CHICAGO, Sept. 23, 2021 /PRNewswire/ -- According to the new market research report, "Temperature Sensor Market With COVID-19 Impact by Product Type (Thermocouples, RTDS, Thermistors, Temperature Sensor ICS, Infrared, and Fiber Optic Temperature Sensors), Output, Connectivity, End-User Industry, & Region - Global Forecast to 2028", published by MarketsandMarkets™, is estimated to be valued at USD 5.9 billion in 2021 and reach USD 8.0 billion by 2028; it is anticipated to grow at a CAGR of 4.5% during the forecast period (2021–2028).
The continuous demand for temperature sensors, which are integrated into devices like wearable bands, smartphones, and patient monitoring devices, from industries such as consumer electronics and healthcare is driving the temperature sensor market growth. For the past few years, the demand for reliable, high-performance, and low-cost sensors has been increasing, leading to the development of new technologies like micro and nanotechnology, which provides benefits such as miniaturization, low power consumption, and mass production. However, high initial cost involved in advanced sensors is expected to restraint market growth.
Wireless temperature sensors are projected to witness the highest CAGR for the forecast period
Wireless temperature sensors are expected to grow at a higher CAGR during the forecast period. Industrial automation and demand for miniaturized consumer devices, such as wearables and IoT-connected devices, across regions, are key factors driving the wireless segment of the temperature sensor market.
Digital temperature sensors to account for the largest share of the market during the forecast period
Temperature sensors with digital outputs have several advantages over sensors with analog outputs and are especially suited for remote applications. Digital temperature sensors find applications in medical and aerospace verticals, test and measurement equipment, and industrial automation.
Contact temperature sensors is estimated to hold a major share of the market
Contact temperature sensors are expected to account for ~86% share of the overall market by 2028. This segment is likely to continue holding a larger market share than the non-contact temperature sensors segment during the forecast period, due to the use of contact temperature sensors for detecting solid, liquid, or gaseous elements covering a wide range of materials. Contact temperature sensors are widely used in the chemicals, consumer electronics, oil & gas, energy & power, and automotive industries, owing to their low cost, wide temperature range, and high accuracy.
Consumer Electronics is expected to hold the largest share in 2028
The consumer electronics segment is projected to register a CAGR of 5.7% during the forecast period. This segment is likely to continue holding the largest market share during the forecast period owing to the growing adoption of temperature sensors in consumer electronics, including smartphones, PCs, laptops, tablets, and other smart home appliances. Lately, several newer devices have also been added under this segment.
APAC is attributed to growing at the highest CAGR in the temperature sensor market during the forecast period (2021-2028)
APAC accounted for the largest share (~46%) of the temperature sensor market in 2020. China, India, South Korea, and Japan are the major contributors to the growth of the temperature sensor market in APAC. The temperature sensor market in APAC is likely to be driven by the evolving automotive, medical, and industrial manufacturing companies and the rising demand for temperature sensors from overseas markets of North America and Europe. However, the US, Canada, and Mexico are the major contributors to the growth of the temperature sensor market in North America. North America is one of the most technologically advanced markets for temperature sensors owing to the presence of prominent system suppliers as well as large chemicals, oil & gas, healthcare, and food & beverage companies in the region.
In 2020, the temperature sensor market was dominated by Honeywell International Inc. (US), TE Connectivity Ltd. (Switzerland), Texas Instruments Incorporated (US), Endress+Hauser Management AG (Switzerland), and Siemens AG (Germany).
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