The market was valued at USD 5.14 billion in 2016 and is projected to reach a value of USD 7.705 billion by the end of 2022, at a CAGR of 6.98% over the forecast period, 2017-2022.
Temperature sensors are experiencing growth in adoption, with increasing demand from the automotive industry and R&D fields. The growth of connected technologies and increasing adoption for IoT systems in consumer electronics are creating a demand for temperature sensors. These sensors are deployed for a 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 of the wireless sensors market are driving this industry.
Temperature sensors are finding applications in many industries for multiple operations. Food industries are deploying temperature for production and monitoring to maintain consistency and quality. Wireless temperature sensors are witnessing increasing demand in monitoring applications. Moreover, the 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 the consumer electronics industry is pushing OEMs to offer new features in devices, thus, driving the growth temperature sensors. However, availability of multiple technologies in this market is challenging the growth of the industry.
The global temperature sensors market has been segmented type (wired and wireless), technology (resistive temperature detector (RTD), infrared temperature sensor, thermistor, fiber optic, thermocouple, IC temperature sensor, bimetallic, MEMS bases, and others), industry (consumer electronics, automotive, aerospace & defense, healthcare, chemical, oil & gas, energy & power, food & beverage, retail sector, and manufacturing), and by region (North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa).
North America holds the largest market share in this industry, followed by Europe. Mature markets in these regions have facilitated the deployment of these systems. Improving economic conditions and growing industrial trends are driving the market in Asia-Pacific, which is expected to be fastest-growing region over the forecast period of 2017-2022.
This report describes a detailed study of 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, including key growth strategies, geographical footprint, and competition analysis.
The report also considers key trends that will impact the industry and profiles of leading suppliers of temperature sensors which include –
What the Report Offers