Market Highlights
According to Market Research Future, the global temperature sensors market is likely to witness high growth in the coming years. However, temperature sensors have applications and sectors such as Food industries, Petrochemical, oil, and energy sectors, are using temperature to produce and monitor, to maintain quality and consistency.
The Temperature sensor has a varied range of applications across numerous industries such as automotive, electronics, and manufacturing. Each sensor comes in a different form, which has its distinct usage, for example, integrated circuit (IC) temperature sensor is applied in electronic applications to detect the heat released and start the cooling device.
According to Market Research Future, the growing focus on workplace safety is growing the use of temperature sensors for work floor monitoring. Substantial competition in the consumer electronics industry is making OEMs offer new features in devices, subsequently creating growth in the market for temperature sensors. Hence, consumer electronics are likely to drive the market growth for temperature sensors in the forecast period. The rise in demand for environment-friendly and low-cost temperature sensors is creating more opportunities for minor companies to venture into the market. The key players are aiming at improving research and development facilities along with constant innovation to introduce sensors that are consistent with the changing requirements of end-use industries. The temperature sensors market research is very centralized due to the presence of several minor regional suppliers and large multinational vendors.
The Temperature sensors Market is rising over 4.8% of CAGR and by the end of the forecast period is expected to reach USD $~5.93 Billion.
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Segmental Analysis
The temperature sensors market research has been segmented by product types, alloys used, applications, end -users and region. By product type, the market is divided into thermocouples, bimetallic temperature sensors, infrared temperature sensors, thermistors, fiber optic temperature sensors, non-contact sensors, temperature sensor ICs, resistive temperature detectors, and others. By alloy type, the market is segmented into Type K, Type M, Type E, Type J, Type C, Type N, Type T, and others. Temperature sensors market is segmented by applications, into power industry, energy & power, chemicals and petrochemical, oil & gas, automotive, advanced fuels, metals, food & beverages, and others. By regions, it is segmented into North America, Europe, APAC, and rest of the world.
Regional Analysis
North America Leads The Global Temperature Sensors Market With Largest Market Share, APAC Emerges As The Fastest Growing Market Owing to The Massive Rise In Demand.
The North America region is dominating the global temperature sensor market and is accounted for a significant market share of close to 40%. Europe market has shown a steady rise, owing to substantial temperature sensors manufacturing companies based there. This region is expected to grow more in the forecast period. The Asia Pacific has emerged as the fastest growing region for temperature sensors market due to increasing demand for high-performance sensors. China and India have been significant regions in the temperature sensors market in the forecast period.
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Key Players
The leading players in the Temperature sensors market – Siemens AG (Germany), TE Connectivity (Switzerland), STMicroelectronics N.V. (Switzerland), ABB Limited (Switzerland), Ultra Electronics Holdings Plc. (U.K), UTC Aerospace Systems (U.S), Analog Devices Inc. (Us), Texas Instruments Inc. (U.s.), Maxim Integrated Products Inc. (U.s.), Honeywell International Inc. (U.S.), Emerson Electric Corporation (Us) among others. Cost effective and segregated services are expected to be a critical success factor for the industry participants.
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