MEA Temperature Sensors Market Size

MEA Temperature Sensors Market Analysis

The Middle East and Africa, temperature sensor market, was valued at USD 674.8 million in 2020, and it is projected to be worth USD 931.6 million by 2026, registering a CAGR of 5.5% during the period 2021-2026.

• The region is one of the fastest-growing manufacturing industries in the region. Due to the government's anchor projects, low taxes, and business-friendly regulations, significant manufacturers of temperature sensors are expected to invest in the country.
• The United Arab Emirates has one of the robust automotive sectors in the GCC due to factors such as low import tariffs and low fuel costs. Dubai is expected to spend Millions of Dirhams on incentives to have 42,000 EVs on its streets by 2030. General Motors expects to see increased sales in the region with the launch of its Chevrolet electric vehicle. Besides, Dubai Police also operates a small fleet of Bolt EVs.
• Moreover, Saudi Arabia aims to shift from its oil-based economy and is in talks with Jordan and Egypt for a USD 500 billion industrial zone powered by renewable energy. Known as NEOM, the zone will focus on industries, including energy and water, biotechnology, food, and advanced manufacturing, propelling the demand for automation and encouraging the industry players to invest in the region.
• Due to the outbreak of COVID-19, the global supply chain and demand for multiple products have majorly been disrupted, due to which wireless temperature sensors adoption is anticipated to be influenced until the end of the year 2020. However, the growing demand for medical applications is driving the market growth. Various players are investing and collaborating to cater to the requirements.