Market Trends of US Temperature Sensors Industry
This section covers the major market trends shaping the US Temperature Sensors Market according to our research experts:
infrared Temperature Sensors to drive the market growth
- IR temperature sensor applications are found in various defense applications such as optical target sighting and variable emissivity measurements, often helpful in tracking activities. However, all these applications are very advanced and have a continuous demand due to the globally increasing military spending.
- In recent years, even the top snack manufacturers like Frito-Lay North America, Inc, a popular division of Pepsi Co, have started a new range of products rather baked than fried. Such trends, coupled with stringent food safety regulations worldwide, are expected soon to create substantial market opportunities for IR temperature sensors.
- Forward-Looking Infrared (FLIR) has been a prominent vendor for such technology. FLIR technology has been used in ports and borders and airports, and other places to look for elevated body temperatures. The company has witnessed a significant increase in those orders in the past month.
- Predictive maintenance is one of the functional uses of Infrared (IR) temperature sensors in the market; enterprises are increasingly focusing on predictive maintenance, automation, and IoT.
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Automotive to Hold the Highest Market Share
- The United States holds a significant market share due to the presence of several established manufacturers in the region. According to the American Automotive Policy Council, automakers and their suppliers are the United States' largest manufacturing sector, responsible for approximately 3% of the US GDP.
- Moreover, over the last five years alone, FCA US, Ford, and General Motors announced investments of nearly USD 35 billion in their US assembly, engine, and transmission plants, headquarters, research and development labs, administrative offices, and other infrastructure that connects and supports them.
- Automakers, like General Motors, have planned to introduce 20 new all-electric vehicles by 2023. Tesla Company also changed the face of the electric vehicle market segment in the country by introducing reliable and efficient electric vehicles.
- The United States's automotive industry, directly and indirectly, employs hundreds of thousands of Americans and invest billions of dollars. It was estimated that the automotive industry annually spends nearly USD 105 billion on R&D worldwide, USD 18 billion of which is spent in the United States to incorporate newer and more advanced sensors into automobiles.
