The growth of the global temperature sensors market is gaining traction due to growing manufacturing electronics industries globally. The demand for temperature sensors is likely to increase substantially in the next few years due to widening its application in the wearable devices and consumer electronics. This is a key factor driving the growth of the global temperature sensor market. Growing oil and gas industries are fuelling demand for temperature sensors and likely to propel demand for temperature sensor market.
However, technical awareness about sensor and heating issues in extreme condition is hampering the growth of the global temperature sensor market.
According to the report by TMR, the global market for temperature sensor market was valued at around US$4.6 bn in 2015 and is anticipated to expand at a CAGR of around 4.60% from 2016 to 2024 to attain a value of US$6.6 bn by the end of 2024. In terms of volume, the market is expected to expand with a CAGR of 7.40% over the same period of prediction.
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Widening Application of Temperature Sensors to be Beneficial for Growth
On the basis of type, the global temperature sensor market is segmented into thermistors, thermocouple, resistance temperature detectors, infrared temperature sensors, bimetallic temperature sensors, and fiber optic temperature sensors. Of these, thermistors are dominating the global market for temperature sensors owing to demand thermistors has been higher than other types of temperature sensors.
On the basis of technology, the global temperature sensor market is segmented into food and beverage, aerospace and defense, chemicals, oil & gas, semiconductor and electronics, automotive, healthcare, and others. Of these, the medical and healthcare sector is dominating the global temperature sensor market and expected to continue over the forecast period. The growing demand for temperature sensors in the advanced healthcare equipment is a key factor fuelling the global temperature sensor market. Apart from this, expansion of oil and gas sector is boosting demand for the temperature sensors. This growth of the manufacturing industry, semiconductor, and electronics industries in the developing countries is fuelling the growth of the temperature sensor market.
Growing Government Initiatives to Bolster Growth in Asia Pacific
On the basis of region, the global temperature sensor market is segmented into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Of these, North America is dominating the global market for temperature sensor owing to the higher adoption of the temperature sensors in the region. The region accounted for 40% shares of the overall temperature sensors market in 2015. Increase in government initiatives in order to the improvement of the medical and healthcare sector in the region.
Key players operating in the temperature sensor market include Panasonic Corp., ON Semiconductor, NXP Semiconductors N.V., Maxim Integrated Products Inc., and ABB Ltd. The temperature sensor market is highly competitive and fragmented. The top six players operating in the global temperature sensor market accounted for the 19% shares of the overall market. These key players are facing intense price war due to due to a number of players operating in the temperature sensors market and lack of variation in the products in terms of features and technology. The local players are offering these products at lower prices in order to gain substantial share in the global market for the temperature sensor. Additionally, the international players are entering into strategic partnerships which is increasing consolidation in the market.
Rising Inclination towards Electronic Gadgets to Boost Temperature Sensor Market
The rising inclination towards electronic gadgets and equipment is a prime factor boosting the growth of the global temperature sensor market. The increasing demand for electronic wearable is likely to aid in expansion of this market. Additionally, the rise in oil and gas businesses are powering the interest for temperature sensors and liable to impel interest for the temperature sensor market.
Additionally, the rising tendency of key businesses towards non-contact sensors, immense ascent sought after from thriving shopper gadgets industry, alongside expanding number of utilizations. Among these, purchaser hardware is anticipated to give appealing development freedoms to the temperature sensor market. The taking off interest for cell phones, wearable gadgets, PCs, LCDs, and wellness groups is acting for the temperature sensor market.
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Body-worn sensors segment is holding the dominant share in the global market for temperature sensors. This is on the grounds that with headways in the medical care area, body-worn sensors are being utilized to screen the state of patients continuously. Also, with web of things (IoT) discovering its feet in the area, the use of body-worn temperature sensors is expanding. These instruments are incorporated in hand crafted gadgets for the medical services industry or in smart watches, to gauge wearers’ temperature and heartbeat rate. With the rising ubiquity of wearable clinical observing gadgets, keen watches, and wellness groups, the interest for body-worn temperature sensors is expanding.
The critical driver for the temperature sensor market is the rising prerequisite for these instruments in the car business. Here, these gadgets are utilized to gauge the temperature of the different gases, fluids, and frameworks inside vehicles, to guarantee legitimate working. Among the auto parts where these sensors are utilized are warming, ventilation, and cooling (HVAC) frameworks. Some of the key players of the global temperature sensor market include Maxim Integrated Products Inc., Panasonic Corp., NXP Semiconductors N.V., Texas Instruments Incorporated, Mirata Manufacturing Co. Ltd., and others.
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