The Global Reed switch device Market, By Product Type (Normally Open (A-Type), Normally Closed (B-Type), and Changeover (C-Type)), By Application (Reed Relays and Magnetic Sensors), By Distribution Channel (Direct Sales and Distributor), By Industry Vertical (Electronics & Communications, Automotive, Security, Robotics & Automation, Marine & Weather, Internet of Things (IoT), and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa) - Global Forecast to 2027, is expected to be valued at US$ 474.3 million by 2027, exhibiting a CAGR of 9.2% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Reed switch is made of two non-touching wire closed in a glass tube, which is filled with noble gas such as nitrogen. Reed switch is operated using electric magnetic field. Due to its simple construction, it is widely used in variety of devices such as smartphone, laptops, ignition switches in cars and bikes, home security devices, and others. Moreover, reed switch device provide many advantages such as low cost operation, long life (as no mechanical friction is present), low power consumption, 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).
The increasing demand for solar devices is expected to drive the global reed switch device market growth during the forecast period
In solar devices, reed switch is used to isolate solar devices with power grid connection. The reed switch relay helps solar devices from excessive electric voltage, electric shock, and environmental conduction such as dust and heat. Due to these benefits, the demand for reed switch relays are increasing for use in solar devices.
Furthermore, the demand for solar devices is increasing, owing to strong support from governments of various countries across the globe for solar devices, as these devices help to reduce carbon emission. For instance, in May 2019, the Ministry of New and Renewable Energy (MNRE), Government of India provided incentives such as 30% of installation cost will be paid by the central government for roof top solar panel installation. This amount may increase till 70% in some parts of the country such as Sikkim, Himachal Pradesh, Jammu & Kashmir, Lakshadweep, and others. Therefore, increasing use of solar devices is expected to drive the global reed switch device market growth during the forecast period.
The use of reed switch device in robotics and automation is expected to create lucrative growth opportunities for players operating in the reed switch device market
Due to industry 4.0, robotics and automation technology is being rapidly adopted in the manufacturing industry. Every hydraulic or pneumatic cylinder or actuators require reed sensor for end position sensing. Reed sensors theoretically use no power and provide better isolation when compared to other sensors such as inductive sensors or Hall-effect sensors. Furthermore, reed sensors can be used with programmable logical unit or PLC and microcontroller. This way, it can be used according to the specific need of the robotic equipment. The application of reed sensors in robotics and automation includes magnet sensors for bridge control, reed switches in ferrous part detection, magnet sensors for end position sensing, and others. According to Coherent Market Insights’ analysis, global robotics and automation market is expected to exhibit a CAGR of 32.1% during the forecast period 2020-2027. Thus, increasing use of reed switch device in robotics and automation will create lucrative growth opportunities for players operating in the reed switch device market.
Operating imitations of reed switch device is expected to restrain growth of the global reed switch device market during the forecast period
Despite widespread adoption of reed switch, it shows some flaws, which include its inability to withstand high intensity voltage and magnetic field. For instance, an open switch can easily get closed when a certain powerful magnetic field is applied to reed switch. Also, reed switch easily gets damaged with sudden physical shock, as it can damage its end connection wirings and glass.
Global Reed Switch Device Market- Impact of Coronavirus (COVID-19) Pandemic
Reed switch device are mainly used in various automobile vehicle parts such as ignition system, charging system, and others. Prior to the COVID-19 pandemic, automobile industry had witnessed significant shrink, wherein both sales and production of vehicles were reduced by 5 to 10%. Post COVID-19, to remain operational, companies may reduce the funding on R&D and shift towards manufacturing and sales. Rising automobile sales and manufacturing may increase demand for reed switch device during the forecast period.
Key players 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.