Study Projects an Expected $6.86 Billion Global Value in Temperature Sensors by 2023

According to the new market research report on the "Temperature Sensors Market by Product Type (Bimetallic, Thermoistor, IC, RTD, Thermocouple, IR, Fiber Optics), End-Use Application (Oil & Gas, Chemical, Refining, HVAC, Automotive, Electrical, and Electronics), and Geography - Global Forecast to 2023", this market is expected to be valued at USD 6.86 Billion by 2023, at a CAGR of 4.5% between 2017 and 2023. The major factors driving growth of the temperature sensors market include the increasing demand for advanced and portable healthcare equipment and the growing automotive sector. 

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Thermocouples expected to have the largest size of the temperature sensors market by 2023

Thermocouples accounted for the largest market size among all the temperature sensors products owing to their wide applications across process and non-process industries. Low cost and broad operating range make thermocouples an ideal choice for a majority of applications. Additionally, thermocouples are being used to generate electricity. The advance applications of thermocouples as a temperature sensing component also include aviation systems. The market for thermocouples is estimated to grow at a stable rate during the forecast period, and one of the major reasons behind this is that thermocouples are well established in the market, and new emerging sensors such as MEMS-based sensors are likely to dominate the market.

Temperature sensors market for food & beverages industry to grow at a high rate between 2017 and 2023

The temperature sensors market for the food & beverages industry is expected to grow at a high between 2017and 2023. This market growth can be attributed to the rising concerns pertaining to food safety, increasing government regulations on storage and transportation of food products, and rising trend of frozen and preprocessed food products. Temperature sensors are used in temperature loggers, which have applications in food transportation; these sensors are also used in cold room applications for controlling and monitoring temperatures.

Temperature sensors market for HVAC to grow at a high rate between 2017 and 2023

The temperature sensors market for HVAC is expected to grow at a high rate between 2017 and 2023. This market growth can be attributed to the rising trend of home and building automation. Temperature sensor is one of the vital components of HVAC systems; it helps to control and monitor temperature and in increasing the efficiency of HVAC systems. Thermocouples and temperature sensor ICs are commonly used HVAC systems because of their wide compatibility and robustness.

Temperature sensors market in APAC likely to grow at a high rate between 2017 and 2023

The temperature sensors market in APAC is expected to grow at a high rate between 2017 and 2023. APAC is witnessing a strong demand for consumer equipment, including portable healthcare electronics and white goods. Increasing industrial automation, especially in automotive and food & beverages sectors, is generating huge demand for temperature sensors in this region. Developing economies such as China and India hold significant position pertaining to chemical processing industry. The demand generated from the chemicals, oil & gas, and water & wastewater industries in these countries is contributing to the growth of the temperature sensors market in this region.

The report also profiles the most promising players in the temperature sensors market. The competitive landscape of the market presents an interesting picture where a large number of players have become a force to reckon with. The key players in this market are ABB Limited (Switzerland), Analog Devices Inc. (US), Emerson Electric Corporation (US), Maxim Integrated Products Inc. (US), Siemens (Germany), TE Connectivity (Switzerland), and Texas instruments Inc. (US)

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