Global Reed Switch Device Market Overview:
Reed Switch Device consists of a pair of ferromagnetic reeds, that overlap at their free ends (contact area) at a very small distance and are hermetically sealed in a glass tube. Reed Switch Device market is expected to mark significant growth over forecasted period owing to increasing consumers spending on electronics and electrical products and technological advancement. The major companies are adding more proven technologies systematically and strategically in Asia-Pacific countries as these countries are focused on fastest-growing verticals in the agricultural automation, infrastructure/building sector. According to AMA, the Global Reed Switch Device market is expected to see growth rate of 8.71% and may see market size of USD447.6 Million by 2024.
- Increase Number of Electronics Products Boost the Reed Switch Device Market.
- Rapid Demand of Digitalization and Urbanization Expected to Grow the Market.
- Collaboration and Tie Up Of Leading Players
- Substitutes Available For Reed Switch Device
- High Cost Associated with Reed Switch Device Hampers the Market.
- Lack of Awareness Among the Customers Leads to Restrain the Market.
- Technological Advancements such as Ferromagnetic Reeds Leads to Grow the Market.
- Upsurge Demand of Reed Switch Devices in Different End User Industries.
- Limitation Due to Skilled Professional for Operation.
- Fluctuation of Raw Materials is anticipated to Challenge the Market.
Some of the key players profiled in the report are OKI (Japan), Littelfuse (United States), Standex-Meder (United States), Nippon Aleph (United States), HSI Sensing (United States), Coto (Argentina), PIT-RADWAR (United States) and PIC (United States). Additionally, following companies can also be profiled that are part of our coverage like STG (Canada), Harbin Electric Group (China) and Zhejiang Xurui (China). Analyst at AdvanceMarketAnalytics see United States Manufacturers to retain maximum share of Global Reed Switch Device market by 2024. Considering Market by Distribution Channels, the sub-segment i.e. OEMs (Original Equipments manufacturers) will boost the Reed Switch Device market.
Standex decided to acquired OKI Sensor Device Corporation. This acquisition is beneficial in providing leading designer and supplier of magnetic reed switches. It also offers world class suite of reed switches and related magnetic solutions.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Reed Switch Device market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Reed Switch Device market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Reed Switch Device Manufacturers, Reed Switch Device Traders, End-Use Market Participants of Different Segments of Reed Switch Device, Government and Research Organizations, R&D Institutions and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.