ID: MRFR/SEM/2495-HCR | February 2021 | Region: Global | 100 pages
The global temperature sensors market is skyrocketing at a faster rate over the last couple of years and will rise to a greater extent in the upcoming years. The temperature sensors market valuation by the year 2023 is anticipated to reach approximately USD 5.93 billion along with a CAGR of 4.8 percent between the forecast periods from 2017 to 2023.
The temperature sensors systems consist of sensors to measure the temperature of a substance or a medium for a specific set of requirements. Such sensors have a crucial role in several applications, like maintaining a particular range of temperature for equipment used to hold medical dugs, clean other equipment, or fabricate heat liquids. The temperature sensor companies produce these sensors to raise their profitability due to the rise in demand of the temperature sensors market. The temperature sensors installed in the devices enable measuring a medium with absolute accuracy and efficiency. While the devices, including resistance temperature detectors, offer a wide range of temperature adjustments, improved accuracy, and increased ruggedness escalates the demand for the RTDs rather than thermocouple temperature sensors. All these advantageous features prompt the expansion of the temperature sensors market size.
As per the temperature sensors market analysis, the increased usage of temperature sensors in the different sectors such as defense and aerospace, petrochemicals, automation and instrumentation, automotive, and metal manufacturing sectors has surged the temperature sensors market growth. The temperature sensors industry provides sensors that fit different types of requirements for several industries. With the development in computing and sensing, the temperature sensors market demand is propelling to greater heights in the forecast years. In recent years, the progression of fusion of communication has resulted in boosting the potential of the global temperature sensors market.
The report includes an analysis of the temperature sensors market structure and provides an idea about the forecasted growth rate and valuation of the market. It describes the effect of COVID19 on the temperature sensors industry and gives insights into the market dynamics along with the drivers and challenges of the temperature sensors market. A brief description is provided in the report about the segments and sub-segments of the market. The temperature sensor report also highlights prominent players in the temperature sensors market and contains an analysis of several geographies that can influence the temperature sensors market growth in the forecast period.
The outbreak of the coronavirus pandemic has created havoc all over the world. Businesses and the working sector have to face immense financial crises during the pandemic. The global economy has declined to lower rates and will require further many years to regain its normal growth rate. The world is adversely affected by the COVID19 pandemic both in the financial as well as health sector. Due to the imposition of lockdown restrictions, industrial work and production units were closed for an uncertain time period which disturbed the entire supply chain. However, the global temperature sensors market sustained even in these harsher times and still maintained a steady growth. The increased adoption of temperature sensors in several sectors raised the temperature sensors market demand in the pandemic.
As the temperature sensors industry delivers a large range of temperature adjustments that fit various requirements in different sectors, it boosts the growth of the temperature sensors market share. The continuous rise in the temperature sensors implementation will project the temperature sensors market growth upwards in the next many years.
The global temperature sensors market is evolving exponentially in recent times and is expected to attain maximum levels in the forecast years. The petrochemical, aerospace and defense, automotive, consumer electronics, metal manufacturing, automation and instrumentation, and other industries are the primary drivers of the temperature sensors market. Due to the wide range of temperature adjustments, the automotive sensors fit perfectly to various requirements of automotive industries. According to the temperature sensors market forecast, the rising implementation of temperature sensors in the pharmaceutical industry will fuel the temperature sensors market growth in the near future.
The usage of temperature sensors is rising in the healthcare sector as it helps in maintaining a particular temperature for equipment holding medical drugs, cleaning other equipment, and heat liquids. All these elevate the temperature sensors market demand in the healthcare industry. The sensors are available in the temperature sensors industry to measure temperature with complete efficiency and accuracy, which boosts the potential of the temperature sensors market.
The temperature sensors market is surging at optimum heights due to its wide range of applications in several sectors. The increased utilization of these sensors in the pharmaceutical industry expands the temperature sensors market size. With the products including resistance temperature detectors, a wider range of temperature adjustments, improved accuracy, and increased ruggedness can be accessed. Such benefits escalate the demand for RTDs as compared to thermocouple temperature sensors demand in the temperature sensors industry.
The fusion of communication is also helping in the progression of the temperature sensors market growth. In recent years, developments in computing and sensing temperature sensors market trend have fuelled the potential of the global temperature sensors market. Furthermore, the large number of applications and increased implementation of the temperature sensors enables the growth of the temperature sensors market in the upcoming years.
The COVID19 pandemic is the biggest restraint in the growth path of the global temperature sensors market. During the lockdown, manufacturing units and industrial operations were stopped for a long time, which disturbed the supply chain and incurred heavy financial losses. However, the increase in the demand for temperature sensor applications led to the rise in the growth of temperature sensors market share. The escalation in temperature sensor demand contributes to maintaining a steady growth in the temperature sensors market.
There are innumerable advantages that project the growth of the global temperature sensors market. However, some challenges constraint the temperature sensors market growth. The cost of certain temperature sensors is expensive that can reduce the adoption of the sensors and can result in hampering the growth of temperature sensors market size.
According to the temperature sensors market forecast, the revenue generated from the global temperature sensors market in the last couple of years has witnessed greater heights. In the coming years, the value of the temperature sensors market share will exceed its previous historical growth and will soar up to the highest points. By the end of 2023, the temperature sensors market will exhilarate to the maximum momentum and will attain optimum levels of growth.
The global temperature sensors market is divided into several segments on the basis of the applications, product types, alloy-based, and region. The temperature sensors market segmentation on the basis of application includes automotive, energy and power, oil and gas, metals, petrochemicals and chemicals, power industry, metals, food and beverages, advanced fuels, and others. The product type segment of the temperature sensors market size comprises infrared temperature sensors, thermocouples, non-contact sensors, bimetallic temperature sensors, thermistors, temperature sensor ICs, fiber optics temperature sensors, resistor temperature detectors, and many more.
By alloy-based, the global temperature sensors market segmentation consists of type M, type K, type J, type C, type E, type N, type T, and others. On the basis of region, the temperature sensor market segment involves Asia-Pacific, Europe, North America, and other parts of the world.
The temperature sensors market analysis is studied in several geographies such as Asia-Pacific, Europe, North America, and other parts of the world. The North American region has the most control over the temperature sensors market share. In this region, companies like Texas Instruments, Honeywell International, Panasonic, NXP semiconductors drive the temperature sensors market.
In 2016, Europe had the most temperature sensor manufacturing companies that boost the growth of the regional market share in the global temperature sensors market. Asia-Pacific region is expected to show positive growth in the forecast years due to the rise in the demand for high-performance sensors. India and China will contribute the most in this region for the temperature sensors market growth during the forecast period.
Competitive Landscape of the market
The global temperature sensors market major key players are:
Frequently Asked Questions (FAQ) :
The temperature sensing is one of the most sensitive parameters for industries like petrochemical, automotive, aerospace and defense, consumer electronics. Thus, these factors are helping the market to grow considerably.
North America region is to emerge as the fastest-growing temperature sensor market and with having the market share close to 40%.
Joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments are the major trends sue to which Temperature sensors Market is expanding.
The temperature sensor plays an imperative role in several applications such as maintaining a specific temperature is essential for equipment used to fabricate medical drugs, heat liquids, or clean other equipment. This is how the market can expect steady growth in the future.