Market Overview
The temperature sensors market size is expected to grow at a CAGR of 4.8% and is expected to reach a valuation of USD 5.93 billion by the end of the forecast period. The worldwide temperature sensors market has been growing at a faster rate in recent years and will continue to grow in the coming years. Sensors to detect the temperature of a material or a medium for a given set of requirements make up temperature sensor systems. These sensors are critical in a variety of applications, including maintaining a specific temperature range for equipment used to hold medical samples, clean other equipment, and create thermal liquids. Temperature sensor manufacturers produce these sensors to increase their profits as the market for temperature sensors grows.
While the devices, such as resistance temperature detectors, provide a wide range of temperature adjustments, the demand for RTDs over thermocouple temperature sensors is increasing due to enhanced accuracy and robustness. All of these advantages contribute to the growth of the temperature sensor market. The rising use of temperature sensors in various industries such as defense and aerospace, petrochemicals, automation and instrumentation, automotive, and metal manufacturing has boosted the temperature sensors market growth.
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Market Segmentation
Based on the application, the global temperature sensors market has been segmented into automotive, energy and power, oil and gas, metals, petrochemicals and chemicals, power industry, metals, food and beverages, advanced fuels, and others.
Based on the product type, the global temperature sensors market has been segmented into infrared temperature sensors, thermocouples, non-contact sensors, bimetallic temperature sensors, thermistors, temperature sensor ICs, and fiber optics temperature sensors, resistor temperature detectors, and others.
Based on the alloy, the global temperature sensors market has been segmented into type M, type K, type J, type C, type E, type N, type T, and others.
Based on the region, the global temperature sensors market has been segmented into Asia-Pacific, Europe, North America, and the Rest of the World.
Regional Classification
The temperature sensors market share is dominated by the North American region. Temperature sensors are driven by firms like Texas Instruments, Honeywell International, Panasonic, and NXP Semiconductors in this region. During the historic forecast period, Europe had the most temperature sensor manufacturing businesses, which aided regional market share growth in the global temperature sensors market.
Due to an increase in demand for high-performance sensors, the Asia-Pacific area is predicted to grow positively in the next years. APAC held the highest share of the temperature sensor market. The biggest contributors to the growth of the temperature sensor market in APAC are China, India, South Korea, and Japan. During the projected period, India and China would contribute the most to the growth of the temperature sensors market in this region.
Key Players
The major key players in the market are STMicroelectronics N.V. (Switzerland), Siemens AG (Germany), and Ultra Electronics Holdings Plc. (U.K), Maxim Integrated Products Inc. (US), TE Connectivity (Switzerland), Texas Instruments Inc. (US), UTC Aerospace Systems (US), ABB Limited (Switzerland), Analog Devices Inc. (US), Emerson Electric Corporation (US), and Honeywell International Inc. (US).
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