APAC Temperature Sensors Market Size

APAC Temperature Sensors Market Analysis

The Asia Pacific temperature sensor market was valued at USD 1857.6 million in 2020, and it is projected to be worth USD 2837 million by 2026, registering a CAGR of 7.3% during the period 2021-2026.

• The oil and gas and chemical/petrochemical industries are some of the most prominent consumers of temperature sensors in the region. Being one of the major hubs for refineries, chemical and petrochemical processing plants, and metals, mining, and manufacturing, the region has been experiencing an increase in the demand for temperature sensors. The pneumatics and hydraulics used in the oil and gas sector are the major applications for temperature sensors. The infrastructure build-out in the oil patches has increased in recent years, thereby translating the demand for temperature sensors.
• The Indian automotive industry is well-positioned for growth, economically and demographically, serving both domestic interest and export possibilities, which are set to rise in the near future. As a part of the "Make In India" scheme, the Government of India aims to make automobile manufacturing the main driver for the initiative. The scheme expects the passenger vehicles market to triple to 9.4 Million units by 2026, as highlighted in the Auto Mission Plan (AMP) 2016-2026. This factor is expected to rise the adoption of temperature sensors in the automotive sector of the region.
• According to the Ministry of Natural Resources, from May 1, 2020, foreign firms registered in China with net assets no lower than CNY 300 Million (USD 43 Million) would be allowed to participate in oil and gas exploration and production. This move comes as part of Beijing's push to increase oil and gas development and bring private capital into the upstream energy business. In 2019, China produced 173 billion cubic meters of natural gas and 191 Million metric tons of oil. Annual investment in upstream exploration and production was CNY 332 billion (USD 47.8 billion). The development of industries in the region has been driving the growth of temperature sensors, owing to their growing applications in the oil and gas industry.
• The medical sector of the region has also been significantly utilizing a temperature sensor. For instance, at the end of January 2020, Shanghai Public Health Clinical Center (SPHCC) utilized US-based connected health startup VivaLNK's continuous temperature sensor to monitor COVID-19 patients, which has been considerably reducing the risks of healthcare workers being exposed to the virus. In April 2020, SPHCC announced that they are utilizing Bluetooth IoT products and solutions provider Cassia Network's gateways, coupled with VivaLNK's medical temperature sensors to monitor COVID-19 patients.