Fastest Growing Demand for Temperature Sensor Market - IPS Inter Press Service Business

The globaltemperature sensor marketsize is projected to grow from USD 6.3 billion in 2020 to USD 8.8 billion by 2027, recording a CAGR of 4.8%. The temperature sensor industry growth is driven mainly by increasing penetration of temperature sensors in advanced and portable healthcare equipment, growing demand for temperature sensors in the automotive sector, and rising adoption of home and building automation systems.

Contact type temperature sensor segment to hold the larger share in the temperature sensor market during the forecast period

The contact type temperature sensor segment is projected to hold larger share in the temperature sensor industry during the forecast period, owing to contact temperature sensors are widely used in industries such as chemicals, consumer electronics, oil & gas, energy & power, and automotive, because of their low cost, wide temperature ranges, and high accuracy. Contact type temperature sensor has been segmented further into thermocouples, resistive temperature detectors, thermistors, temperature sensor ICs, and bimetallic temperature sensors.

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The digital output segment to hold the larger share in the temperature sensor industry during the forecast period

The digital output segment is projected to hold a larger share in the temperature sensor market during the forecast period. Temperature sensors with digital output have several advantages over sensors with analog output and are especially suited for remote applications. Digital temperature sensors find use in medical, aerospace, test and measurement equipment, and industrial automation.

The chemicals end-user industry segment to hold the largest share in the temperature sensor market during the forecast period

The chemicals end-user industry segment is projected to hold the largest share in the temperature sensor industry during the forecast period. Temperature sensors play an important role in the chemicals end-user industry. Processes such as refining, heat tracing, cracking, and incineration, and systems such as sanitary systems and piping systems use temperature sensors for temperature monitoring and control.

The relative humidity sensor segment in the humidity sensor market is expected to grow at a higher growth rate

The relative humidity sensor is expected to grow at a higher growth rate. Relative humidity sensors measure the relative humidity or RH, which is the ratio of the actual water vapor present in the air at a given temperature to the maximum water vapor present in the air at the same temperature. In weather reports and forecasts, the probability of dew or precipitation is indicated using relative humidity. Moreover, relative humidity is an important parameter when looking for comfort.

Asia Pacific market to record significant growth during the forecast period

Asia Pacific is projected to account for the largest share in the temperature sensor market during the forecast period. China, India, South Korea, and Japan are the major contributors to the growth of the temperature sensor industry in APAC. Fast track industrialization across the APAC region has created a conducive environment for the growth of the market. Expanding automobile and industrial manufacturing, in particular, is generating massive demand for temperature sensors. Also, robust demand for consumer equipment, including portable healthcare electronics and white goods, is expected to foster the demand for temperature sensors.

Key Market Players

The temperature sensor market is currently dominated by Honeywell (US), TE Connectivity (Switzerland), Texas Instruments (US), Endress+Hauser (Switzerland), and Siemens (Germany). A few of the major strategies adopted by these players to compete in the temperature sensor industry include product launches & developments, expansions, partnerships, and mergers & acquisitions.

Tags: Temperature Sensor Market