Portland, OR, May 08, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global temperature sensor market garnered $6.7 billion in 2022, and is estimated to generate $11.2 billion by 2032, manifesting a CAGR of 5.5% from 2023 to 2032. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | $6.7 billion |
| Market Size in 2032 | $11.2 billion |
| CAGR | 5.5% |
| No. of Pages in Report | 358 |
| Segments covered | Type, Industry Vertical, and Region. |
| Drivers | Surge in penetration of the Internet of Things & Industry 4.0 Surge in trend of industrial automation Promising government regulations towards the usage of wifi temperature sensor |
| Opportunities | Rise in adoption of smart sensors in several industries |
| Restraints | The high development cost involved in R&D activities to develop new products |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global temperature sensor market, owing to implementation of global lockdown which resulted in partial or complete shutdown of production facilities in most of the industrial units across the world.
- However, the global temperature sensor market has a huge scope to grow in the post-pandemic.
The research provides detailed segmentation of the global temperature sensor market based on type, industry vertical, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on type, the thermocouple segment held the highest share in 2022, accounting for nearly half of the global temperature sensor market, and is expected to continue its leadership status during the forecast period. This segment is expected to register the highest CAGR of 6.1% from 2023 to 2032.
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Based on industry vertical, the oil and gas segment accounted for the highest share in 2022, contributing to more than one-third of the global temperature sensor market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the chemical segment is expected to manifest the highest CAGR of 7.9% from 2023 to 2032.
Based on region, Asia-Pacific held the largest share in 2022, contributing to around half of the global temperature sensor market share. In addition, the same region is expected to manifest the fastest CAGR of 6.3% during the forecast period and is projected to maintain its dominant share in terms of revenue in 2032.
Leading market players of the global temperature sensor market analyzed in the research include Amphenol Advanced Sensors, Analog Devices, Inc, Emerson, Endress Hauser Group Services AG, Honeywell International Inc., Siemens AG, STMicroelectronics, TE Connectivity Ltd., Texas Instruments Inc., WIKA Instruments India Pvt. Ltd.
The report provides a detailed analysis of these key players of the global temperature sensor market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Temperature Sensor Market Key Segments:
Type
- Others
- Thermocouple
- Thermistor
- Resistance Temperature Detector (RTD)
- Infrared Temperature Sensor
Industry Vertical
- Manufacturing
- Chemical
- Healthcare and Pharmaceutical
- Automotive
- Oil and Gas
By Region
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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