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.
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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.
The research methodology used to estimate and
forecast the size of the temperature sensors market begins with
obtaining data on key vendor revenues through secondary research. Some
of the secondary sources used in this research include information from
various journals and databases such as IEEE journals, Factiva, Hoovers,
and OneSource.
The vendor offerings have also been taken into
consideration to determine the temperature sensors market segmentation.
The bottom-up procedure has been employed to arrive at the overall size
of the temperature sensors market from the revenues of the key players
in this market. The data triangulation and market breakdown procedures
have been employed to complete the overall market engineering process
and arrive at the exact statistics for all segments and sub segments.
The analysis of the temperature sensors market includes extensive
primary research to gather information, and verify and validate the
critical conclusions arrived at.
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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