The reed sensor market is expected to witness substantial expansion by 2027 owing to extensive product application across diverse industry verticals across the globe. In addition, the advent of industrial automation and Industrial Internet of Things (IIoT) in developing economies is set to further propel market adoption over the forecast period.
A reed sensor is a simple device that controls circuits in a wide variety of industrial and commercial devices. It generates a magnetic field that opens or closes a reed switch within the sensor using a magnet or electromagnet. Mounting demand for hybrid and electric vehicles around the world has augmented industry expansion in recent years. Moreover, recent technological advances in the healthcare sector have fostered product outlook in the manufacturing of enhanced medical devices.
Furthermore, to monetize emerging trends in the market, industry players have been implementing lucrative strategies, which has favorably impacted the overall business landscape of the reed sensor market. For instance, in October 2021, Littelfuse, Inc., a U.S.-based electronic manufacturing company, announced the acquisition of Carling Technologies, Inc., a major circuit breaker and switch manufacturer. The deal was intended to strengthen Littelfuse's position in the communications infrastructure and commercial vehicles industries by leveraging Carling's expertise in circuit protection and switching technologies.
The reed sensor market has been segmented on the basis of industry vertical, mounting type, contact position, and region. With respect to mounting type, the market has been divided into screw mount reed sensor, panel mount reed sensor, thread mount reed sensor, surface mount reed surface, and others.
The panel mount reed sensor sub-segment is projected to see robust growth through 2027, expanding at more than 5.5% CAGR over the review period. Increasing adoption of panel mount reed sensors in industrial equipment and programmable controllers for remote asset monitoring applications is estimated to boost segmental expansion in the coming time period.
In terms of industry vertical, the reed sensor market has been categorized into construction & security, automotive, industrial, electronics & communication, healthcare, and others. The construction & security sub-segment is anticipated to attain a significant valuation by 2027, progressing at a CAGR of approximately 6.0% through the assessment timeline. Surging uptake of reed sensors in security and smart home applications is set to drive segmental growth over the forthcoming years.
From the regional point of view, the Latin America reed sensor market is poised to grow considerably at above 5.0% CAGR over the study period. Rising government initiatives aimed at accelerating industrial manufacturing and processing sector in LATAM are slated to promote regional market development in the future.