Temperature Sensors Market Worth 6.79 Billion USD by 2022
PUNE, India, February 25, 2016 /PRNewswire/ --
The report "Temperature Sensors Market by Type (Thermistor, IC, RTD, Thermocouple, & Others), End User (Process Industry (Chemical, Oil & Gas, Power and Others) & Discrete Industry (Semiconductors, Automotive and Others)) and Geography - Global Forecast to 2022", The market is expected to grow from USD 5.13 Billion in 2016 to USD 6.79 Billion by 2022, at a CAGR of 4.8% between 2016 and 2022.
Browse 79 market data Tables and 107 Figures spread through 202 Pages and in-depth TOC on "Temperature Sensors Market"
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One of the major growth drivers for this market is the increasing demand for temperature sensors among industrial end users such as metal industry, F&B industry, plastics industry, and glass industry among others. Moreover, the growing concern toward security and surveillance, robust demand for consumer electronics products, and developing automotive industry in emerging markets are considered to be among the most important factors driving the market for these sensors.
Thermocouple-based sensors to hold major share of the temperature sensors market
Thermocouples are the most commonly used sensor elements in several industries, such as petrochemicals, process, and metal industries, owing to their simplicity, user friendliness, and quick response to changes in temperature. Thermocouples can also be used for the testing of prototypes of electrical and mechanical apparatus developed for manufacturing. Thus, these sensors are expected to hold the major share of the market between 2016 and 2022.
Growing concerns toward security and developing automotive indstry in emerging markets are driving the temperature sensors market
There is growing concern toward the use of temperature sensors for security & surveillance purposes. Moreover, temperature sensors are used for temperature monitoring in server rooms of industries, buildings, and refrigerators, which is further driving the demand for efficient temperature measurement systems. In terms of major discrete industry end users, the automotive segment is one of the major segments contributing to the growth of this market. Some of the major applications of temperature sensors in automobiles are in powertrain and emission control management systems, which are gaining popularity in the emerging markets.
North America to hold the largest market share, APAC region to grow at the highest rate
The North American market is expected to hold the major market share between 2016 and 2022 owing to an increase in demand for temperature sensors in smart homes, in-home weather stations in U.S., and perishable logistics industry and warehousing. The APAC market is expected to grow at the highest CAGR between 2016 and 2022 as it is a major market for various sectors such as oil & gas, automobiles, and healthcare among others.
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The competitive landscape of the market presents valuable insights into the various players in the temperature sensors market. The temperature sensors report profiles the 15 promising players in the market and describes their business overview, product portfolio, recent developments, and key strategies. The major players in the market include Texas Instruments Incorporated (U.S.), Analog Devices, Inc. (U.S.), ABB Ltd. (Switzerland), Honeywell International Inc. (U.S.), Maxim Integrated Products Inc. (U.S.), Siemens AG (Germany), Danaher Corporation (U.S.), Kongsberg Gruppen (Norway), TE Connectivity Ltd. (U.S.), Emerson Electric Company (U.S.), Panasonic Corporation (Japan), General Electric Company (U.S.), STMicroelectronics N.V. (Switzerland), Microchip Technology Incorporated (U.S.), and NXP Semiconductors N.V. (Netherlands).
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