NEW YORK, April 20, 2020 (GLOBE NEWSWIRE) -- Due to the mushrooming uptake of automobiles, the demand for temperature sensors is increasing. In vehicles, the temperature of gases, liquids, and several systems is measured with sensors, so that the performance efficiency of automobiles can be maintained. With the rising sale of automobiles, particularly electric vehicles, the procurement of temperature sensors is growing.
Hence, the revenue generated in the global temperature sensor market, which stood at $6.9 billion in 2019, is projected rise at a CAGR of 4.4% between 2020 and 2030 (forecast period), to reach $11.1 billion by 2030. Additionally, these devices help maintain optimum fuel efficiency, which has been mandated by governments around the world.
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Resistance Temperature Detector (RTD) to be Largest Category till 2030
Till 2030, the resistance temperature detector (RTD) category is predicted to continue holding the largest temperature sensor market share. This is because of these devices’ linearity, high accuracy, and stability and customizable attributes.
In 2019, the non-contact bifurcation generated higher revenue in the market, due to the decreasing prices of these variants and growing demand for them among end users across industries.
The digital bifurcation is expected to witness the higher CAGR, of 4.6%, in the temperature sensor market, during the forecast period, as they provide programmable sampling and automated interrupts, which lead to their higher requirement.
During the historical period (2014–2019), the automotive & aerospace category held the largest share in the market, as a result of the use of these instruments in vehicles being made mandatory by the government in a number of nations. Further, automobile production is increasing, and the aftermarket is expanding, which are further driving the demand for these devices in the automotive sector.
In 2019, Asia-Pacific (APAC) generated the highest revenue in the temperature sensor market, and the region would also display the fastest growth in the coming years. This is because of the fact that the sales of smartphones and automobiles are rising swiftly in China, India, and other regional countries, on account of the swift urbanization and increase in the disposable income of people. China is already the largest consumer of temperature sensors in the region and second largest in the world, following the U.S.
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New Products being Launched by Market Players to Consolidate their Position
The temperature sensor market competitive landscape is presently characterized by the various products being launched by companies, in order to dominate the competition. For instance, Heilind Electronics introduced the 5024 EGR temperature sensor developed by Sensata Technologies in February 2020. Offering stable performance up till 300 ⁰C, it works on the negative temperature coefficient (NTC) principle.
Similarly, STMicroelectronics N.V. unveiled the STTS22H temperature sensor, which is accurate up to 25⁰C, in November 2019. The sensor has been designed for shipping container loggers, heat flow monitoring in asset trackers, air humidifiers, heating, ventilation, and air conditioning (HVAC) systems, building automation systems, refrigerators, and smart consumer devices.
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Among the companies operating in the global temperature sensor market, the prominent ones are Honeywell International Inc., TE Connectivity Ltd., Infineon Technologies AG, NXP Semiconductors N.V., Texas Instruments Incorporated, ABB Ltd., Panasonic Corporation, Amphenol Corporation, STMicroelectronics N.V., Analog Devices Inc., On Semiconductor Corporation, and Robert Bosch GmbH.
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