Temperature sensor market to grow at a CAGR of 5.9% between 2018 and 2023
The temperature sensor market is expected to grow from USD 5.62 billion in 2018 to USD 7.48 billion by 2023, at a CAGR of 5.9% between 2018 and 2023. Factors such as growing demand for temperature sensors in the automotive sector and the increasing adoption of home and building automation systems are driving the market growth. The rising trend of wearable devices and growing need for temperature control for food safety management will provide opportunities to players in this market. However, the decline in the PC market will hinder the growth of the temperature sensor market.
Temperature sensor market for contact-type temperature sensor ICs to grow at highest CAGR during forecast period
The market for temperature sensor ICs is expected to grow at the highest CAGR between 2018 and 2023. This growth is attributed to the wide usage of temperature sensor ICs in computing applications owing to their small size and capability to sense remote locations. These are also increasingly used in electric and electronic products.
Temperature sensor market for chemicals to grow at highest CAGR during forecast period
The chemicals end-user industry is expected to hold the largest share of the temperature sensor market between 2018 and 2023. Monitoring and controlling temperature in any chemical process is of vital importance. There are various critical and sensitive chemical processes wherein a small change in temperature may damage the processing equipment, as well as lead to loss of hundreds of thousands. Hence, temperature sensors play an important role in the chemicals end-user industry.
Temperature sensor market in APAC to grow at highest CAGR during forecast period
The temperature sensor market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is likely to continue to hold the largest market size owing to the strong demand for consumer equipment, including portable healthcare electronics and white goods. In addition, increasing industrial automation, especially in automotive and food & beverages sectors, will generate demand for temperature sensors in APAC.
The breakup of the profiles of primary participants has been given below:
- By Company Type: Tier 1-45%, Tier 2-30%, and Tier 3-25%
- By Designation: C-Level Executives-40% and Managers-60%
- By Region: North America-30%, Europe-35%, APAC-?20%, and RoW-15%
Major players in the temperature sensor market are ABB (Switzerland), Texas Instruments (US), Analog Devices (US), Honeywell International (US), Amphenol (US), Global Mixed Mode Technology (Taiwan), Integrated Device Technology (US), Kongsberg Gruppen (Norway), Microchip Technology (US), ON Semiconductor (US), Endress+Hauser (Switzerland), Okazaki Manufacturing Company (Japan), Yamari Industries (Japan), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Gunther GmbH Temperaturmesstechnik (Germany), and Omega Engineering (US).
The report defines, describes, and forecasts the temperature sensor market by product type, end-user industry, and region. It provides detailed information regarding major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the temperature sensor market. It also analyzes competitive developments such as product launches, collaborations, agreements, contracts, partnerships, acquisitions, and expansions carried out by the key players to achieve growth in the market.
Reasons To Buy This Report
- Illustrative segmentation, analysis, and forecast pertaining to the temperature sensor market by product type, end-user industry, and region have been conducted to provide an overall view of the market.
- Major drivers, restraints, opportunities, and challenges pertaining to the temperature sensor market have been detailed in this report.
- A detailed competitive landscape of the key players (along with their revenues) in the market has been included in this report.