According to the research report on "Temperature Sensor Market by Product Type (Bimetallic, Thermistor, IC, RTD, Thermocouple, IR, Fiber Optic), End-User Industry (Oil & Gas, Chemicals, Automotive, Consumer Electronics, Healthcare), and Geography - Global Forecast to 2023", the temperature sensor market, the overall market is estimated to grow from USD 5.62 Billion in 2018 to USD 7.48 Billion by 2023, at a CAGR of 5.9% between 2018 and 2023. The increasing penetration of temperature sensors in advanced and portable healthcare equipment, growing demand for temperature sensors in the automotive sector, and the increasing adoption of home and building automation systems are the key factors driving the temperature sensor market growth.
Increasing penetration of temperature sensors in advanced and portable healthcare equipment
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.
With rising aging population and growing lifestyle diseases, demand for portable healthcare devices will see a rise. Technological advancements and miniaturization trends in sensors make it possible to make healthcare and wearable products available at an affordable price. Temperature sensors are used in the healthcare end-user industry in various equipment. Wearable healthcare products have become popular over the past few years owing to the increased growth of the wearable devices. Temperature sensors are used in wearable healthcare devices to offer continuous monitoring of patients/subjects. The increasing popularity of portable and wearable healthcare devices acts as a major driving factor for the growth of the temperature sensor market.
Decline in PC market
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.
Tablet computers were introduced in 2010, and the shipment of PCs started falling after 2011. This marked the inflection point in the PC industry, and the shipments have been declining since then. For instance, in 2011, a total of 364 million units of PCs were shipped worldwide, and it dropped to ~263 million units in 2017.
Moreover, the use of desktops or personal computers at workplaces has dropped due to the concept of bring your own device (BYOD) to save money on IT infrastructure. This impacts the PC market, and subsequently the market. As a result, it has adversely affected the revenues of companies developing temperature sensors particularly for personal computers.
The temperature sensor market comprises a network of players involved in research and product development, raw material suppliers, manufacturers, investors, and distributors. Players operating in the market include 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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