The global temperature sensor market is expected to grow from US$6.307 billion in the year 2019 to US$8.769 billion in the year 2026 at a compound annual growth rate of 4.69%. The advancements in Nano and micro technology are one of the factors influencing the growth of the Temperature sensor market. Moreover, increasing demand for temperature sensors from the sectors such as smartphones, wearable bands, patient monitoring devices, consumer electronics, and many other industrial and healthcare sectors are also driving the market. The high initial cost involved in these advanced temperature sectors is expected to hinder the market.
The temperature sensors are electric devices that help to measure the temperature by electric signals. They are used in several systems for measuring the released heat and to alert the end-users. The growing technological advancements, increasing demand from the sectors such as healthcare, automobile, consumer electronics, oil and gas, and food and beverages has paved the way for the growth in the global temperature market.
Key market drivers
During the last few years, the demand for portable and advanced healthcare equipment is increasing all around the world this has boosted the temperature sensor market. Moreover, the onset of technologies such as portable health monitoring systems and advanced patient monitoring systems has boosted the demand for temperature sensors. Furthermore, growing viral infections, deteriorating lifestyles, and the rising geriatric population are projected to increase the demand for advanced and portable healthcare devices globally. For the continuous monitoring of the health of the patient, a temperature sensor is used in wearable healthcare devices. Hence, the growing popularity of these wearable healthcare devices is another prominent driving factor for the temperature sensor market.
In addition to this, the demand for comfort, reliability, and many other advanced features in the automobile sector is increasing. Hence, the demand for temperature sensors has risen from the automobile industry as well. For instance, there is rising demand for a temperature sensor for automobile applications such as active in-vehicle temperature, outside sir temperature management, engine coolant temperature management, exhaust gas, seat heat and steering wheel temperature management, battery, and e-motor temperature management, and many other applications demand is expected to grow. Furthermore, in electric cars, temperature sensors are used to measure the battery pack’s temperature while charging to prevent overheating. The temperature sensors can also be useful for monitoring and controlling the electric motor’s temperature inside the electric vehicles. The increasing demand for temperature sensors from the automobile industry is predicted to drive the market during the forecast period.
By type, the temperature sensor market is segmented as thermocouple, resistor temperature detectors, thermistors, and others. The thermistors are the resistors with thermally sensitive and their main function is to exhibit predictable, precise, and large modification in electrical resistance when encountered with the change in body temperature. The integrated circuits are available in several interfaces such as digital or analog. It creates an output current that is proportional to absolute temperature. The sensor packages are small with a fast response time and low thermal mass. Resistance thermometer RTD has high accuracy and repeatability. Moreover, the infrared temperature sensor can also sense the electromagnetic waves from the range of 700nm to 14,000nm. Furthermore, IR sensors can read moving objects that the contact temperature sensors can read properly.
Whereas the market is segmented by End-user into automotive, food and beverages, oil and gas, consumer electronics, HVAC, chemicals, and others. The automobile sector is expected to grow at a faster pace. In automobiles, temperature sensors are used to sense the temperature of gases and liquids in the vehicles. Likewise, in Food and Beverages, the temperature sensors are used to keep the food out of danger and to activate the alarms for alerting the workers whenever the temperature exceeds or even drops as the difference of a few degrees can make a large difference between the contaminated product with harmful bacteria and a safe food product.
The temperature sensor production makes use of raw materials such as nickel, cobalt, manganese, copper, and iron alloy. Many temperature sensor companies rely on third-party suppliers for these raw materials. Availability of supply and high prices of these raw materials can have an impact on the manufacturers’ profitability. Fluctuation in the prices of these raw materials is laid at the door of global economic growth in trade tariffs, emerging economies, natural disasters, rising global demand, wars or other political events, and fluctuations in foreign currency.
With the continuous advancement in technology and material science, the development of more capable temperature sensors is taking place globally. The computer-integrated manufacturing revolution has enabled the production of advanced temperature sensors. This continuous growing competition in the global market had paved a way for temperature sensors with high costs. Therefore, the initial high cost for the manufacturing of the temperature sensor is projected to hinder the global temperature sensor market growth.
Many key market players are adopting several new strategies which lead to the overall temperature sensor market. For instance, In October 2021, the IDtechEX researchers introduces a new temperature sensor. These new sensors are available with the thin film format and made up of solution-processable semiconductors which are coated between conductive columns and rows in the passive matrix architecture. In May 2021, Honeywell a leading company in the temperature sensor market announced a launch of ThermoRebellion temperature sensor as a temperature monitoring solution for international passengers and domestic passengers at the Boston Logan International Airport. Whereas in February 2020, Texas Instruments a semiconductor manufacturing company announced enlarging the company’s temperature sensing portfolio by including linear thermistors with an accuracy OF ABOUT 50% than negative temperature coefficient. These thermistors with higher accuracy enable a closer procedure for the thermal limits of the overall systems. In July 2020, Analog Devices Inc and Maxim Integrated Products Inc signed a definitive agreement. Maxim integrated products Inc has acquired by Analog Devices Inc. for about US$ 68 billion. Whereas CTS Corporation in December 2020 announced acquiring Sensor Scientific, Inc. a temperature sensor firm. And TE Connectivity Ltd. In March 2020 has acquired First Sensor AG, a temperature sensor company. in 2018 Amazon invested around 61 million in Escobee for the advanced thermostat devices in the industry.
By Geography, the temperature sensor market is segmented into America (North America and South America), Asia-Pacific, Middle East, and Africa. The Asia-Pacific region is predicted to grow at a fast pace in the temperature sensor market during the forecast period. This is because of the growing population, urbanization, industrialization, growing adoption of temperature sensors in the sectors like oil and gas, food and beverages, automotive industries, and consumer electronics in the region. Growing adoption of advanced technology in the countries like China, Japan, India, and others is one more factor attributing to the growing demand for temperature sensors in the region paving the way for the growth in the temperature sensor market in the region. Whereas the presence of large key market players in the countries like the United States of America, Canada, and many others, North America is also expected to hold a potential share in upcoming years.
The sudden outbreak of COVID-19 hurt many industrial sectors around the world. It affected the business due to the disrupted supply chain, manufacturing process, temporary shutdown of retails, and many other factors. Due to the disruption in import and export, the global industrial sector also got impacted. However, steady demand for the temperature sensor from the healthcare sector overcame the downfall of the demand from the other sectors such as automobile, consumer electronics, and many more. The healthcare devices such as wearable bands, machines such as imaging diagnosis equipment, MRI machines, and thermometers containing temperature sensors, hence the demand from the healthcare sector during this period remained steady. Moreover, the steady growing demand for smartphones is also one of the factors for the rising demand for temperature sensors. Therefore, the Covid-19 had a comparatively low impact on the global temperature market.
|Market size value in 2019||US$6.307 billion|
|Market size value in 2026||US$8.769 billion|
|Growth Rate||CAGR of 4.69% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Connectivity, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||HONEYWELL INTERNATIONAL INC., Texas Instruments Incorporated, Microchip Technology Inc., Delphi, Panasonic Corporation of North America, NXP Semiconductors, ABB, Siemens, General Electric, Schneider Electric, Emerson Electric Co.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the temperature sensor market?
A1. The global temperature sensor market is expected to grow at a CAGR of 4.69% during the forecast period.
Q2. What factors are anticipated to drive the temperature sensor market?
A2. The advancements in nano and micro technology are one of the factors influencing the growth of the temperature sensor market.
Q3. What will be the temperature sensor market size by 2026?
A3. The temperature sensor market is expected to reach a market size of US$8.769 billion by 2026.
Q4. Which region holds the maximum market share in the temperature sensor market?
A4. Asia-Pacific region is predicted to grow at a fast pace in the temperature sensor market due to the growing population, urbanization, industrialization, growing adoption of temperature sensors in the sectors like oil and gas, food and beverages, automotive industries, and consumer electronics in the region.
Q5. What is the size of the global temperature sensor market?
A5. Temperature Sensor Market was valued at US$6.307 billion in 2019.
HONEYWELL INTERNATIONAL INC.
Texas Instruments Incorporated
Microchip Technology Inc.
Panasonic Corporation of North America
Emerson Electric Co.
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