By 2023, the Reed Sensor Market is anticipated to be worth USD 2.30 billion, expanding at a CAGR of 7.40%. The Reed Sensor Market has a lot of room to grow thanks to the use of reed sensors in cutting-edge technologies like the creation of electric vehicles and the expansion of security systems. The Reed Sensor Market is expanding as a result of significant factors like the use of reed sensors in the automotive sector, application of reed sensors in home appliances, HVAC systems, and smart metres, and benefit of low operating power and ability to operate in severe conditions.
Key Figures They are Littelfuse (US), HSI Sensing (US), RMCIP (Russia), Standex-Meder Electronics (US), PIC GmbH (Germany), Coto Technology (US), Pickering Electronics (UK), Aleph America (US), STG Germany GmbH (Germany), and Zhejiang Xurui Electronic. Major players in the Reed Sensor Market include these companies: Littelfuse, HSI Sensing, RMCIP, PIC GmbH (China). To increase their sales, many large corporations adopt both organic growth strategies, like new product releases, and inorganic development methods, including contracts, alliances, and collaborations.
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Top 2 Players in Reed Sensor Market:
In 2017, Standex-Meder Electronics (US) held the top spot in the market for overall reed sensors. The business provides common reed sensor-based solutions. Additionally, it offers specialised power conversion components and assemblies as well as magnetics. Among other things, it provides custom magnetic devices, reed relays and optocouplers, Hall effect sensors, reed sensors and magnets, fluid sensors and floats, reed sensors, and reed sensors. The business provides designed product solutions for a variety of product applications, including test and measurement, security and safety, household appliances, automotive and transportation, electric power and utilities, industrial and power distribution, and aerospace and military. Through the creation of new products, collaboration with clients, and the expansion of its global capabilities, the company has experienced substantial growth over the years. To expand the company's sensor product line, for instance, Heilind Electronics (US), a global distributor, collaborated with the company in October 2017. Heilind Electronics' integrated supply chain, warehouse, and customer-focused sales force, as well as its strategic expertise in delivering products in the digital age through its ecommerce platform, helped the company expand its sensor product line.
In 2017, Littelfuse (US) was ranked second in the world market for reed sensors. It is one of the market's top competitors for Reed Sensors. For a wide range of electrical and industrial electronics applications, it provides circuit protection devices and solutions for circuit protection, power control, and sensing. For a variety of uses, including consumer electronics, automobiles, commercial vehicles, and industrial equipment, the company provides a comprehensive selection of reed sensors. In addition to various types of reed sensors, the company provides high-precision vane reed sensors, high voltage reed sensors, actuator for PCB mount reed sensors, flange mount reed sensors, and surface mount reed sensors. In order to gain market share, the corporation focuses on inorganic growth tactics. In January 2018, for instance, the business successfully acquired IXYS Corporation (US), a pioneer in the power semiconductor industry with a focus on medium- to high-voltage power semiconductors throughout the industrial, communications, consumer, and medical device markets.
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