WELLESLEY, Mass., June 06, 2018 (GLOBE NEWSWIRE) -- The recent rise in the adoption of smart devices and advanced communication systems is galvanizing growth in the international market for temperature sensors. A report by BCC Research finds the global sensors market will reach $8.1 billion and $10.5 billion in 2018 and 2023, respectively, indicating a compound annual growth rate (CAGR) of 5.2% from 2018 to 2023.
An overall shift toward radiation technologies has added greater advantages in temperature detection and promoted increased use of smart sensors, according to the report Temperature Sensors: Global Markets to 2023. Other key growth factors include growth in industrial and home automation technology, increasing demand for automated vehicle functions and a surge in sensor adoption for multiple industrial applications. Also, the emergence of Internet of Things (IoT) technology and the increased government initiatives for smart industrialization in developing economies such as China, India, Russia and South Africa are expected to create opportunities for market development.
Major temperature sensor manufacturers include Texas Instruments, OMEGA Engineering, Murata Manufacturing, Nippon Seiki and Heatcon Sensors. These organizations are focused on developing advanced sensors and client networks through various market development strategies such as product launches, business expansions and partnerships.
Research Highlights
- Thermocouples dominated the global temperature sensor and accounted for 32.5% of the overall market in 2017.
- The global market for resistance temperature detectors (RTDs) was valued at $1.8 billion in 2017 and is estimated to reach $2.6 billion by 2023.
- Automotive applications are forecast as the fastest-growing segment in the temperature sensor market.
“Temperature sensors are considered one of the fastest growing instrument types which measure thermal change in industrial applications such as HVAC, process control and automotive,” the report notes. “Temperature sensors have become smarter with the introduction of microcontrollers and remote two-way communication that enable self-diagnosis and other smart functions. However, factors such as high competition, sensor pricing and difficulty in sensor-to-sensor communication techniques may temper market growth.”
Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.