Temperature sensors have been around for decades and are among the major devices used for measuring and controlling temperature, with applications ranging from household purposes to industrial. Latest developments in temperature sensing technology have led to a rapid growth of this market. Moreover, it is also gaining attention due to the growing adoption of HVAC technology for industrial as well as domestic purposes, which will further fuel the growth of this market, globally.
Drivers & Restraints
The global market for temperature sensors is growing at a considerable rate due to the following factors:
- Growing demand for temperature sensors among industries
- Rising concerns regarding security & surveillance
- Developments in automotive industry in emerging markets
- Government initiatives towards environment and safety regulations
- Increased demand for consumer electronics products
Although the market is poised for a decent growth in the future, some of the factors such as growing competition among different temperature sensing technologies and highly mature end-user market may hinder the market growth. Moreover, strict performance requirements for advanced sensor applications pose a major challenge in front of the leading market players.
Know the Market
The value of the worldwide temperature sensors market which is estimated to be USD 5.13 Billion in 2016 is expected to reach USD 6.79 Billion by 2022, growing at a CAGR of 4.8% between 2016 and 2022. Geographically, North America is expected to hold the largest market share over the forecast period due to the increased demand for temperature sensors in smart homes, in-home weather stations in the U.S., and perishable logistics industry and warehousing. However, the market in Asia-Pacific is expected to grow at the highest CAGR from 2016 to 2022 since it is the key market for various industries such as oil & gas, automobiles, and healthcare among others.
Among all discrete industry end-users, the semiconductors segment is expected to dominate the market with largest share, while the HVAC segment is expected to grow at the highest CAGR over the projected period. Whereas based on process industry end-users, the chemical & petrochemical industry will be the biggest market, owing to the increased usage of temperature sensors in industrial sector and concerns regarding security & surveillance. Based on the type of product, thermocouple – based temperature sensors are predicted to hold the highest market share and dominate the market during the forecast period.
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Research Scope
The global market for temperature sensors has been studied and forecasted by breaking it down into segments product type and end-user industry, which is further broken down into following segments:
- Product Type: Bimetallic Temperature Sensor, Temperature Sensor IC, Thermistor (Negative Temperature Coefficient (NTC) and Positive Temperature Coefficient (PTC)), Resistive Temperature Detector (RTD), Thermocouple, Infrared Temperature Sensors, Fiber Optic Temperature Sensors, Others (including Remote Temperature Sensor, MEMS-Based Temperature Sensors, and Other Wireless-Based Temperature Sensors)
- End-User Industry:
- Process Industry End-User: Chemical & Petrochemical Industry, Oil & Gas Industry, Advanced Fuels Industry, Metal Industry, Power Generation & Alternative Power Generation Industry, Food & Beverage Industry, Glass Industry, Plastics Industry, Refining Industry, Other Process Industries (Pulp & Paper Industry, Water & Wastewater Industry, Cement Industry, and Agriculture Industry)
- Discrete Industry End-User: Semiconductors Sector, HVAC Sector, Healthcare Sector, Automotive Sector, Aerospace and Defense Sector
- Geography: North America, Europe, Asia-Pacific, RoW
Texas Instruments Incorporated (U.S.), Analog Devices, Inc. (U.S.), ABB Ltd. (Switzerland), Honeywell International Inc. (U.S.), Maxim Integrated Products Inc. (U.S.), Siemens AG (Germany), Danaher Corporation (U.S.), Kongsberg Gruppen (Norway), TE Connectivity Ltd. (U.S.), Emerson Electric Company (U.S.), Panasonic Corporation (Japan), General Electric Company (U.S.), STMicroelectronics N.V. (Switzerland), Microchip Technology Incorporated (U.S.), and NXP Semiconductors N.V. (Netherlands) are the key players competing in the global market for temperature sensors.
