliance, and automotive manufacturing facilities in early 2020. In first half of 2020, market players witnessed various challenges such as disruptions in raw material and component supply chains and international trade restrictions imposed by regulatory bodies & governments across the globe. However, in 2021, several automotive OEMs have reopened their production facilities and are focusing on mass production of passenger cars, majorly hybrid electric vehicles.

Reed Sensor Market Report Attributes
Report Attribute	Details
Base Year:	2020
Reed Sensor Market Size in 2020:	1 Billion (USD)
Forecast Period:	2021 to 2027
Forecast Period 2021 to 2027 CAGR:	7%
2027 Value Projection:	2 Billion (USD)
Historical Data for:	2017 to 2020
No. of Pages:	250
Tables, Charts & Figures:	461
Segments covered:	Mounting Type, Contact Position, Industry Vertical
Growth Drivers:	Increasing demand for hybrid and electric vehicles globally Favourable government initiative supporting consumer electronics manufacturing in Asia Pacific region Increasing demand for smart home appliances in the U.S. Growing trend towards industrial automation and IIoT in developing nations Increasing deployment of reed sensors in medical & healthcare devices
Pitfalls & Challenges:	Stiff competition from alternative switching technologies Large size of reed sensors limiting use in miniature devices

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Authors: Suraj Gujar, Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Global market size of reed sensor crossed USD 1 billion in 2020 and may exhibit 7% CAGR between 2021-2027. The global unit shipments may cross 1,500 million units by 2027.

The surface mount type accounted for 40% of the market share in 2020 and may exhibit 8.5% CAGR through 2027, driven by its extraordinary features such as smaller footprint, long lifecycle, and low-power consumption.

Automotive systems such as cruise control and infotainment systems require reed sensor installations on a large scale. Automotive segment held 30% revenue share in 2020 and may depict 8% CAGR up to 2027.

Asia Pacific accounted for 40% of reed sensor industry share in 2020 and may register 8.5% gains through 2027, driven by favorable government schemes to encourage smart factory adoption in the region.