Int'l : +1-503-894-6022 | Toll Free : +1-800-792-5285 | help@alliedmarketresearch.com
A00872 | Pages: 358 | Charts: 74 | Tables: 102 |
The Global Temperature Sensor Market was valued at $6.7 billion in 2022, and is projected to reach $11.2 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.
Temperature sensors are devices that employ electricity to monitor data related to temperature. The sensor generates an electrical voltage or resistance when it detects a temperature change. Temperature sensors are classified into several varieties based on their technology, including infrared, thermocouple, resistance temperature detectors (RTD), thermistors, and others.
These sensors play a vital role in factory automation and Industry 4.0. Motion sensors, environmental sensors, and vibration sensors are used to monitor the condition of equipment, from linear or angular positioning, tilt sensing, leveling, and shock or fall detection. They sense physical input such as light, heat, motion, moisture, pressure, or any other entity, and respond by producing an output on a display or transmitting the information in electronic form for further processing. These define major applications in water level monitoring systems, environmental monitoring, energy saving in artificial lighting, and equipment fault diagnostics.
Sensing technology and its various applications are constantly evolving in line with advancements in technology and business needs. Sensors are available to detect a wide variety of real-world properties–from distance to heat to pressure. In addition, temperature sensors are used to measure physical, chemical, or biological quantities with accuracy and repeatability. Their reliability has resulted in widespread adoption and use across various industries ranging from healthcare to infrastructure to manufacturing. Furthermore, infrastructure systems such as smart grids, smart homes, smart water networks, and intelligent transportation connect through the concept of the Internet of Things (IoT), where there is extensive use of sensors.
The prominent factors that drive the temperature sensor market size include surge in penetration of the Internet of Things & Industry 4.0, increase in trend of industrial automation. Sensor technology is indispensable to a broad range of industries, providing critical information about temperature sensors which can have a profound impact on a number of processes or systems. In the modern era, Industry 4.0 improves manufacturing and industrial automation across different industry verticals. Several sensing devices empower robotic processes such as debarring, grinding, polishing, and sanding. Moreover, promising government regulations towards the usage of wifi temperature sensor boost the growth of the global temperature sensors market. However, one of the major restraints is the high initial cost of sensors, which hampers the temperature sensors market growth.
Although the integration of sensors increases the industrial automation level, it incurs additional cost, thereby limiting their use in cost-sensitive applications. In addition, the high development cost involved in R&D activities to develop new products acts as a key challenge, especially for cash-deficient, small- & medium-sized sensor manufacturers. On the contrary, rise in adoption of smart sensors in several industries is anticipated to provide lucrative opportunities for the expansion of the temperature sensor industry during the forecast period.
The temperature sensor market overview is segmented into Type and Industry Vertical.
[TYPEGRAPH]
On the basis of type, it is categorized into thermistor, thermocouple, resistance temperature detector, infrared temperature sensor, and others. Thermocouple generated the largest revenue in 2022 and expected to follow the same trend during the forecast period.
[INDUSTRYVERTICALGRAPH]
On the basis of industry vertical, it is fragmented into healthcare, healthcare & pharmaceutical, chemical, oil & gas, energy & power, and automotive.Oil and gas accounted for the significant temperature sensor market share share in 2022.
[REGIONGRAPH]
On the basis of region, the temperature sensors market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Country-wise, the U.S. acquired a prime share in the temperature sensors market in the North American region and is expected to grow at a significant CAGR during the forecast period of 2023-2032.
In Europe, Germany, dominated the temperature sensors market, in terms of revenue, in 2022 and is expected to follow the same trend during the forecast period. However, the UK and the rest of Europe are expected to emerge as the fastest-growing country in Europe's temperature sensors with a CAGR of 4.68% and 5.37%, respectively.
In Asia-Pacific, India is expected to emerge as a significant market for the temperature sensors market industry, owing to a significant rise in investment by prime players in the region.
By the LAMEA region, the Latin America garner a significant market share in 2022. The LAMEA temperature sensor market trends has been witnessing improvement, owing to the growing inclination of companies towards research and development and expanding manufacturing units across this region. Moreover, the Africa region is expected to grow at a high CAGR of 5.29% from 2023 to 2032.
Competitive analysis and profiles of the major global temperature sensors market players that have been provided in the report include Analog Devices, Inc, TE Connectivity Ltd., Texas Instruments Inc., Siemens AG, Amphenol Advanced Sensors, STMicroelectronics N.V., Honeywell International Inc., Emerson Electric Co., WIKA Instruments India Pvt. Ltd., and Endress +Hauser Group Services AG. These key players have adopted several strategies such as new product launch & development, acquisition, partnership, collaboration, and business expansion to increase the temperature sensor industry during the forecast period.
The temperature sensor market analysis is anticipated to expand significantly during the forecast period, including a surge in penetration of temperature sensors in advanced and portable healthcare equipment and rapid industrial automation. However, the saturation in personal computer sales owing to the increase in popularity of tablets and smartphones may hamper the market growth. Furthermore, the increase in the need for renewable energy industry provides lucrative temperature sensor market opportunity.
The global temperature sensors market is highly competitive, owing to the strong presence of existing vendors. Vendors of the temperature sensors market with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in this market is expected to worsen as technological innovations, product extensions, and different strategies adopted by key vendors increase.
Texas Instruments Inc., Amphenol Advanced Sensors, Honeywell International Inc., Endress Hauser Group Services AG, Analog Devices Inc., and WIKA Instruments India Pvt Ltd are the top companies holding a prime share in the temperature sensor market growth. Top market players have adopted various strategies, such as product launch, acquisition, expansion, and others to expand their foothold in the temperature sensor market forecast.
Key Market Segments
Key Market Players