Temperature Sensors Market, By Product Types (Thermocouples, Infrared Temperature Sensors, Bimetallic Temperature Sensors, Temperature Sensor IC’s, Thermistors), By Applications (Energy & Power, Chemicals And Petrochemical, Oil & Gas, Metals, Food & Beverages) – Forecast 2023
Market Highlights
The study reveals that temperature sensors is trending in North America region. The global temperature sensors market is expected to witness a high growth in the coming years. However, the temperature sensors has its applications including in Food industries, Petrochemical, oil and energy industries are deploying temperature for production and monitoring to maintain consistency and quality. Moreover, the increasing focus on workplace safety is driving the deployment of temperature sensors for work floor monitoring. 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, are driving the growth temperature sensors. The study indicates that the spiraling demand for environment-friendly and low cost temperature sensors is creating a large scope for small players to venture into the market. However, in 2016, the top six players commanded less than 20% of the global temperature sensors market. Among these, Texas Instruments Inc., Honeywell International Inc., and General Electric Company were the top three players in the same year. These players are aiming at improving research and development facilities along with continuous innovation to introduce sensors that are in line with the changing requirements of end-use industries.
The prominent players in the Temperature sensors market – Siemens A G (Germany), Stmicroelectronics N.V. (Switzerland), TE Connectivity (Switzerland), Ultra Electronics Holdings Plc. (U.K), UTC Aerospace Systems (U.S), Analog Devices Inc. (Us), Texas Instruments Inc. (Us), Maxim Integrated Products Inc. (Us), Honeywell International Inc. (U.S), ABB Limited (Switzerland), Emerson Electric Corporation (Us) among others.
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Market Research Analysis:
On geographic basis, Temperature sensors market is studied in different regions as Americas, Europe, Asia-Pacific and Rest of world. It has been observed that North America region is leading with largest market share growth in the Temperature sensors market. Europe is to be estimated to be second largest market for Temperature sensors during the forecast period, this is due to the rise in research activities in the chemicals and the healthcare sectors is likely to boost this regional market during the forecast period. The Asia Pacific temperature sensors market accounted for over 30% of the global demand and is expected to grow at a considerable rate over the next six years. The regional market is expected to be driven by advancements in sensor technology and demand for high-performance sensors that can be fitted into handheld portable devices. China is expected to be the largest CAGR to regional market revenue generation over the forecast period.
Temperature sensors Market Segmentation
The Temperature sensors Market has been segmented on the basis of product types, alloys used, applications, end -users and region. The Temperature sensors market is highly centralized by owing to the presence of many small regional suppliers and large multinational vendors. The Temperature sensor has wide range of applications across several industries such as electronics, automotive, and manufacturing. These sensors come in different forms, which has their unique applications for instance, integrated circuit (IC) temperature sensor are used in electronic applications to detect the heat released and start the cooling device. Furthermore, Honeywell serves various industries including aerospace & defense, medical, transportation, industrial etc. Key players are increasingly moving their manufacturing facilities in countries with economical labor particularly in Asia Pacific to reduce their overall cost. Cost effective and differentiated services are expected to be a critical success factor for the industry participants
The Temperature sensors market is growing rapidly. Temperature sensors market is globally emerging across world. Temperature sensors are experiencing growth in adoption, with increasing demand from the automotive industry and R&D fields. The advancement in technologies and increasing adoption for IoT systems in consumer electronics are creating the demand for the temperature sensors. Innovations in sensor technology and growth of the wireless sensors market are driving this industry.
The temperature sensor market is driven by the rise in the oil and gas sector as well as it gain momentum due to the growing demand for these sensors in the electronics industry in the near future.
The study indicates that the increase in the demand from the consumer electronics segment, increasing construction of smart homes, and the growing automotive industry will aid in the growth of temperature sensor market. Moreover, the presence of advanced healthcare infrastructure and the upgrading usage of infrared temperature sensors in the oil and gas industry are favoring the growth of this market.
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By end-user segment, the global Temperature sensors market on the basis of product types, alloys used, applications, end -users and region. The temperature sensors is gaining the popularity in manufacturing industries and automotive applications, which provides huge impetus to the market growth. In addition, technological advancements are expected to provide huge opportunities for the market in the years to come.
By Region, MRFR analysis shows that the comprehensive understanding of market dynamics, the global Temperature sensors market is analyzed across key geographies namely North America, Europe, China, Japan, India and among others. In North America, the Temperature sensors analyses the market potential for each geographical region based on the growth rate, macroeconomic parameters, and consumer buying patterns, demand and present scenarios in Temperature sensors industry. Europe followed by North America the market in 2016, the companies is expanding their product and services of Temperature sensors manufacturing in these region. The Temperature sensors Market report includes company share analysis for the major companies operating in this market.
Regional Analysis:
The regional analysis of Temperature sensors market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. North America region is dominating the global temperature sensor market and accounted for a largest market share of close to 40%. The Key Vendors such as Honeywell International, Texas Instruments, NXP Semiconductors, Panasonic and many more are the major player in this market. Europe market in 2016, owing to major Temperature sensors manufacturing companies based out here. This region is expected to grow further in the coming years of the Temperature sensors market. Asia Pacific will emerge as the fastest growing region for temperature sensors market due to increasing demand for high performance sensors. China and India will be contributing the most in temperature sensors market.
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