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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“Asia Pacific market to record significant growth during the forecast period.”
Asia Pacific is projected to account for the largest share in the temperature sensor market during the forecast period. China, India, South Korea, and Japan are the major contributors to the growth of the temperature sensor industry in APAC. Fast track industrialization across the APAC region has created a conducive environment for the growth of the market. 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.
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 Market Players
The temperature sensor market is currently dominated by Honeywell (US), TE Connectivity (Switzerland), Texas Instruments (US), Endress+Hauser (Switzerland), and Siemens (Germany). A few of the major strategies adopted by these players to compete in the temperature sensor industry include product launches & developments, expansions, partnerships, and mergers & acquisitions.
Other players operating in the market are Texas Instruments (US), Dwyer Instruments (US), Maxim Integrated (US), WIKA Instrument (Germany), Amphenol (US), and Emerson (US). These players have adopted strategies such as product developments & launches, mergers & acquisitions, expansions, partnerships, and collaborations to grow in the temperature sensor market.
Non-contact temperature sensor to witness a higher CAGR during the forecast period
The non-contact temperature sensor is projected to record the higher CAGR in the temperature sensor market from 2019 to 2027. Non-contact sensors measure the surface temperature of a body or an object to be identified without any physical contact between the sensor and the object. These temperature sensors are mainly used for small, moving, and inaccessible objects/sources/devices.
Digital output to hold the largest share in the temperature sensor industry during the forecast period
The temperature sensor comprises analog and digital outputs. The digital output segment is projected to hold a larger share in the temperature sensor market during the forecast period. Temperature sensors with digital output have several advantages over sensors with analog output and are especially suited for remote applications. Digital temperature sensors find use in medical, aerospace, test and measurement equipment, and industrial automation.
Food & beverages end-user industry to witness the highest CAGR during the forecast period
The food & beverage end-user industry is projected to record the highest CAGR in the temperature sensor market from 2019 to 2027. Temperature monitoring and control is required for quality assurance during production, storage, and transit. Temperature sensors are particularly used for monitoring temperature according to the stringent rules & regulations for complicated processes in the food end-user industry, such as brewing, bottling, fermentation, storage, emulsification, piping, canning, and pasteurization.
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