The Business Research Company recently released a comprehensive report on the Global Reed Switch Device Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The reed switch device market size has grown strongly in recent years. It will grow from $19.4 billion in 2023 to $20.69 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to increased use of reed switches in industrial applications, increased adoption of reed switches in consumer electronics, expanded use of reed switches in transportation systems, increased adoption of reed switches in aerospace and defense, expanded use of reed switches in HVAC systems.
The reed switch device market size is expected to see strong growth in the next few years. It will grow to $26.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to growth in the automotive industry, increasing demand for reed switches in security systems and alarms, rising adoption of reed switches in robotics and automation, expanding electronics and communications sector, growing demand for reed switches in medical devices. Major trends in the forecast period include integration with advanced sensors to bring efficiency, new product launches or approval, technological advancements such as ferromagnetic reeds, ongoing research and innovation, increasing investments.
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Market Drivers and Trends:
An increase in the number of electronic products is expected to propel the growth of the reed switch device market going forward. Electronics products are devices with electronic circuits designed to control and manipulate electric current, convert it from one form to another, and are capable of generating or emitting electromagnetic or sonic radiation. The use of electronic products is on the rise due to the growth in the adoption of new technologies and digital transformation. Reed switches are used in electronics to open or close circuits in response to a magnetic field, commonly found in applications such as security systems, reed relays, and proximity sensors. For instance, in February 2024, according to the Japan Electronics and Information Technology Industries Association, a Japan-based trade organization, consumer electronic equipment production reached $201.91 million (¥31,685 million), up from $149.27 million (¥ 23,425 million) in January 2023. Therefore, an increase in electronic products will generate high demand for the reed switch device market.
Major reed switch device market companies prioritize adopting miniaturized and compact power components, such as subminiature flange mount reed sensors, to stay competitive and meet evolving consumer needs. Subminiature flange-mount reed sensors can detect the presence or absence of a magnetic field with high sensitivity and reliability. For instance, in August 2023, Littelfuse Inc., a US-based electronic manufacturing company, launched its latest offerings, the 59155 and 59156 series of subminiature flange mount reed sensors. These reed sensors generally feature open contacts and are capable of switching 120 Vac or 170 Vdc at 10 W. Their compact case design permits mounting with an M2 screw tightened to a maximum torque of 0.1 Nm or via adhesive mounting. These sensors are designed for use in various applications, such as factory automation, process equipment, security and access control, and primary and small appliances. The benefits include contactless activation, customizable and space-saving design, high adjustability, and standard cable configurations.
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Major Key Players of the Market:
ZF Friedrichshafen AG, Honeywell International Inc., TE Connectivity Ltd., Molex Incorporated, TTI Inc., SMC Corporation, Yaskawa Electric Corporation, RS GROUP, Littelfuse Inc., STG Germany GmbH, Pepperl+Fuchs Inc., Crydom Inc., Comus International, Coto Technology, Hermetic Switch Inc., Elesta GmbH, Hamlin Electronics, Dytran Instruments, Standex Electronics Inc., Euroswitch S.p.A., Reed Relays and Electronics India Ltd., Dongan Electric Manufacturing, Pickering Electronics, Soway Tech Limited, PIC GmbH, Nippon Aleph, Magnelink Inc., Spektrum Fluid Power Pvt Ltd, Filpro Sensors Pvt Ltd., Ryazan Metal Ceramics Instrumentation Plant JSC
Reed Switch Device Market 2024 Key Insights:
• The reed switch device market size is expected to see strong growth in the next few years. It will grow to $26.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Increase In The Number Of Electronics Products Fuels Growth In The Reed Switch Device Market
• Increasing Focus On Technological Advancements In Reed Switch Device
• North America was the largest region in the reed switch device market in 2023
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