reed sensor Market

The global Reed Sensor market is accounted to US$ 765.07 Mn in 2018 and is expected to grow at a CAGR of 7.8% during the forecast period 2019 - 2027, to account to US$ 1,473.33 Mn by 2027. The definition of reed sensor over the years has evolved to incorporate further complicated hybrid ecosystem of personal computers, mobile devices, laptops, servers, virtual endpoints and infrastructure comprising both public and private clouds. Owing to this transformation, the organizations across the globe are showcasing a keen interest in advanced Types catering to their security demands for extensively virtualized environments. Furthermore, the widespread implementation of IoT across the value chain has also increased the threat of cyber security contributing to the global growth of reed sensor market globally.

A key trend which will predominantly impact the Reed Sensor market in a coming year is Sensors for autonomous vehicles. Steady progress in the development of autonomous vehicles is being witnessed with some of the renowned car manufacturers collaborating with the technology leaders for it to be conceptualized. Autonomous vehicles have evolved on the platform built by ADAS. Companies like Ford, General Motors, Nissan, Tesla, Mercedes, Honda, and other major manufacturers have been investing billions of dollars in the research & development of these cars. Also, technology giants like Apple, IBM, and Intel have further collaborated with the leading auto manufacturers to remain competitive. In the next few years, it is anticipated that autonomous cars would hit the roads and be commercialized. One of the key enabling technologies required in the autonomous vehicles is the presence of sensor fusion, whose function would be of integrating data from an array of sensors to make quick and appropriate decisions.

Reed Sensor market by application is segmented into Automotive & Transportation, Security & Safety, Medical, Consumer Electronics, Telecommunications, Others (Aerospace & Defense, Manufacturing, Sports & Recreational). The automotive and transportation sector is expected to make the majority contribution to the reed sensor market, whereas the security and safety market segment is expected to gain the highest growth rate during the forecast period.

The overall Reed Sensor market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the reed sensor market. Also, the primary interview was conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Reed Sensor industry.