Temperature Sensor Market Market Size
[170+ Pages Research Reports] Temperature Sensor Market to surpass USD 10.4 billion by 2032 from USD 5.69 billion in 2021 at a CAGR of 5.6% throughout the forecast period 2022-32
Temperature Sensor is an electric instrument that monitors the temperature of its surroundings and turns the input data into electronic data to record, monitor, or communicate temperature changes. Temperature sensors come in a wide variety of forms. Some temperature sensors need to be in close proximity to the object they are monitoring, whereas other temperature sensors gauge an object's temperature indirectly. Temperature sensors work by transferring electrical signals containing readings. Sensors are made of two metals that produce an electrical voltage or resistance whenever there is a change in temperature by detecting the voltage across the diode terminals. The temperature rises simultaneously with an increase in voltage.
Market Highlights
The Temperature Sensor Market is expected to project a notable CAGR of 5.6% in 2032.
Temperature Sensor to surpass USD 10.4 billion by 2032 from USD 5.69 billion in 2021 at a CAGR of 5.6% in the coming years, i.e., 2022-32. The increasing need for cutting-edge, portable healthcare equipment is fueling the Temperature Sensor Market. As new technologies, such as enhanced patient monitoring systems and portable health monitoring systems are developed, the demand for temperature sensors is rising. The rising need for dependability, comfort, and other cutting-edge features in cars is also fueling the Temperature Sensor Market.
Figure - Market Analysis of Temperature Sensor Market
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Temperature Sensor Market: Segments
The Non-Contact Type segment is expected to grow with a higher CAGR during 2022-32
Temperature Sensor Market is categorized on the basis of Product into Contact Type and Non-Contact Type. Over the forecast period, the non-contact temperature sensors sector is anticipated to grow more quickly than the contact temperature sensors segment. Non-contact temperature sensors' rapid growth is related to their capacity to measure an object's or body's surface temperature without making direct physical contact with it. The non-contact temperature sensors are frequently employed for tiny, mobile, and difficult-to-reach sources, items, or equipment.
The Oil and Gas segment is expected to grow with a higher CAGR during 2022-32
Temperature Sensor Market is categorized on the basis of End User into Chemicals, Oil and Gas, Consumer Electronics, Energy and Power, Healthcare, Automotive, Metals and Mining, Food and Beverages, Pulp and Paper, Advanced Fuel, Aerospace and Defense, Glass, and Others. Over the forecast period, the oil and gas segment is anticipated to post a higher CAGR. The oil and gas industry majorly relies on various sensors to measure, evaluate, record, and share the many parameters for worker and equipment safety and proper operation. One of the most important sensors used in this sector are temperature monitoring sensors. These sensors are used to gauge and examine environmental and equipment temperatures. Over the projection period, it is anticipated that the oil and gas sector will continue to increase its use of temperature sensors, giving it the opportunity to command a significant share of the Temperature Sensor Market.
Figure - Market Analysis of Global Temperature Sensor
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Market Dynamics
Growth Drivers
The Increasing Demand for Improved and Handy Healthcare Equipment
The Temperature Sensors Market is being driven by the expanding need for cutting-edge, portable medical equipment. The need for temperature sensors is growing as a result of new technologies such as sophisticated patient monitoring systems and portable health monitoring systems. The aging population, declining lifestyle, and rising viral illnesses are all predicted to contribute to an increase in demand for portable medical equipment. In order to provide continuous patient health monitoring, wearable healthcare gadgets use temperature sensors. The Temperature Sensors Market is expanding mostly due to the rising popularity of portable and wearable healthcare devices.
Growing Advancements in Electronics and Improvements in Medical Sector
Electronics advancements have made it possible to create intelligent miniature devices, like infrared sensors and non-contact temperature sensors that are capable of collecting physiological data from the human body and wirelessly transmit it to healthcare professionals in order to prevent life-threatening situations. Therefore, it is anticipated that the demand for miniaturized medical devices and technological advancements in the healthcare industry will drive the Temperature Sensor Market during the forecast period.
Restraint
High Instability Associated with the Prices of Raw Materials and Lack of Constant Supply
Cobalt, nickel, manganese, iron alloy, and copper are among the raw materials needed by producers in the Temperature Sensor Market. To obtain these resources, these manufacturers rely on outside vendors. The profitability of manufacturers of temperature sensors is significantly impacted by the high price volatility of these raw materials and the intermittent supply. The fluctuating global economy, the scarcity of raw materials, trade tariff wars, other political events, the rise in global demand, natural calamities, and the erratic nature of currency exchange rates are all the reasons for fluctuations in raw material prices.
Recent Developments
- The Honeywell ThermoRebellion temperature monitoring solution was launched at Boston Logan International Airport to accommodate both domestic and foreign travellers, according to an announcement from Honeywell in May 2021. One of the top aviation services providers in the globe, Dnata US, offers ground handling, transport, cargo, and flight catering services throughout all five continents.
- Sensirion introduced its STS4x fourth-generation temperature sensor range in March 2022. The digital sensor provides measurements that are extremely accurate and has industry-leading lead times. Moreover, it is presently represented by the STS40 and is offered in various accuracy classes. It has features including improved signal processing, three unique I2C addresses, and up to 1 MHz connection speeds.
Temperature Sensor Market: Key Players
- Robert Bosch GmbH
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- Siemens AG
- Denso Corporation
- Emerson Electric Co.
- Honeywell International Inc.
- ABB Ltd.
- TE Connectivity Ltd.
- Amphenol
- Kongsberg
- STMicroelectronics
- Texas Instruments Inc
- NXP
- Analog Devices
- Maxim Integrated
- OMRON Corporation
- Other Prominent Players
Temperature Sensor Market: Regions
Temperature Sensor Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. In 2020, North America dominated the global market for temperature sensors. North America is able to occupy a sizable portion of the temperature sensor market thanks to the presence of numerous players there and good trade ties with other regions. The increasing demand for temperature sensors in the US is attributed to sectors like consumer electronics, healthcare, chemical, automotive, oil and gas, and energy and power.
Asia Pacific is predicted to maintain its dominance of the worldwide market during the projection period, as it is the largest automobile and electronics producer at the moment and with strong consumer demand for products like portable healthcare electronics. The usage of temperature sensors in the area is predicted to rise as a result.
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Impact of Covid-19 on Temperature Sensor Market
The Temperature Sensor Market has been impacted by COVID-19. Temperature sensor technology's sales and production were restricted by low investment costs and a labor shortage. To develop the practices, the government and major market actors introduced new safety measures. As a result of the correct audience being targeted, the temperature sensor's sales rate increased thanks to technological developments. In the post-pandemic environment, the increased sales of temperature sensors across the globe are anticipated to further fuel market growth.
Temperature Sensor Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Temperature Sensor Market report also contains analysis on Segments:
- By Product
- Contact Type
- Non-Contact Type
- By Output
- Analog
- Digital
- By End User
- Chemicals
- Oil and Gas
- Consumer Electronics
- Energy and Power
- Healthcare
- Automotive
- Metals and Mining
- Food and Beverages
- Pulp and Paper
- Advanced Fuel
- Aerospace and Defense
- Glass
- Others
- Temperature Sensor Market Dynamics
- Temperature Sensor Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
- Contact Type
- Non-Contact Type
- Analog
- Digital
- Chemicals
- Oil and Gas
- Consumer Electronics
- Energy and Power
- Healthcare
- Automotive
- Metals and Mining
- Food and Beverages
- Pulp and Paper
- Advanced Fuel
- Aerospace and Defense
- Glass
- Others
Temperature Sensor Market Report Scope and Segmentation
REPORT ATTRIBUTE |
DETAILS |
|
Market Size Value in 2021 |
USD 5.69 billion |
|
Revenue Forecast in 2032 |
USD 10.4 billion |
|
Growth Rate |
CAGR of 5.6% from 2022 to 2032 |
|
Base Year for Estimation |
2021 |
|
Quantitative Units |
Revenue in USD million and CAGR from 2022 to 2032 |
|
Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments Covered |
Product, Output, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
|
Key Companies Profiled
|
Robert Bosch GmbH, Siemens AG, Denso Corporation, Emerson Electric Co., Honeywell International Inc., ABB Ltd., TE Connectivity Ltd., Amphenol, Kongsberg, STMicroelectronics, Texas Instruments Inc, NXP, Analog Devices, Maxim Integrated, OMRON Corporation, and Other Prominent Players. |
Frequently Asked Questions (FAQ):
The Temperature Sensor Market size was estimated at USD 5.69 billion in 2021 and is expected to reach USD 10.4 billion in 2032.
A Temperature Sensor is an electric instrument that monitors the temperature of its surroundings and turns the input data into electronic data to record, monitor, or communicate temperature changes.
The Non-Contact Type and Oil and Gas segments accounted for the larger share of the Temperature Sensor Market.
Key players in the Temperature Sensor Market are Robert Bosch GmbH, Siemens AG, Denso Corporation, Emerson Electric Co., Honeywell International Inc., ABB Ltd., TE Connectivity Ltd., Amphenol, Kongsberg, STMicroelectronics, Texas Instruments Inc, NXP, Analog Devices, Maxim Integrated, OMRON Corporation, and Other Prominent Players.
The increasing need for cutting-edge, portable healthcare equipment and the rising need for dependability, comfort, and other superior features in cars is fueling the Temperature Sensor Market.
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