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.
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.
“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.
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