The global temperature sensor market is projected to reach $9.5 billion by 2028, at a CAGR of 7.1% during 2023-2028. The growth of temperature sensor market is driven by growing demand for portable healthcare devices and increasing penetration of these sensors in vehicles to maintain safety and reduction of emission.
Some of the Key Questions answered in this exclusive report are:
Q.1 What are some of the most promising, high-growth opportunities for the temperature sensor market by product type (contact and non-contact), output (digital and analog), connectivity (wired and wireless), end use industry (chemical, oil and gas, consumer electronics, healthcare, and automotive), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 What are the business risks and threats to the temperature sensor market?
Q.4 What are some changing demands of customers in the temperature sensor market?
Q.5 What are the new developments in the temperature sensor market? Which companies are leading these developments?
Q.6 What strategic initiatives are being implemented by key players for business growth?
Q.7 What are some of the competitive products and processes in this temperature sensor area and how big of a threat do they pose for loss of market share via product substitution?
Q.8 What M&A activity has occurred in the last 5 years in this temperature sensor market?
Market Segmentation:
Based on product type, the temperature sensor market is segmented into contact and non-contact. The non-contact segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to its ability to measure temperature of object from a distance.
North America will remain the largest region due to the growing adoption of smart home systems and expanding oil and gas sector that are influencing the demand for temperature sensors in the region.
Key Players in the temperature sensor market are Honeywell, Siemens AG, ABB, Texas Instruments, and Emerson Electric.
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The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. It would also help to understand the competitors better and gain more insights to improve their position in the business.
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