"Smart Strategies, Giving Speed to your Growth Trajectory"
The global temperature sensor market size was USD 5.02 billion in 2018 and is projected to reach USD 7.88 billion by 2026, exhibiting a CAGR of 6.1% during the forecast period.
Temperature sensor market growth is driven by the increasing adoption in process industries such as oil and gas, and chemicals to prevent moisture, overheating, corrosion, and inefficient fuel usage. Similarly, the growing preferences for smart home and building and the increasing use of these sensors in consumer electronics will support the market growth. Additionally, the growing research and development investments by key players for the development of enhanced products will boost the growth of the temperature sensor market. For instance, in November 2018, ABB launched NiTemp, a highly accurate non-invasive temperature sensor, to measure temperature without shutting down any system. This new product development opens new and unprecedented opportunities for ABB to measure temperature in the process plant.
Need for Temperature Control in Food Safety Management is Contributing to the Growth of the Market
Maintaining temperature is very crucial in the food and beverage industry, owing to the perishable nature of food. The automated temperature control and monitoring help in ensuring food safety during food processing, storage, and food transit. In the food and beverage industry, these sensors are used at various stages from the warehouse to retail stores to regulate temperature depending upon the food. Additionally, companies are providing these sensors specifically designed to measure the stringent High Temperature, Short Test (HTST) requirements for pasteurization. For instance, Peak Sensors Ltd offers these sensors and related equipment to the food, beverage and catering industries to accurately measure the temperature. It supplies dataloggers that consist of these sensors, for monitoring refrigerated transport or chilled cabinets.
Get comprehensive study about this report by, request a free sample copy
The Increasing Use in Home and Building Automation Surge the Temperature Sensor Market Growth
Sensors are considered as an integral component in the home and building automation network as it assists in informing smart devices about the surrounding environment. One of the primary sensors used in the home and building automation is thermal sensors. These sensors are integrated into HVAC, fire detection alarm systems, lighting control systems and smart thermostats to control and manage temperature automatically. Moreover, as these sensors assist in indicating the temperature of the environment, preventative action can be taken to ensure that the entire device is not compromised.
North America Temperature Sensor Market Size, 2015-2026 (USD billion)
Rising Penetration in Portable Healthcare Equipment to Augment the Growth of the Market
The growing ageing population and surge in diseases will spur demand for advanced portable healthcare devices. The portable healthcare devices are precise in temperature measurement and monitoring which are adopting thermal sensors. Medical devices with inbuilt sensors are used to monitor body temperature during RF hyperthermia treatments as well as to measure patient surface temperature during MRI, fMRI or other specialized electro-surgical procedures. The increasing use of these sensors in the patient monitoring system, digital temperature measurement system and life-supporting machines is fueling the demand for such sensors in the healthcare sector. Also, rapid technological advancements in the healthcare sector and the demand for miniaturization of equipment will boost the temperature sensor market revenue.
Increasing Adoption in Automotive Sector to Drive the Growth of the Market
The growing adoption in automotive to maintain vehicle safety, enhance engine performance, and reduce emissions is fueling the growth of the temperature sensor market. Key players' are adopting various organic and inorganic strategies to develop advanced products and solutions, especially for the automotive industry. For instance, in august 2018, MS Motorservice International GmbH introduced an aftermarket exhaust gas temperature sensor particularly designed for temperature resistance in the range of - 40° to + 1,000°C for high accuracy. These sensors help in monitoring the hot exhaust gas flow and protect temperature-sensitive components, such as turbochargers, from overheating. Furthermore, the government has implemented safety and emission control standards for the safety of vehicles. These have pushed automotive companies to deploy these sensors in their vehicles, thereby increasing the demand in automotive sector.
Saturation in Personal Computers Sales Owing to the Increasing Popularity of Tablets and Smartphone to Restrict the Market Growth
In personal computers, these sensors are used for controlling and monitoring the temperature of the CPU. Usually, 3 to 5 temperature sensor ICs are used in laptops and desktops. However, since the past few years, the sale of personal computers is decreasing owing to the growing demand for portable devices such as tablets and smartphones. These portable devices may or may not require these sensors. Thus, the growing adoption of tablets and smartphones has negatively impacted the shipment of these sensors. Hence, the declining PC market is hampering the growth of the temperature sensor market.
To get details on market share, speak to analyst
Thermocouple Segment to Gain Momentum during the Forecast Period
Based on the type, the temperature sensor market is classified into thermocouple, thermistor, resistance temperature detector (RTD), semiconductor temperature sensor, infrared temperature sensor, and others. The thermocouple segment accounts for the maximum share of the market as these sensors are used in a huge range of applications due to their wide range of models and technical specifications. In the process industry, it is majorly used for chemical and petrochemical processing, metal treating, power generation, waste treatment, and diesel engine testing. It helps in testing temperature in the chemical and petroleum plants.
Oil and Gas Sector to Account for Maximum Share
On the basis of the end-user, the market is classified into healthcare, consumer electronics, automotive, aerospace and defense, food and beverages, energy and power, oil and gas, chemicals, and others. In the oil & gas and petrochemicals industry, these sensors are used in multiple processes such as extraction, production, refining, and distribution to prevent moisture, overheating, corrosion, and to determine fuel usage. The demand for these sensors is increasing rapidly in the automotive sector, owing to the growing necessity to accurately measure the temperature of a vehicle's oil, coolant, and air level to ensure optimum performance. Moreover, these sensors are capable of measuring high temperatures such as exhaust gas temperatures. Thus, the demand for these sensors is expected to increase during the forecast period.
The findings based on our research methodology indicate North America held the largest share in the global temperature sensor market during the forecast period. North America, being technologically advanced in terms of developing HVAC systems, wearable devices, and compact systems with standalone sensors, is predicted to remain dominant during the forecast period. Furthermore, the rising awareness about the advantages of these sensors in various sectors, including automotive, oil & gas, and healthcare, supports market growth across the region. Europe is expected to hold the second position in the market by witnessing moderate growth in the long-term period.
North America Temperature Sensor Market Size, 2018(USD Billion)
To get geographical overview of this market, request a free sample copy
Our market research study also includes findings suggesting the Asia Pacific witness healthy growth during the forecast period. The growth of the Asia Pacific market attributes to the rapidly developing automotive industry in countries, such as Japan, China, and India. For instance, according to the India Brand Equity Foundation (IBEF), the Indian automotive sector became the fourth largest in the world, with sales increasing 9.5% year-on-year to 4.02 billion units in 2017. Additionally, rapid advancements in the consumer electronics, healthcare, and food & beverage industry creates lucrative growth opportunities for the market in the region.
TDK Corporation Focused on Product Development to Strengthen its Market Position
Key companies are investing in research and development for launching advanced sensors with specialized features for various industrial applications. Further, the majority of well-established companies working in the temperature sensor market are focused on acquiring new startups to strengthen their market position.
At present, the top players are involved in increasing their sales capacity as well as expanding their geographical boundaries. These players are also involved in introducing an updated series of these sensors with enhanced operational efficiency and low cost to gain a competitive edge.
The Temperature Sensor Market report offers qualitative and quantitative insights and the detailed analysis of market size & growth rate for all possible segments in the market.
An Infographic Representation of Temperature Sensor Market
To get information on various segments, share your queries with us
Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are the adoption of temperature sensors by individual segments, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.
Value (USD billion)
As per our study, the global market is predicted to reach USD 7.88 billion by 2026 with a CAGR of 6.1% (2019 -2026)
In 2018, the market value stood at USD 5.02 billion.
Growing at a CAGR of 6.1%, the market will exhibit steady growth in the forecast period (2019-2026).
North America dominated the market share in 2018.
Industries that rely heavily on automation and robotics mechanism, prefer to deploy these sensors in their business applications. Some of these industries include healthcare, consumer electronics, automotive, aerospace and defense, food and beverages, energy and power, oil and gas, and chemicals.
The oil and gas industry is expected to lead the market, owing to increasing use in multiple processes such as extraction, production, refining, and distribution to prevent moisture, overheating and corrosion.
In the market, the thermocouple is the leading segment owing to the increasing adoption of the thermocouple in industries for monitoring temperatures of metals in iron, aluminum, and metal.
Some of the driving factors for this market are rising penetration in portable healthcare equipment and increasing the adoption in the automotive sector.
The saturation in personal computers sales owing to the increasing popularity of tablets and smartphone is hampering the market growth
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm