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.
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 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.
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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Email: sales@marketsandmarkets.com
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