Pune,India, Aug. 28, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Temperature Sensors Market Size was valued at USD 5.02 billion in 2018 to USD 7.88 billion by 2026, exhibiting a CAGR of 6.1% during the forecast period. The healthcare sector heavily depends on temperature-sensitive applications, such as pharmaceutical storage, medical equipment, and patient monitoring. Fortune Business Insights™ mentioned this in a report titled Temperature Sensors Market Forecast, 2023-2026.
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Key Industry Development
- Azbil Corporation, one of the leading companies in building and industrial automation, has started selling ceiling-mounted sensors, an indoor sensor, outside Japan, majorly for use in office building HVAC systems.
Key Takeaways:
- The Increasing Use in Home and Building Automation Surge the Temperature Sensor Market Growth
- Rising Penetration in Portable Healthcare Equipment to Augment the Growth of the Market
- Increasing Adoption in Automotive Sector to Drive the Growth of the Market
- Temperature Sensors Market Size in North America was USD 1.79 Billion in 2018
Discover the Leading Players Featured in the Report:
“Companies leading the Temperature Sensors Market are ABB, Emerson Electric Co., HONEYWELL INTERNATIONAL INC., DENSO CORPORATION, STMicroelectronics, Infineon Technologies AG, Robert Bosch GmbH, NXP Semiconductors, OMRON Corporation, TE Connectivity, Analog Devices, Inc., Texas Instruments Incorporated, Maxim Integrated, Amphenol Advanced Sensors, Renesas Electronics Corporation, Kongsberg Maritime, Microchip Technology Inc., Semiconductor Components Industries,LLC, Siemens, TDX Corporation, Endress+Hauser Management AG, Okazaki Manufacturing Company, Yamari Industries Limited”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR | 6.1% |
| 2026 Value Projection | USD 7.88 Billion |
| Base Year | 2018 |
| Temperature Sensors Market Size in 2018 | USD 5.12 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Type, End-user and Geography |
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Driving factors
Industrial automation across sectors such as manufacturing, oil and gas, and automotive has fueled the demand for temperature sensors.The integration of temperature sensors into IoT networks has opened up new avenues for data-driven decision-making. Industries like healthcare, agriculture, and logistics rely on IoT-connected temperature sensors to monitor and maintain optimal conditions, contributing to product quality, safety, and compliance. The healthcare sector heavily depends on temperature-sensitive applications, such as pharmaceutical storage, medical equipment, and patient monitoring. Temperature sensors help ensure the safety and efficacy of medications, vaccines, and sensitive medical procedures. The proliferation of smartphones, laptops, wearables, and home appliances has escalated the demand for temperature sensors.
Segmentation
By Type
- Thermocouple
- Thermistor
- Resistance Temperature Detector (RTD)
- Semiconductor Temperature Sensor
- Infrared Temperature Sensor
- Others
By End-User
- Healthcare
- Consumer Electronics
- Automotive
- Aerospace and Defense
- Food and Beverages
- Energy and Power
- Oil and Gas
- Chemicals
By Region
- North America (US and Canada)
- Europe (UK, Germany, France, Italy, and Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, South East Asia and Rest of Asia Pacific)
- The Middle East & Africa (GCC, South Africa and Rest of the Middle East & Africa)
- Latin America (Mexico, Brazil and Rest of Latin America)
Regional Analysis
Rising Technological Advancements to Bolster Growth in North America
North America generated a revenue of USD 1.79 billion and 2018 and is predicted to grow rapidly during the forecast period owing to the growing emphasis on HVAC systems, compact systems with standalone sensors and wearable devices. Furthermore, the increasing awareness about the advantages of temperature sensors in various industries, including automotive, oil & gas, and healthcare, will boost the temperature sensor market trends during the forecast period. Europe is likely to witness high growth during the forecast period owing to the presence of various automobile companies in the region. Asia Pacific is predicted to grow astoundingly during the forecast period due to the surge in the automotive sector and the growing sales of automotive vehicles.
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Competitive Landscape:
Exergen Global, a world leader and provider of Non-Contact Infrared Sensor Solutions launched “PEKO,” the first-ever non-contact thermal dynamic management solution, that combines a proprietary-design cooling mechanism with a unique emissivity control device to provide accurate, repeatable thermal measurement results in industrial settings under extreme conditions, with ambient temperatures as high as 500°C. The introduction of the new thermal dynamic management solution can be a crucial factor in boosting the temperature sensor market growth owing to its ability to benefit manufacturers to run operations safely while assisting in industrial processes and to position thermal sensors close to measurement targets.
FAQ’s
How big is the Temperature Sensors Market?
Temperature Sensors Market size was USD 5.02 billion in 2018.
How fast is the Temperature Sensors Market growing?
The Temperature Sensors Market will exhibit a CAGR of 6.1% during the forecast period, 2019-2026
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