According to the new research report, "Temperature Sensor Market by Product Type (Thermocouples, RTDs, Thermistors, Temperature Sensor ICs, Bimetallic, Infrared, and Fiber Optic Temperature Sensors), Output, End-user Industry, and Region – Global Forecast to 2027" is projected to grow from USD 6.3 billion in 2020 to USD 8.8 billion by 2027, recording a CAGR of 4.8%. The industry growth is driven mainly by increasing penetration of temperature sensors in advanced and portable healthcare equipment, growing demand for temperature sensors in the automotive sector, and rising adoption of home and building automation systems.
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“Contact type temperature sensor segment to hold the larger share in the temperature sensor market during the forecast period.”
The contact type temperature sensor segment is projected to hold larger share in the temperature sensor industry during the forecast period, owing to contact temperature sensors are widely used in industries such as chemicals, consumer electronics, oil & gas, energy & power, and automotive, because of their low cost, wide temperature ranges, and high accuracy. Contact type temperature sensor has been segmented further into thermocouples, resistive temperature detectors, thermistors, temperature sensor ICs, and bimetallic temperature sensors.
Expanding automobile & industrial manufacturing sector to drive the demand for temperature sensors in APAC during the forecast period
The temperature sensor market in APAC is projected to grow at the highest CAGR during the forecast period. China, India, South Korea, and Japan are the major contributors to the growth of the temperature sensor industry in APAC.
Expanding automobile and industrial manufacturing, in particular, is generating massive demand for temperature sensors. Also, robust demand for consumer equipment, including portable healthcare electronics and white goods, is expected to foster the demand for temperature sensors. Furthermore, the increasing adoption of automated technologies across diverse industries, especially in automotive and food & beverages, is likely to generate demand for temperature sensors in APAC. Other factors driving the temperature sensor market in APAC include escalating demand for temperature sensors from the overseas markets of North America and Europe.
Key players operating in the temperature sensor market include Honeywell (US), TE Connectivity (Switzerland), Texas Instruments (US), Endress+Hauser (Switzerland), Siemens (Germany), Texas Instruments (US), Dwyer Instruments (US), Maxim Integrated (US), WIKA Instrument (Germany), Amphenol (US), and Emerson (US). The majority of the companies focus on organic and inorganic growth strategies such as product launches and developments, mergers and acquisitions, agreements, contracts, partnerships, collaborations, and expansions to increase their revenue.
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