Wilmington, Delaware, United States, April 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global temperature sensor market size was US$ 6.0 Bn in 2022 and is anticipated to reach US$ 10.1 Bn by 2031. The global industry is expected to expand at a CAGR of 5.4% between 2023 and 2031.
The global market for temperature sensor is anticipated to grow due to increase in demand for temperature sensing technology. Technologies for temperature sensing are extensively used in various industries such as communications, industrial, automotive, personal electronics, and commercial organizations. Thermocouples, thermistors, and resistive temperature devices (RTDs) are gaining traction in the market.
Technological breakthroughs in sensors and rise in demand for temperature sensors in monitoring and regulating operations are anticipated to benefit market players. Major suppliers are investing in R&D activities to enhance the current non-contact IR temperature sensing systems and create new ones. Furthermore, they are developing their distribution networks in an effort to expand their customer base.
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Temperature sensors are used in several everyday devices. Temperature management and maintenance are necessary for consumer electronics products, such as thermostats, refrigerators, and microwave ovens, to operate effectively. Temperature sensors are used in the field of Internet of Things for a variety of purposes, including managing and monitoring the temperature in healthcare facilities, smart homes, and industrial plants. IoT-based temperature sensors provide customers with the ability to act swiftly based on their needs and instantly obtain information on temperature measurements.
Key Findings of Market Report
- The global wearable technology industry is expanding rapidly as more people have started using fitness and health monitoring gadgets. The medical industry gains from improvements in wearable sensor technologies. Wearable technology enables high-quality, real-time readings of a person's health status, most commonly in precision medicine. Companies that make wearable technology are integrating temperature monitoring into their products. Oura, Whoop, and Outfit are incorporating temperature sensors into products that continually gather data and store temperatures. Hence, increase in usage of wearable devices is anticipated to fuel market development from 2023 to 2031.
- Based on product type, the contact temperature sensors segment accounted for 61.2% share of the global market in 2022. It is anticipated to expand at a CAGR of 5.7% between 2023 and 2031. Contact temperature sensors take precise temperature readings due to bodily contact or close surface contact, which is anticipated to drive business growth. These sensors can also work in dangerous locations and unclean surroundings due to the contact-based functionality.
- The industrial equipment application segment held 31.2% share of the global industry in 2022. Majority of industrial equipment is dependent on appropriate heating or cooling. As a result, temperature sensors are regularly used to check and manage the temperature to ensure that industrial equipment is operating as intended.
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Global Temperature Sensor Market: Growth Drivers
- Automakers monitor a number of parameters and quantities utilizing integrated systems and sensors for ensuring comfort, performance, safety, and dependability. The engine temperature is constantly monitored and maintained at a specific level in Electric Vehicles (EVs) for efficient operation. EVs employ temperature sensors to monitor the battery's temperature while charging and discharging to avoid overheating. They are also used to regulate and keep track of electric motor temperatures. Increase in demand for EVs is likely to drive industry growth in the near future.
Global Temperature Sensor Market: Regional Landscape
- Based on recent market forecast, Asia Pacific is anticipated to account for significant market share of the temperature sensor industry between 2023 and 2031. The region held 32.4% share of the global industry in 2022. Increase in manufacture and usage of vehicles, electronic devices, and portable healthcare equipment is likely to drive market demand for temperature sensors. Automation and the Industrial Internet of Things (IIoT) are increasingly utilized by several industries, such as aerospace, manufacturing, and automotive. This is expected to drive business opportunities in the temperature sensor market in Asia Pacific.
Key Points from TOC:
Preface
1.1. Market Introduction
1.2. Market and Segments Definition
1.3. Market Taxonomy
1.4. Research Methodology
1.5. Assumption and Acronyms
2. Executive Summary
2.1. Temperature Sensor Market Overview
2.2. Regional Outline
2.3. Industry Outline
2.4. Market Dynamics Snapshot
2.5. Competition Blueprint
3. Market Dynamics
3.1. Macro-economic Factors
3.2. Drivers
3.3. Restraints
3.4. Opportunities
3.5. Key Trends
3.6. Regulatory Framework
4. Associated Industry and Key Indicator Assessment
4.1. Parent Industry Overview – Global Sensors Industry Overview
4.2. Supply Chain Analysis
4.3. Pricing Analysis
4.4. Insulation Roadmap Analysis
4.5. Industry SWOT Analysis
4.6. Porter Five Forces Analysis
4.7. COVID-19 Impact and Recovery Analysis
TOC Continued……
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Global Temperature Sensor Market: Key Players
Some of the key players in the global temperature sensor market are as follows:
- Semiconductor Components Industries, LLC
- Hans Turck GmbH & Co. KG
- Murata Manufacturing Co., Ltd.
- Yokogawa Electric Corporation
- Honeywell International Inc.
- Robert Bosch GmbH
Global Temperature Sensor Market: Segmentation
Product Type
- Contact Temperature Sensors
- Non-contact Temperature Sensors
Output
- Analog
- Digital
Measurement Type
- Single Point
- Multi Point
Application
- Analytical Instruments
- Process Control
- HVAC
- Ovens and Furnaces
- Industrial Equipment
- Automotive Electronics
- Others (Aerospace Control, Environmental Monitoring, etc.)
End-use Industry
- Automotive & Transportation
- Aerospace & Defense
- Energy & Utility
- Chemicals
- Oil & Gas
- Healthcare
- Metal & Mining
- Building & Construction
- Consumer Electronics
- Food & Beverage
- Others (IT & Telecommunication, Agriculture, etc.)
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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