Global Temperature Sensors Market was valued at USD 5.14 billion in 2016, and is projected to reach a value of USD 7.705 billion by end of 2022. The market is projected to grow at a CAGR of 6.98% over the forecast period of 2017-2022.
Temperature sensors are experiencing growth in adoption with increasing demand from automotive industry and R&D fields. Growth in connected technologies and increasing adoption for IoT systems in consumer electronics is creating demand for temperature sensors. These sensors are deployed for a vast range of applications in multiple industries for temperature sensing and monitoring. They are used in HVAC systems for temperature monitoring and control. These systems are finding applications in safety systems in industries to improve floor safety and provide better work environments. Innovations in sensor technology and growth in wireless sensors is driving the growth of the industry.
Temperature sensors are finding applications in many industries for multiple operation. Food industries are deploying temperature for production and monitoring to maintain consistency and quality. Wireless temperature sensors are witnessing increasing demand in monitoring applications. Also, increasing focus on workplace safety is driving the deployment of temperature sensors for work floor monitoring. These sensors are also being employed for automated safety triggers. Consumer electronics are also expected to drive the demand for temperature sensors. Intense competition in consumer electronics industry is pushing OEMs to offer new features in devices, driving the growth temperature sensors. However, availability of multiple technologies in this market is challenging the growth of this industry.
Global Temperature Sensor Vendor Market Share 2015
Global Temperature sensors market has been segmented Type (Wired and Wireless), by Technology (Resistive Temperature Detector (RTD), Infrared Temperature Sensor, Thermistor, Fiber Optic, Thermocouple, IC Temperature Sensor, Bimetallic, MEMS bases, and Others), by industry (Consumer Electronics, Automotive, Aerospace and Defense, Healthcare, Chemical, Oil & Gas, Energy and Power, Food & Beverage, Retail sector, and Manufacturing), and by region into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
The report also considers key trends that will impact the industry and key profiles of leading suppliers of Temperature sensors which include Texas Instruments Incorporated, Panasonic Corporation, Siemens AG, Honeywell International Inc., ABB Ltd., Analog Devices, Inc., General Electric, Kongsberg Gruppen, Emerson Electric Company, STMicroelectronics, Microchip Technology Incorporated, NXP Semiconductors N.V., Maxim Integrated Products, and Mouser Electronics among others. North America holds the largest market share in this industry followed by Europe. Matured markets in these regions has facilitated the deployment of these systems. While, improving economic conditions and growing industrial trends is driving the market in Asia-Pacific which is expected to be fastest growing regions over the forecast period of 2017-2022.
Global Temperature Sensor Market Share – By Region
This report describes a detailed study of the 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 top players which includes the key growth strategies, geographical footprint, and competition analysis.