The Asia-Pacific temperature sensors market is projected to reach USD 1.59 billion by 2022, growing at a CAGR of 6.28% over the period 2017-2022. Temperature sensing has been gaining importance in the R&D and industrial settings, giving rise to a high demand for temperature sensors. Huge investments from the companies operating in the market to develop enhanced temperature sensor functionalities and the increasing adoption of HVAC modules act as the key factors driving the market. Technological advancements and reduced prices have resulted in the introduction of new applications in the HVAC space.
Asia-Pacific Temperature Sensors Market-Market Dynamics
Temperature controls are essential for the manufacturing, handling, and storing of medical equipment and drugs. They are increasingly used in the communication industry as a result of the growth in handheld communication devices. The growing demand for consumer electronics such as smartphones, cameras, and media players that make use of microprocessors with temperature sensing ICs, will further boost the market. However, intense competition and significant price cuts may restrain the temperature sensors market over the forecast period.
The Asia-Pacific temperature sensors market is segmented on the basis of type and industry. Asia-Pacific accounts for a major market share in the global temperature sensor market and is projected to grow at the highest rate. Asia-Pacific, being one of the major hubs for refineries, chemical and petrochemical processing plants, and metals & mining and manufacturing, is experiencing an increase in demand for industrial temperature sensors.
This report gives a detailed study of Porter’s five forces analysis of the market. All the five major factors in these markets have been quantified using the internal key parameters governing each of them. It also covers the market landscape of these players which includes the key growth strategies and competition analysis.
The report also considers key trends that will impact the industry. Some of the key players mentioned in the report are
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