Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Market Overview
A reed switch is made up of two ferromagnetic blades, which is hermetically sealed in the glass tube filled with inert gas such as nitrogen, to reduce blade corrosion. These blades are provided with some physical gap in between and can be closed using suitable magnetic force that is made from permanent magnet. In order to increase the shelf life of blades, it is coated with rhodium or ruthenium. Furthermore, reed switch provides benefits such as simple construction and longer life operations, reed switches are adopted in various industries including electronics & communications, automotive, security, robotics & automation, and others.
The global reed switch device market was valued at US$ 234.7 Mn in 2019 and is expected to exhibit a CAGR of 9.2% during the forecast period (2020-2027).
Market Dynamics- Drivers
The increasing demand for reed switch devices in electric vehicles is expected to drive growth of the global reed switch device market during the forecast period
Reed switch devices are used in automobile industry at all levels from diesel engine cars to electric powered vehicles. Reed switches perform well in all parts of a vehicle, including breaking system, ignition system, emission control and monitoring system, and others. In electric and hybrid vehicles, it is used in charging systems and others.
In the recent past, the demand for electrical vehicles have been increasing, owing to the advancements in battery technology. For instance, according to Coherent Market Insights’ analysis, the global electrical vehicle market is expected to exhibit a CAGR of 22.3% during the forecast period. Thus, increasing demand for electric vehicles will drive demand for reed switch devices during the forecast period.
Statistics:
Asia Pacific held dominant position in the global reed switch device market in 2019, accounting for 37.2% share in terms of value, followed by North America, Europe, Latin America, and MEA.
Figure 1: Global Reed Switch Device Market Share (%), By Region, 2019
Market Restraints
Development of advanced technologies is expected to restrain growth of the global reed switch device market during the forecast period
Reed switch was developed in the Bell Telephone Laboratories, U.S., in 1936. Till date, it is being used in various industries as a cost-effective option for position detection. However, in the recent past, technologies such as AMR sensor have been developed, which may replace the reed switch in the near future. For instance, currently available AMR sensors in the market can provide same sensitivity as provided by reed switch, however, size of the AMR sensor drastically is reduced. Due to small size, AMR sensor can reduce the overall size of the device. Thus, development of advanced technologies is expected to restrain growth of the global reed switch device market during the forecast period.
Reed Switch Device Market Report Coverage
| Report Coverage |
Details |
| Base Year: |
2019 |
Market Size in 2019: |
US$ 234.7 Mn |
| Historical Data for: |
2016 to 2019 |
Forecast Period: |
2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: |
9.2% |
2027 Value Projection: |
US$ 474.3 Mn |
| Geographies covered: |
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East and Africa: GCC Countries, Israel, South Africa, and Rest of Middle East and Africa
|
| Segments covered: |
- By Product Type: Normally Open (A-Type), Normally Closed (B-Type), Changeover (C-Type).
- By Application: Reed Relays, Magnetic Sensors.
- By Distribution Channel: Direct Sales, Distributor.
- By Industry Vertical: Electronics & Communications, Automotive, Security, Robotics & Automation, Marine & Weather, Internet of Things (IoT), Others.
- By Region: North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
|
| Companies covered: |
Littelfuse, Inc., RMCIP, Standex Electronics, Inc., Nippon Aleph, HSI Sensing, Inc., Coto Technology USA, PIT-RADWAR S.A., PIC GmbH, STG Germany GmbH, Harbin Electric Group, Zhejiang Xurui, Zippy Technology Corp., Honeywell International Inc., and Molex Incorporated.
|
| Growth Drivers: |
- The increasing demand for reed switch devices in electric vehicles
- The increasing demand for solar devices
|
| Restraints & Challenges: |
- Operating imitations of reed switch devices
- Development of advanced technologies
|
Market Opportunities
Adoption of reed switch devices for smart devices is expected to create lucrative growth opportunities for market players in the global reed switch device market
Smart devices use a combination of software and hardware to improve the quality of living, various devices being used to provide services and reduce human interaction, thereby reducing the human effort. These devices also collect data, which further improves the device performance. Reed sensors are largely adopted in these devices, as reed sensors can perform various operations by consuming very less power. For instance, reed switch can perform extreme electric fluctuating tasks with the use of few fempto- amps. Furthermore, reed switch can be used in humid and explosive environment with temperature ranging from -50 °C up to 200 °C. The demand for smart devices is increasing. According to Coherent Market Insights’ analysis, the global smart devices market is expected to exhibit a CAGR of 16.2% during the forecast period. Therefore, increasing demand for reed sensors for use in smart devices is expected to create lucrative growth opportunity to the market key players.
Figure 2: Global Reed Switch Device Market Value (US$ Mn), 2017 - 2027
The global reed switch device market was valued at US$ 234.7 Mn in 2019 and is expected to reach a value of US$ 474.3 Mn by 2027 at a CAGR of 9.2% between 2020 and 2027.
Global Reed Switch Device Market- Impact of Coronavirus (Covid-19) Pandemic
According to Coherent Market Insights’ analysis, the impact of coronavirus (COVID-19) pandemic on the reed switch device market is moderate. Due to lockdown in countries such as China and India, supply chain is mainly disturbed. Reed switches are largely used in the automation and robotics industry. Due to coronavirus (COVID-19) pandemic, manufacturing industries are shifting toward automation and robotics, which will further increase the demand of reed switch devices in the manufacturing industry.
Competitive Landscape
Key companies operating in the global reed switch device market include Littelfuse, Inc., RMCIP, Standex Electronics, Inc., Nippon Aleph, HSI Sensing, Inc., Coto Technology USA, PIT-RADWAR S.A., PIC GmbH, STG Germany GmbH, Harbin Electric Group, Zhejiang Xurui, Zippy Technology Corp., Honeywell International Inc., Molex Incorporated, and others.
These key market players are focusing on research and development of new products to capture new markets.
Key Developments
- Key companies in the market are focused on acquisition, in order to gain a competitive edge in the market. For instance, in February 2017, Standex Electronics, Inc., a U.S.-based reed switch device manufacturing company, acquired Oki Sensor Device Corporation, a Japan-based electronic components manufacturing company. Through this acquisition, Standex Electronics, Inc. could expand its presence in the Asia Pacific market.
- Key manufacturers are focused on launching new products, in order to enhance their product portfolio. For instance, in March 2020, Pickering Electronics Ltd, a U.K.-based electronic manufacturing company, launched ‘series 131 miniature SIL reed relays’, which is the company’s smallest high voltage reed relay.
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