Research delivers insight into the Temperature Sensors Market worth 6.86 Billion USD by 2023

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.

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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.

Thermocouples accounted for the largest market size among all the temperature sensor 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 temperature sensor ICs expected to grow at a significant rate between 2017 and 2023. This market growth can be attributed to the increasing demand for consumer goods and the rising trend of healthcare and fitness products. Accuracy, compact size, and low power consumption are a few properties that make the use of temperature sensor ICs feasible in various applications. ICs that are capable of integrating with ASIC are the new trend in temperature sensors market; development of such products can provide players with a competitive advantage over their competitors.

The temperature sensors market for the energy & power industry is expected to grow at a high rate between 2017 and 2023. This market growth can be attributed to the rapidly growing population and increasing demand for energy and power in emerging economies such as China, India, and Brazil.

The temperature sensors market in APAC is expected to grow at a high rate in the coming years. This market growth can be attributed to the increasing demand for chemicals, petrochemicals, and refinery plants in APAC. The increasing number of R&D activities in various Asian countries is also contributing to the growth of the temperature sensors market in APAC.

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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