Market Overview
The global temperature sensors market is expected to exhibit a robust 4.8% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global temperature sensors market is mainly driven by the growing demand for temperature sensors from a number of industries, such as petrochemicals, oil and gas, aerospace and defense, and others. The report projects that the global temperature sensors market will reach a valuation of USD 5.93 billion by 2023. The forecast is based on a solid analysis of historical figures demonstrating the growth trajectory exhibited by the market in recent years. The leading drivers and restraints affecting the global temperature sensors market are profiled in the market, as well as the major players operating in the market.
Temperature sensors are used in a variety of applications due to the simple need for temperature-dependent processes in a large number of industries. A large variety of industrial processes, including but not limited to metalworking, oil and gas refining, and chemical production, require a specific temperature range, beyond which the process may lose its efficacy. This has created a solid customer base for the global temperature sensors market.
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The increasing development of innovative advancements in the design of temperature sensors is likely to be a major driver for the global temperature sensors market over the forecast period. The growing competitiveness in the temperature sensors market has resulted in a number of players attempting to win an edge through product development efforts. The use of digital displays and other convenience-enabling features is likely to be a key feature of the global temperature sensors market over the forecast period.
Key Players:
The prominent players in the Global Temperature Sensors Market are – Siemens A G (Germany), Stmicroelectronics N.V. (Switzerland), TE Connectivity (Switzerland), Ultra Electronics Holdings Plc. (U.K), UTC Aerospace Systems (U.S), Analog Devices Inc. (Us), Texas Instruments Inc. (Us), Maxim Integrated Products Inc. (Us), Honeywell International Inc. (U.S), ABB Limited (Switzerland), Emerson Electric Corporation (Us) among others.
Segmental Analysis
The global temperature sensors market is segmented on the basis of product type, alloy type, application, and region.
The global temperature sensors market is segmented on the basis of product type into thermocouples, infrared, bimetallic, temperature sensor ICs, thermistors, non-contact sensors, resistive temperature detectors, fiber optic temperature sensors, and others.
- By alloy type, the global temperature sensors market is segmented into type K, M, E, J, C, N, T, and others.
- By application, the market is segmented into power, chemicals, petrochemicals, oil and gas, automotive, advanced fuels, metals, food and beverage, and others.
Regional Analysis
North America is the leading revenue generator in the global temperature sensors market and is likely to retain the position over the forecast period due to the increasing demand for temperature sensors in various industrial end uses. The growing automotive and petrochemical sectors in the U.S. and Canada are likely to be a key driver for the temperature sensors market in the region over the forecast period. The increasing demand for temperature sensors in oil fracking and refining operations is likely to be a key driver for the market in the region over the forecast period.
Europe holds the second largest share in the global temperature sensors market and is likely to retain the position over the forecast period due to the steady growth of the energy and power sector and petrochemical industry, among other end use avenues.
Asia Pacific is likely to exhibit the fastest growth in the global temperature sensors market over the forecast period due to the rapid growth of the industrial sector in countries such as China and India. The growing petrochemical industry in China is likely to be a key driver for the temperature sensors market in Asia Pacific over the forecast period.
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Intended Audience
- Raw material providers
- Professional service/solution providers
- Research organizations and consulting companies
- Temperature sensor-related associations
- Temperature sensors manufacturers
- Component suppliers
- Semiconductor product designers and fabricators
- Research institutes and organizations
- Technology standards organizations
- Technology investors
- Research institutes,
- System Integrators
- Research/Consultancy firms
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
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