South Korea Reed Sensors Switches Market Size, Share, and COVID-19 Impact Analysis, By Type (High-Temperature Reed Sensor, High Voltage Reed Sensor, Metal Detection Reed Sensor, Ultra-Miniature, Dry-Reed Sensor & Mercury-Wetted Reed Sensor), By End User (Automotive & Transportation, Healthcare, Consumer Electronics, Telecommunications, Safety & Security, Construction, Robotics & Automation, Others), and South Korea Reed Sensors Switches Market Insights Forecasts to 2033

Industry: Semiconductors & Electronics

RELEASE DATE Jan 2024
REPORT ID SI3495
PAGES 200
REPORT FORMAT PathSoft

South Korea Reed Sensors Switches Market Insights Forecasts to 2033

  • The Market Size is Growing at a CAGR of 2.97% from 2023 to 2033.
  • The South Korea Reed Sensors Switches Market Size is Expected to Hold a Significant Share by 2033.

 

South Korea Reed Sensors Switches Market

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The South Korea Reed Sensors Switches Market Size is Expected to Hold a significant share by 2033, at a CAGR of 2.97% during the forecast period 2023 to 2033.

 

Market Overview

Reed sensors switches are electromagnetic sensing devices that function under the influence of a magnetic field created by an external magnet or electrical current. They are made up of a reed switch, which comprises two or more ferrous reeds encased in a hermetically sealed glass envelope. Reed sensor switches come in a variety of configurations, including normally open, normally closed, and changeover, to meet the needs of various applications. They are made from a variety of materials, including ferrous metals and glass, ensuring their resilience and longevity. Reed sensor switches are used extensively in automobile systems, alarm systems, liquid level detection, telecommunications, consumer electronics, medical devices, industrial automation, robotics, and aerospace. They provide great dependability, a long operating life, minimal power consumption, and rapid response time. Furthermore, the rising trend toward electric and smart vehicles in the automotive sector, which is driving demand for innovative, dependable, and long-lasting sensor technologies, is boosting market growth in South Korea. In addition, the growing demand for reed sensor switches in robotics and industrial automation due to their high reliability and low maintenance requirements is driving market expansion. Moreover, the development of smaller, more efficient, and durable products is promoting market expansion in South Korea.

 

Report Coverage

This research report categorizes the market for South Korea reed sensors switches market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea reed sensors switches market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the South Korea reed sensors switches market.

 

South Korea Reed Sensors Switches Market Report Coverage

Report CoverageDetails
Base Year:2023
Forecast Period:2023 - 2033
Forecast Period 2023 - 2033 CAGR:2.97%
Historical Data for:2019 - 2022
No. of Pages:200
Tables, Charts & Figures:110
Segments covered:By Type, By End User and COVID-19 Impact Analysis
Companies Covered: Aleph America Corporation, Reed Relays and Electronics India Limited, Continental AG, Coto Technology, SMC Corp., Standex International Corp, PIC Gmbh, and Others
Pitfalls & Challenges:COVID-19 Empact, Challenge, Future, Growth, & Analysis

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Driving Factors

The adoption of different government initiatives aimed at advancing domestic technology and reducing dependency on imported components is driving market expansion. Along with this, the rapid trend towards sustainable and energy-efficient solutions across sectors is expected to fuel demand for reed sensors switches due to their low power consumption and eco-friendliness, resulting in market expansion across the country. Furthermore, the market is expected to increase due to ongoing research and development (R&D) initiatives, which include the introduction of sensors with enhanced features such as greater sensitivity and broader operational temperature ranges.

 

Restraining Factors

The high cost and size of these sensors hamper the market growth in the forecast period.

 

Market Segment

  • In 2023, the metal detection reed sensor segment accounted for the largest revenue share over the forecast period.

Based on the type, the South Korea reed sensors switches market is segmented into high-temperature reed sensor, high voltage reed sensor, metal detection reed sensor, ultra-miniature, and dry-reed sensor & mercury-wetted reed sensor. Among these, the metal detection reed sensor segment has the largest revenue share over the forecast period. The metal detection reed sensors category generated the most income as it can detect the presence of metallic objects in its proximity. However, the dry-reed sensor is the fastest-growing category as it operates on the interaction between a magnet and two ferromagnetic reed switch contacts.

 

  • In 2023, the automotive & transportation segment accounted for the largest revenue share over the forecast period.

On the basis of end user, the South Korea reed sensors switches market is segmented into automotive & transportation, healthcare, consumer electronics, telecommunications, safety & security, construction, robotics & automation, others. Among these, the automotive & transportation segment has the largest revenue share over the forecast period. The rising use of reed-based sensing technologies in various automobile systems like as ADAS, infotainment & communication systems, cruise control, and auto safety systems. These sensors are also used in onboard chargers and battery control systems in electric vehicles. However, healthcare is the fastest-growing area, as wearable health gadgets provide healthcare professionals with crucial information about a patient's health, such as heart rate and blood oxygen levels.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea reed sensors switches market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • Aleph America Corporation
  • Reed Relays and Electronics India Limited
  • Continental AG
  • Coto Technology
  • SMC Corp.
  • Standex International Corp
  • PIC Gmbh
  • Others

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the South Korea Reed Sensors Switches Market based on the below-mentioned segments:

 

South Korea Reed Sensors Switches Market, By Type

  • High-Temperature Reed Sensor
  • High Voltage Reed Sensor
  • Metal Detection Reed Sensor
  • Ultra-Miniature
  • Dry-Reed Sensor & Mercury-Wetted Reed Sensor

 

South Korea Reed Sensors Switches Market, By End User

  • Automotive & Transportation
  • Healthcare, Consumer Electronics
  • Telecommunications
  • Safety & Security
  • Construction
  • Robotics & Automation
  • Others

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