Reed sensor market set to reach USD 3.04 billion by 2032 with 6.5% CAGR
From GlobeNewswire: 2024-12-20 08:00:00
The Reed Sensor Market was valued at USD 1.74 Billion in 2023, expected to reach USD 3.04 Billion by 2032 with a 6.5% CAGR. Growth is driven by automation, IoT integration, and increasing demand in the automotive sector for advanced driver assistance systems. Reed sensors play a crucial role in enhancing operational efficiency and safety.
The automotive sector’s adoption of advanced driver-assistance systems (ADAS) and electric vehicle technologies has led to a surge in demand for Reed sensors. Features like forward collision warning and automatic emergency braking have high market penetration, driving the need for sensors in applications such as position detection and collision avoidance.
In 2023, Dry Reed Sensors accounted for 58% of the market revenue, driven by their use in automotive systems, security devices, and industrial automation. Mercury-Wetted Reed Sensors are expected to grow at a 7.51% CAGR due to their reliability in high-frequency applications. The Telecommunications segment led the market, with the Automotive & Transportation sector projected to grow at a 9.33% CAGR.
North America leads the Reed Sensor Market with a 36% share, driven by technological infrastructure, automation demand, and a thriving automotive sector. The Asia-Pacific region is expected to grow at an 8.05% CAGR, fueled by rising disposable incomes, increased vehicle demand, and growing consumer appliances. Companies like TE Connectivity and Honeywell are contributing to market growth with innovative products. The Reed Sensor Market report includes statistical insights on wafer production volumes by region in 2023, chip design trends, fab capacity utilization, and supply chain metrics. The competitive landscape, market segmentation by contact position, type, and application, regional analysis, company profiles, and use cases are also covered. Access the complete report for growth outlook.
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