The report "Temperature Sensor Market With COVID-19 Impact by Product Type (Thermocouples, RTDS, Thermistors, Temperature Sensor ICS, Infrared, and Fiber Optic Temperature Sensors), Output, Connectivity, End-User Industry, & Region - Global Forecast to 2028", is estimated to be valued at USD 5.9 billion in 2021 and reach USD 8.0 billion by 2028; it is anticipated to grow at a CAGR of 4.5% during the forecast period (2021–2028).
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Drivers: Increasing penetration of temperature sensors in advanced & portable healthcare equipment
The growing demand for advanced and portable healthcare equipment is driving the temperature sensor market. With the onset of technologies like advanced patient monitoring systems and portable health monitoring systems, the demand for temperature sensors is on the rise. Factors such as the rising geriatric population, deteriorating lifestyle, and growing viral infections are expected to further increase the demand for portable healthcare devices. Temperature sensors are used in wearable healthcare devices to offer the continuous monitoring of patients’ health. The increasing popularity of portable and wearable healthcare devices acts as a major driving factor for the growth of the temperature sensor market.
Growing demand for temperature sensors in automotive sector
With the growing demand for reliability, comfort, and other advanced features in automobiles, the market for temperature sensors has also grown. For example, there is a growing demand for accurate temperature sensors for applications such as engine coolant temperature management, outside air temperature management, active in-vehicle temperature management, steering wheel and seat heat temperature control, exhaust gas temperature management, battery temperature management, e-motor temperature management, and cylinder heat temperature management in the automotive industry. Temperature sensors are used in electric cars to measure the temperature of battery packs while charging and discharging and prevent them from overheating. They are also used to monitor and control the temperature of electric motors inside electric vehicles. Such increased use of temperature sensors in the automotive end-user industry is projected to boost the growth of the temperature sensor market in the near future.
Digital temperature sensors to account for the largest share of the market during the forecast period
Temperature sensors with digital outputs have several advantages over sensors with analog outputs and are especially suited for remote applications. Digital temperature sensors find applications in medical and aerospace verticals, test and measurement equipment, and industrial automation.
Contact temperature sensors is estimated to hold a major share of the market
Contact temperature sensors are expected to account for ~86% share of the overall market by 2028. This segment is likely to continue holding a larger market share than the non-contact temperature sensors segment during the forecast period, due to the use of contact temperature sensors for detecting solid, liquid, or gaseous elements covering a wide range of materials. Contact temperature sensors are widely used in the chemicals, consumer electronics, oil & gas, energy & power, and automotive industries, owing to their low cost, wide temperature range, and high accuracy.
Consumer Electronics is expected to hold the largest share in 2028
The consumer electronics segment is projected to register a CAGR of 5.7% during the forecast period. This segment is likely to continue holding the largest market share during the forecast period owing to the growing adoption of temperature sensors in consumer electronics, including smartphones, PCs, laptops, tablets, and other smart home appliances. Lately, several newer devices have also been added under this segment.
APAC is attributed to growing at the highest CAGR in the temperature sensor market during the forecast period (2021-2028)
APAC accounted for the largest share (~46%) of the temperature sensor market in 2020. China, India, South Korea, and Japan are the major contributors to the growth of the temperature sensor market in APAC. The temperature sensor market in APAC is likely to be driven by the evolving automotive, medical, and industrial manufacturing companies and the rising demand for temperature sensors from overseas markets of North America and Europe. However, the US, Canada, and Mexico are the major contributors to the growth of the temperature sensor market in North America. North America is one of the most technologically advanced markets for temperature sensors owing to the presence of prominent system suppliers as well as large chemicals, oil & gas, healthcare, and food & beverage companies in the region.
Key Market Players
In 2020, the temperature sensor market was dominated by Honeywell International Inc. (US), TE Connectivity Ltd. (Switzerland), Texas Instruments Incorporated (US), Endress+Hauser Management AG (Switzerland), and Siemens AG (Germany).
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