The global temperature sensor market is expected to expand at a CAGR of 4.4% over the forecast period and is anticipated to reach USD 9.1 Billion by 2030. The increasing demand for temperature sensors in various industries such as oil and gas, healthcare, and consumer electronics, coupled with technological advancements in temperature sensing technologies are the major driving factors for the entire temperature sensor market and are anticipated to fuel the market growth in the forecast period. The stringent regulations surrounding safety related to manufacturing robots are another major factor driving the global temperature sensor market.
Sensors have gained popularity in the past two decades due to the growing adoption of automation and loT technologies, growing demand for temperature sensors in automotive and consumer electronics, rising demand for temperature sensors in the healthcare industry, and increasing awareness about energy efficiency and sustainability. Moreover, the increasing adoption of renewable energy sources has brought new opportunities for the entire temperature sensor market. The fast growth of the automotive sector has also boosted the sales of the temperature sensor market. Temperature sensors are widely used in the automotive industry to monitor and control temperature in various systems, such as engines, transmission, etc. With the increasing demand for more fuel-efficient and eco-friendly vehicles, the use of temperature sensors has become even more critical in the automotive industry.
However, high competition, relatively high costs, calibration and accuracy, complexity of installation and maintenance, interference and compatibility issues, and limited operating range have always been a challenge for the temperature sensor market. The raw materials used for manufacturing temperature sensors are nickel, cobalt, copper, iron alloy, etc. which have high price and supply volatility. This impacts the profitability of the product especially when it has high-quality inspection costs as well. Therefore, the overall initial cost for the temperature sensors is high.
Some recent trends such as integration with loT and smart solutions, development of wireless temperature sensors, miniaturization of temperature sensors, and increasing adoption of MEMS technology are shaping the temperature sensor market, enabling the development of more advanced and efficient sectors. There is an increasing trend of wearable devices as well which are used to track biometric parameters, such as body temperature, and heartbeat. With the rising health consciousness among individuals, new opportunities for the temperature sensor market are also being created.
Segmentation
The global temperature sensor market can be segmented into product type, application, output, and region. By product type, the temperature sensor market is segmented into contact temperature sensors and non-contact temperature sensors. The non-contact temperature sensor segment is anticipated to have the fastest growth in the upcoming years. By application, the temperature sensor market is segmented into various categories which include automotive, healthcare, food & beverage, HVAC, and others. By output, the temperature sensor market is segmented into analog output temperature sensors, digital output temperature sensors, and wireless output temperature sensors.
Regional Analysis
Asia Pacific holds the largest share and is anticipated to have a similar growth in the upcoming years. The regions such as China, India, and Japan have a large automotive and consumer electronics sector, which is driving the growth of the temperature sensor market in this region.
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The North America region has a well-established automotive, healthcare, and industrial sector which has increased the demand for temperature sensors. The presence of prominent system suppliers, consumer electronics manufacturers, medical equipment, etc. is driving the market in the North America region. The Europe region is known for its advanced manufacturing and automotive industries which has led to the adoption of temperature sensors in various applications. The Middle East and Africa region has a growing oil and gas industry which is driving the demand for temperature sensors in this region.
Competitive Analysis
The major players in the global temperature sensor market are Texas Instruments Inc., Honeywell International Inc., Amphenol Corporation, TE Connectivity Limited, STMicroelectronics NV, NXP Semiconductors NV, Analog Devices Inc., Infineon Technologies AG, Emerson Electric Co., and Siemens AG. The surge in the Internet of Things (IoT) technology, and increased safety regulations by governments of various countries have raised the R&D activities of major companies in the temperature sensor market, and thereby, provided lucrative opportunities for the expansion of the entire industry in the upcoming years.
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The global temperature sensor market is segmented as follows:
By Product Type (Revenue: USD Billion, 2018 – 2030)
● Contact Temperature Sensors
● Non-Contact Temperature Sensors
By Application (Revenue: USD Billion, 2018 – 2030)
● Automotive
● Healthcare
● Food & Beverage
● HVAC
● Others
By Output (Revenue: USD Billion, 2018 – 2030)
● Analog Output Temperator Sensors
● Digital Output Temperature Sensors
● Wireless Output Temperature Sensors
By Region (Revenue: USD Billion, 2018 – 2030)
● North America
o U.S.
o Canada
o Mexico
● Europe
o U.K.
o France
o Germany
o Italy
o Spain
o Rest of Europe
● Asia Pacific
o China
o Japan
o India
o South Korea
o South East Asia
o Rest of Asia Pacific
● Latin America
o Brazil
o Argentina
o Rest of Latin America
● Middle East & Africa
o GCC Countries
o South Africa
o Rest of Middle East & Africa
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Frequently Asked Questions (FAQs)
The global market for temperature sensor is expected to reach USD 9.1 Billion in 2030 growing at a CAGR of 4.4%.
The major players in the global temperature sensor market are Texas Instruments Inc., Honeywell International Inc., Amphenol Corporation, TE Connectivity Limited, STMicroelectronics NV, NXP Semiconductors NV, Analog Devices Inc., Infineon Technologies AG, Emerson Electric Co., and Siemens AG.
The global temperature sensor market is projected to grow at a CAGR of 4.4% between 2023 and 2030.
The advancement in IoT technologies and rising safety regulations in robotic devices and their manufacturing are the major driving factors for the growth of the global temperature sensor industry. There is a high demand for temprature sensors in automotive, oil & gas, healthcare, and industrial sectors, which is another major driver for the surge of the temperature sensor market.
Asia Pacific was the leading regional segment of the global temperature sensor market in 2022.
