Reed Sensor Market Size

Reed Sensor Market size was over USD 2.13 Billion in 2023 and is set to cross USD 4.77 Billion by the end of 2036, witnessing more than 6.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of reed sensor is estimated at USD 2.25 Billion. The major element influencing the market growth is a surge in the trend of smart homes. Currently, about 299 million smart homes are estimated to be there all across the globe. Hence, the adoption of reed sensors is also on boost, as they are extensively used for security purposes in homes. However, reed sensors could also be advantageous in a home automation system that includes home automation sensors in addition to being frequently utilized in home alarm systems. 

Additionally, there has been growing technology development in industries which is further expected to increase adoption of reed sensors. For instance, governments of various countries are working on adopting reed sensors for manholes on roads. Manholes are prone to blockage; treating this could be difficult and risky. Accidents might occur during overhauls which would result in injuries and occasionally fatalities since workers might think it is safe to open a manhole whereas, in fact, hazardous vapors are still there.