Pune, India, Jan. 06, 2022 (GLOBE NEWSWIRE) -- The global reed switch market was valued USD 520.13 million in 2021 and is projected to grow at a CAGR of 8.36% during the forecast period, as per a detailed market study by Quince Market Insights.
Reed switches are electrical switches that are operated by a magnetic field. They are used in a broad spectrum of applications. Technological advancements in sensor and switch technologies will open new avenues for this market in the coming years.
Rising demand for advanced switch sensor technology in a variety of industries, such as medical, aerospace & defense, security, telecommunications, transportation, and utilities, is also driving the market. Reed switches are employed in these industries to sense and detect movement, metal detection, proximity sensing, liquid level monitoring, and flow measurement, among other things. These switches have a low power consumption, making them suitable for a wide range of battery-powered applications, and they come in a variety of sizes and power ratings up to 100W. Electrical equipment makers frequently employ these switches due to their simple design and low cost.
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The demand for the reed switch is likely to rise as smart homes become more popular due to rapidly growing industrial sector. Furthermore, reed switches are utilized in industrial facilities for liquid flow, machinery ignition systems, as well as visual signals, level monitoring, and other applications, which is propelling market expansion.
Impact of COVID-19 Pandemic
In robotics and automation, reed switches are commonly utilized. Manufacturing businesses are shifting to robotics and automation as a result of the COVID-19 pandemic, which will fuel demand for reed switch devices in the near future.
Market Segmentation
By Type
The type segment of the market is divided into Form A (SPST) (Single Pole Single Throw), Form B (SPST) (Single Pole Single Throw), Form C (SPDT) (Single Pole Double Throw), and latch type.
The Form A segment accounted for the largest share in the reed switch market. Because of their ability to deliver more compact portable devices, Form A sensors are commonly manufactured. This is due to their reduced size when compared to other switching technologies.
By Application
The application segment of the market has been categorized into relay application, position sensing, temperature sensing, pulse sensing, and others. The position sensing segment accounted for the largest share. The factors that are fueling the expansion of the position sensing segment are its long lifespan and improved technology. Furthermore, the position sensing segment is developing due to the increasing prevalence of high-tech electronics as well as automation in the electronics industry, as well as the increasing complexity of automobile circuits in electric vehicles.
By End-use
The end use segment of the market has been divided into electronics & communications, consumer durables, automotive, construction & security, robotics & automation, marine & weather, internet of things (IoT), and others. The automotive segment accounted for the largest share. The increased demand for electric vehicles around the world has given the segment space for expansion. Reed switches are used in electric car chargers to reduce the amount of time it takes to charge the vehicle.
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By Region
In the reed switch market, there are five major regions, including North America, Europe, Asia Pacific, Middle East and Africa, and South America. Asia Pacific region is expected to capture the largest market share. The upsurge of the automotive sector in India, China, and Japan is expected to benefit the market. Rising demand for passenger and commercial vehicles, as well as a high penetration of the switch system, will fuel market expansion in the region.
Recent Developments in the Market
- March 2021 - Comus International (U.S.) introduced the RI-80 SMDM series of surface-mount reed switches.
- May 2020 – RMCIP (Russia) launched molded miniature reed switches for МКА-10110MS surface mounting, which are packed into the continuous tape for automatic treatment thereof while mounting.
- July 2020 - Standex International Corporation (U.S.) acquired privately held Renco Electronics. The acquisition is expected to be accretive to earnings and additive to collated free cash flow during the first year of possession.
Major companies operating in the global market include STG GmbH (Germany), OMRON Corporation (Japan), SMC Corporation (U.S.), Littelfuse Inc. (U.S.), Ryazan Metal Ceramics Instrumentation Plant JSC (RMCIP) (Russia), HSI Sensing (U.S.), Reed Relays and Electronics India Limited (India), Comus International (U.S.), Hong Kong Aleph Co. Ltd. (China), The STG Germany GMBH (Germany), Thomas White (Leicester) Limited (U.K.), Coto Technology (U.S.), PIC (Proximity Instrumentation Controls) GmbH (Germany), PIT-RADWAR SA (Poland), Celduc Relais (France).
To Find more insights on this topic, visit Quince Market Insights report titled, “Global Reed switch Market, By Type (Form A (SPST) (Single Pole Single Throw), Form B (SPST) (Single Pole Single Throw), Form C (SPDT) (Single Pole Double Throw), and latch type), by Application (relay application, position sensing, temperature sensing, pulse sensing, and others), by End-use (electronics & communications, consumer durables, automotive, construction & security, robotics & automation, marine & weather, internet of things (IoT), and others), by region (North America, Europe, Asia Pacific, Middle East and Africa, and South America).” in-depth analysis along with the table of contents (ToC).
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