Global Temperature Sensor Market: Snapshot
Thanks to the extensive growth of the manufacturing and the electronics sectors across the world, the global demand for temperature sensors is likely to increase tremendously in the coming years. Apart from this, the growing application of these sensors in wearable devices and the significant rise in the demand for electronic goods in Asian economies, such as China, Japan, and South Korea are projected to boost this market remarkably in the near future.
The opportunity in the worldwide temperature sensor market, which stood at US$4.6 bn in 2015, is estimated to expand at a CAGR of 4.60% during the period from 2016 to 2024 and reach a value of US$6.6 bn by the end of the forecast period. In terms of volume, the market is expected to rise at a CAGR of 7.40% during the same period of forecast.
Demand for Thermistors to Remain Strong
Thermistors, thermocouple, resistance temperature detectors, infrared temperature sensors, bimetallic temperature sensors, and fiber optic temperature sensors are the key products available in the global market for temperature sensors. The demand for thermistors has been higher than other types of temperature sensors.
Researchers predict the trend to continue in the coming years; however, infrared temperature sensors are likely to witness a high paced growth in their demand due to the increasing application across various industry verticals.
Supported by Expansion in Oil and Gas Sector, North America to Continue as Global Leader
Asia Pacific, North America, the Middle East and Africa, Latin America, and Europe are the key regional markets for temperature sensors across the world. With a share of nearly 40%, North America emerged as the most prominent contributor to the global market for temperature sensors in 2015. The adoption of temperature sensors in this region has increased significantly over the past few years due to the increase in government initiatives for the betterment of the medical and healthcare sector in North America.
Backed by the expansion in the oil and gas sector, the region is likely to retain its dominance in the worldwide market for temperature sensors during the forecast period. Asia Pacific, on the other hand, is expected to provide lucrative growth opportunities to market players in the coming years, thanks to the robust growth in the manufacturing and the semiconductor and electronics industries.
Apart from these, Europe, Latin America, and the Middle East and Africa are also projected to exhibit healthy growth in the demand for temperature sensors over the forthcoming years. Currently, the rising application of non-contact temperature sensors in automobiles, medical facilities, airplanes, and defense equipment is driving the temperature sensor market in Europe. In addition, the rise in research activities in the chemicals and the healthcare sectors is likely to boost this regional market during the forecast period. The temperature sensor market in the Middle East and Africa is expected to be driven by the rise in the oil and gas sector while the Latin America market will gain momentum due to the growing demand for these sensors from the electronics industry in the near future.
The leading temperature sensor manufacturers across the world are Panasonic Corp., ON Semiconductor, NXP Semiconductors N.V., Maxim Integrated Products Inc., ABB Ltd., General Electric Co., Infineon Technologies AG, STMicroelectronics N.V., Honeywell International Inc., Microchip Technology Inc., Analog Devices Inc., and Texas Instruments Inc.
Global Temperature Sensor Market: Overview
Temperature sensors refer to devices which helps in recording data related to temperature. A temperature sensor helps in converting any voltage or current into a specific numerical value. Advanced temperature sensors are also used in research and development facilities with various scientific uses. The contact and non-contact temperature sensors form the different types of temperature sensors. These contact temperature sensors have been used in different industry verticals owing to the low cost. These sensors are used when the thermal equilibrium needs to be maintained and there is no flow of heat between the objects where the sensor needs to be in contact with the object to measure the temperature. The non-contact temperature sensor helps in measuring temperature when the surface is moving and measures temperature with the help of heat radiation emitted from the surface or object.
Temperature sensors have different product types, such as thermistors, thermocouple, infrared temperature sensor, fiber optic temperature sensor and bimetallic temperature sensors among others. These different type of temperature sensors include both simple and complex applications. Growth in automation, across verticals such as aerospace and defense, automotive, semiconductor and electronics and healthcare among others, has been some of the primary reason for the growth of temperature sensor market globally. The increasing importance for advanced healthcare equipment has also been boosting the growth of temperature sensor market.
Other than this, the rise in demand for electronic products has also helped the global temperature sensor market to grow. Increasing use of thermistors, resistance temperature detectors, and infrared temperature detectors has also led to the rise in demand for automotive and healthcare sector enhancing the growth of these industries. Considering the positive impacts of the factors mentioned above, the temperature sensor market globally has been anticipated to grow at a good pace during the forecast period with the market being more or less stable. The growing demand for body worn temperature sensor also provides many opportunities for the growth of temperature sensor market.
Global Temperature Sensor Market: Segmentation
On the basis of type, the global temperature sensor market has been segmented into thermistor, resistance temperature detectors, thermocouple, infrared temperature sensor, fiber optic temperature sensor, bimetallic temperature sensor and others. The global temperature sensor market is further segmented on the basis of sensing method which includes contact and non-contact temperature sensor. The market revenue for temperature senor has been provided in USD million in terms of revenue and million units in terms of volume, along with the CAGR for the forecasted period from 2016 to 2024.
Different end use industries which are segmented under the scope of this report includes food and beverage, aerospace and defense, chemicals, oil & gas, semiconductor and electronics, automotive, healthcare and others. Each of these segments are provided with market size and forecast for the period 2016 - 2024, further highlighting the different key trends which act as influencing factors for each segment provided under the scope of this report.
The region wise market analysis provides the in-depth analysis of the current trends available in these regions which is further segmented into different countries covered under these regions. The different regions covered under the scope of this report includes North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
Global Temperature Sensor Market: Scope of the Study
This report provides strategic analysis of the global temperature sensor market, and the growth forecast for the period 2016 to 2024. The scope of this report includes analysis of different market segments which are differentiated on the basis of product type, sensing method and end use industry of the global temperature sensor market across countries. To aid in proper decision-making, the report includes the profiling of top players in this industry, their respective market share along with various business strategies which are adopted by them as well as the recent developments.
The key trends analysis and market opportunity map provided in the report discusses the various upcoming trends and current end use industries. Other than this, the scope of the report also focuses on the future penetration of various temperature sensor related products. The market opportunity map and market attractiveness analysis included in this report provides overall insights into various market dynamics, industry competition, along with providing the most profitable segments within the global temperature sensor market. Additionally, the Porter’s five forces analysis aids in better understanding of the level of competition present in the market. Top players of the global temperature sensor market are also being profiled and included in the report.
The report also provides breakdown and assessment of various factors impacting the growth of market, which are classified as market drivers, restraints, and opportunities in this report. These factors determine the different trends and their impact on the overall market growth. Overall, after taking into consideration the different factors which affects the global temperature sensor market along with providing a holistic analysis of the global temperature sensor market, and also provides an estimation of growth for the forecast period during 2016 to 2024.
Companies mentioned in the report
Some of the leading players in the global temperature sensor market are Texas Instruments Inc. (U.S.), Analog Devices Inc. (U.S.), Microchip Technology Inc. , Honeywell International Inc. (US), STMicroelectronics N.V. (Switzerland), Infineon Technologies AG (Germany), General Electric Company (U.S.), ABB Ltd. (Switzerland), Maxim Integrated Products Inc. (U.S.), ON Semiconductor (U.S.) and Panasonic Corporation (Japan) among others.
The market has been segmented as follows:
Global Temperature Sensor Market – By Product Type:
- Resistance Temperature Detectors
- Infrared Temperature Sensor
- Fiber Optic Temperature Sensor
- Bimetallic Temperature Sensor
Global Temperature Sensor Market – By Sensing Method:
- Contact Temperature Sensor
- Non-contact Temperature Sensor
Global Temperature Sensor Market - By End Use Industry:
- Food and Beverage
- Aerospace and Defense
- Oil & Gas
- Semiconductor and Electronics
Global Temperature Sensor Market - By Region:
- North America
- Rest Of Europe
- Asia Pacific
- South Korea
- Rest Of APAC
- Middle East and Africa
- Saudi Arabia
- South Africa
- Latin America