Global thermocouple temperature sensors market is estimated to grow with approximately 4.89% CAGR during the forecasting years of 2019-2027 and is expected to gain $1,256 million till the year 2027.
NEW YORK, July 16, 2019 /PRNewswire/ --
KEY FINDINGS
A temperature sensor is a device that provides temperature measurement using an electrical signal.The temperature sensor can be either a thermocouple or an RTO.
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These sensors have widespread use in industries, such as the automobile, residential, medical, environmental, food processing, and chemicals, owing to their low cost, small size, and ease of use.
Global thermocouple temperature sensors market is estimated to grow with approximately 4.89% CAGR during the forecasting years of 2019-2027 and is expected to gain $1,256 million till the year 2027.
MARKET INSIGHTS
The increasing sales and advancement of automobiles, growing technological developments and the growing importance of safety & security are primarily driving the growth of the global thermocouple temperature sensors market.These devices find significant application in the automotive industry where they are used to adjust fuel injection, ignition timing, and cooling fan.
They are also used to measure the temperature of engine intake air, calculate the engine oil temperature, disk-break temperature, and to regulate exhaust gas recirculation.
One of the important drivers is the increase in the sales and advancement of automobiles.Thermocouple temperature sensors are mainly used for thermal management and automatic transmissions systems in the automotive industry.
Thus, an increase in the sales of automobiles will lead to growth in the global thermocouple temperature sensors market.
REGIONAL INSIGHTS
Geographically, the global thermocouple temperature sensors market has been segmented on the basis of five major regions which are the North America, Asia Pacific, Europe and the remaining nations banding together to form the Rest of World regional segment.The countries considered in the North America region are the United States and Canada.
The construction of smart homes, the growing automotive industry, and rising demand from the consumer electronics segment will create high demand for temperature sensors. North America is the largest market for smart homes, where temperature sensors are used to track and monitor indoor and outdoor weather.
COMPETITIVE INSIGHTS
The major companies operating in the market are Keyence Corporation, Honeywell International Inc., NXP Semiconductors N.V., Bosch Sensortec, STMicroelectronics, Danfoss A/S, Texas Instruments, TE Connectivity, Maxim Integrated Products Inc., and Microchip Technology Inc.
Companies mentioned
1. STMICROELECTRONICS
2. TEXAS INSTRUMENTS
3. NXP SEMICONDUCTORS N.V.
4. KEYENCE CORPORATION
5. MICROCHIP TECHNOLOGY INC.
6. MAXIM INTEGRATED PRODUCTS INC.
7. HONEYWELL INTERNATIONAL INC.
8. DANFOSS A/S
9. BOSCH SENSORTEC
10. TE CONNECTIVITY
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