Temperature Sensor Market To Reach USD 7.8 Billion By 2027 | CAGR 5.7% - Forencis Research

Temperature Sensor Market Size, Share, Trends, Growth, Analysis, Research

Global Temperature Sensor Market: Key Highlights

  • According to the new market research report “Temperature Sensor Market by Type (Contact Sensors (Thermocouple, Resistance Temperature Detector (RTD), Thermistors, Temperature Sensor ICs, Bimetallic Sensor) Non-Contact Sensors (IR Sensors, Fiber Optic Temperature Sensor)), by End User Industry (Consumer Electronics, Automotive, Healthcare, Aerospace & Defense, Oil & Gas, Chemicals & Materials, Energy & Power, Construction & mining, and Others) by Region (North America Asia Pacific, Europe, Middle East and Africa, South America) – Global Forecast (2020 to 2027)”, the global Temperature Sensor Market is estimated to reach USD 7.8 Billion by 2027 at a CAGR of 5.7% during the forecast period 2020-2027
  • Increasing manufacturing, automotive, and consumer electronics industries and growing technical advancements in healthcare instruments are expected to drive the market during forecast period.
  • However, saturation in personal computers (PC) market is expected to restrain the market during the projected years

Temperature Sensor Market

Global Temperature Sensor Market: Key Market Dynamics

  • Increasing adoption of smart homes and building automation system is expected to boost the market during the forecast period.
  •  Rising adoption of portable machines and equipment is expected to become an opportunity for temperature sensor market.
  • Issues related with the Thermowells can become a challenge for the market during the forecast period. 
  • Technical awareness about sensors and heating issues is expected to hinder the growth of the market during forecast period.

Global Temperature Sensor Market: Regional Overview

  • North America

North America is expected to dominate the temperature sensor market during the forecast period due to presence of global players such as Texas Instruments Incorporated, Analog Devices Inc., On Semiconductors, and early adopters of new wireless technologies. US is expected to hold the largest market share and Canada & Mexico is expected to grow at stable rate during the forecast period

  • Asia-Pacific

Asia-Pacific is expected to grow at faster rate during the forecast period due to increasing population, smart home initiatives, high presence of semiconductor manufacturing & telecom industries. China, Japan, India, and South Korea are expected to grow at a faster rate during forecast period.

Global Temperature Sensor Market: Key Players Overview

  • Texas Instruments Incorporated:

Texas Instruments Incorporated engages in the design and manufacture of semiconductor solutions for the digital &analog applications and embedded processing. It operates through the following two segments: analog and embedded processing. The company provides analog temperature sensors, digital temperature sensors, temperature switches, and thermistors for various end use industries. In October 2018, Texas Instrument launched new temperature sensors (±0.1°C accuracy) with a wide temperature range for various industrial and medical applications.

  • STMicroelectronics:

STMicroelectronics develops, manufactures, designs products which offer application-specific integrated circuits, discrete and standard commodity components, full custom devices and semi-custom devices for digital, analog, and mixed-signal applications. It operates through the following segments: analog and MEMS group, microcontrollers and digital ICs group, and automotive and discrete group. The company provides analog and digital temperature sensors for various end use industries such as automotive, consumer electronics, among others. In April 2019, STMicroelectronics launched MEMS 3-axis accelerometer with temperature sensor for MEMS 3-axis accelerometer to enhance the overall speed of the operation of the system with temperature sensing accuracy of around 0.8°C.

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Rep Id : SC 034

Published : 2020-02-03