Market Size of LA Temperature Sensors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.40 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Latin America Temperature Sensors Market Analysis
The Latin American temperature sensor market was valued at USD 594.5 million in 2020, and it is projected to be worth USD 913.6 million by 2026, registering a CAGR of 7.4% during the period 2021-2026.
- Latin America is one of the leading adopters and promoters of smart technology in various industries, such as consumer electronics, oil, gas, power generation, aerospace, and automotive.
- According to the Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA), As of February 2020, there are more than 7,500 hybrid and electric vehicles in circulation. Electric vehicles significantly utilize temperature sensors, making the automotive sector one of the country's prominent users of temperature sensors.
- Among other countries in the region, Mexico has traditionally been the dominant producer of oil and is being considered the world's new oil frontier with a potential to add three Million BPD to the global output during the next decade.
- Temperature sensors were readily used in combat against covid-19. In May 2020, the Juscelino Kubitschek Airport in Brazil announced the implementation of a body-heat sensor system for domestic departures. The system measures the temperature of 30 people at a time and can differentiate normal body temperatures from other sources of heat.
