Market Trends of RTD Temperature Sensors Industry
This section covers the major market trends shaping the RTD Temperature Sensors Market according to our research experts:
Automotive Industry to Hold a Significant Market Share
- The automotive industry is currently experiencing a passive market change. The rise of the sharing economy and new partnerships with disruptive tech companies are the factors resulting in the growth of automotive manufacturers.
- The temperature sensors incorporated in a vehicle are used for sensing the temperature of liquid and gases in a vehicle. These sensors are used in various types of components in a vehicle to sense and monitor the temperature.
- The major markets for automotive sales are the US, China, and Europe. The drive towards innovation and the emergence of autonomous vehicles is expected to further drive the growth of automotive industry significantly in these developed regions, while the developing economies have also witnessed a considerable rise in the consumer disposable income and can directly translate into an increase in the purchase of automobiles, which is further expected to drive the market.
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North America Accounts for a Significant Market Share
- The North American region holds a significant share of the market owing to the booming manufacturing and food-processing industries in this region, especially in chamber application, where usually temperature (cold) is the only parameter monitored.
- RTDs are currently the most advanced versions of temperature measurement sensors that provide a highly accurate, stable, linear response for a moderate range of temperatures, however, they are energy inefficient, as they need external power.
- According to the US FDA, only two temperatures sensors are used in regulating the food and drug industry, namely resistance temperature detectors (RTDs) and thermistors. Moreover, with the growing number of employees in the chemical manufacturing industry it is evident that the chemical manufacturing industry is growing, thus, driving the market forward
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