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The global temperature sensor market size is predicted to reach USD 7.88 billion by 2026. The growing need for temperature control in food safety management will be a critical factor predicted to facilitate healthy growth of the market during the forecast period, mentioned in a report, titled “Temperature Sensor Market Size, Share & Industry Analysis, By Type (Thermocouple, Thermistor, Resistance Temperature Detector (RTD), Semiconductor Temperature Sensor, Infrared Temperature Sensor, and Others), By End-User (Healthcare, Consumer Electronics, Automotive, Aerospace and Defense, Food and Beverages, Energy and Power, Oil and Gas, Chemicals, and Others), and Regional Forecast, 2019-2026” the market size stood at USD 5.02 billion in 2018 and is likely to exhibit a CAGR of 6.1% between 2019 to 2026.
Expansion of Omron’s D6T Series to Accelerate Market Potential
Omron Electronic Components, a leader in advanced device and module solutions, announced to expand its non-contact MEMS thermal sensor range with the addition of a narrow-field version specifically designed to provide accurate non-contact measurements of objects’ temperature for industrial control and building automation systems. The launch of Omron’s full range of MEMS thermal sensors can create lucrative growth opportunities for the temperature sensor market in the forthcoming years owing to the innovative MEMS sensing technology to measure the surface temperature of an object between -40 up to +80°C in the target area with an accuracy of +/-1.5°C and a resolution of only 0.06°C. Moreover, the device includes a state-of-the-art MEMS thermopile, a sensor ASIC (Application Specific Integrated Circuit), and a signal processing microprocessor in a tiny package measuring just 12.0mm x 11.6mm x 9.2mm, which allows it to accurately assess the surface temperature of a specific object in this area. In addition, the rising application of temperature sensors in various industries.
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Implementation of Temperature Sensors in Automotive to Foster Growth
The increasing application of temperature sensors in the automotive sector for the enhancement of engine performance and vehicle safety will subsequently accelerate the temperature sensor market trends during the forecast period. Moreover, the rising focus of key players for the development of advanced temperature sensors exclusively for the automotive sector will contribute positively to the growth of the market. For instance, MS Motorservice International GmbH launched exhaust gas temperature sensors to provide reliability, functionality, and resistance to mechanical, thermal, and chemical strains, thus helping in protecting temperature-sensitive components, such as turbochargers, from overheating. In addition, the growing safety concerns will impel the government to implement strict policies, which in turn will support the temperature sensor market revenue during the forecast period. However, the rising utilization of smartphones and tablets will consequently dampen the growth of the market during the forecast period.
Key Players to Gain Competitive Edge by Offering Advanced Products
The rising R&D investments by key players for the launch of advanced temperature sensors with specialized features for various industrial applications will create sales opportunities for the market. For instance, STMicroelectronics, the global leader in electronics and semiconductor unveiled STTS22H temperature sensor to enhance the temperature and heat-flow monitoring in asset trackers, HVAC systems, shipping-container loggers, refrigerators, air humidifiers, building-automation systems, and smart consumer devices. Besides, various leading market players are fixed on strategic development such as acquisitions, partnerships, and collaborations to enhance their operational efficiency and, therefore, strengthen market position.
The Report Lists the Major Companies in the Temperature Sensor Market:
Further Report Findings:
Temperature Sensor Market is Segmented into:
Value (USD billion)