The temperature sensors market was valued at USD 4.99
Billion in 2016 and is expected to reach USD 6.86 Billion by 2023, at a
CAGR of 4.5% between 2017 and 2023. The major factors driving the
growth of this market include increasing demand for advanced and
portable healthcare equipment, growing automotive industry, and
increasing trend of home and building automation.
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.
This report segments the temperature sensors market
on the basis of product type, end-use application, and geography. The
chemicals and petrochemicals industries are likely to hold major shares
of the temperature sensors market for process end-use applications by
2023.
Temperature sensors are used in applications such as gas flow
indicators, liquid level indicators, commercial vending machines,
pipeline and temperature monitoring, and welding equipment. With the
highly mature oil market and stiff competition amongst players, there is
an increasing demand for lean manufacturing and process optimization,
which can only be achieved by replacing obsolete technologies. The
replacement demand for temperature sensors will drive the market for
these applications.
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.
Saturation in personal computers (PCs) has
significantly impacted the temperature sensors market. Temperature
sensors are used in personal computers to measure the temperature of
CPUs, motherboards, and power management systems. The reduction in sales
of PCs because of increasing popularity of tablets and mobile phones is
impacting the growth of the temperature sensors market adversely.
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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