The temperature sensor market is expected to be worth USD 7.48 Billion by 2023, growing at a CAGR of 5.9% between 2018 and 2023. The increasing demand for temperature sensors, which are integrated into devices such as wearable bands, smartphones, and patient monitoring devices, from industries such as consumer electronics and healthcare is driving the temperature sensor market growth. Also, growing demand for advanced and portable healthcare equipment is driving the temperature sensor market. With the onset of technologies such as advanced patient monitoring systems and portable health monitoring systems, demand for temperature sensors is on the rise. Along with this, consumer electronics and food & beverages are the key end-user segments for the temperature sensor market.
The key strategies adopted by major players in the temperature sensor market include product launches and developments, acquisitions, partnerships, agreements, and collaborations. Companies such as Siemens (Germany), Emerson Electric (US), NXP Semiconductor (Netherlands), Maxim Integrated (US), and ABB (Switzerland) have adopted these strategies to expand their customer base and enhance their product portfolio.
Temperature sensors are used in personal computers mainly for controlling and monitoring the temperature of CPU. Generally, 3–5 temperature sensor ICs are used in desktops and laptops. As computers/desktops and laptops are vulnerable to overheating, measuring and controlling temperature is of utmost importance. Hence, personal computers (PCs) have contributed significantly to the growth of the temperature sensor market. However, the introduction of smartphones and tablets has impacted the shipment of PCs. Hence, the declining trend of the PC market has adversely affected the growth of the temperature sensor market.
The temperature sensor market in APAC is expected to grow at the highest CAGR during the forecast period. APAC has strong demand for consumer equipment, including portable healthcare electronics and white goods. In addition, the increasing industrial automation, especially in automotive and food & beverages sectors, will generate more demand for temperature sensors in APAC.
Major players in the temperature sensor market are ABB (Switzerland), Texas Instruments (US), Analog Devices (US), Honeywell International (US), Amphenol (US), Global Mixed Mode Technology (Taiwan), Integrated Device Technology (US), Kongsberg Gruppen (Norway), Microchip Technology (US), ON Semiconductor (US), Endress+Hauser (Switzerland), Okazaki Manufacturing Company (Japan), Yamari Industries (Japan), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Gunther GmbH Temperaturmesstechnik (Germany), and Omega Engineering (US).
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