September 30 2020
The global temperature sensors market is expected to exhibit a robust 4.8% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global Temperature Sensor Market is mainly driven by the growing demand for temperature sensors from a number of industries, such as petrochemicals, oil and gas, aerospace and defense, and others. The report projects that the global Temperature Sensor Market will reach a valuation of USD 5.93 billion by 2023. The forecast is based on a solid analysis of historical figures demonstrating the growth trajectory exhibited by the market in recent years. The leading drivers and restraints affecting the global Temperature Sensor Market are profiled in the market, as well as the major players operating in the market.
Temperature sensors are used in a variety of applications due to the simple need for temperature-dependent processes in a large number of industries. A large variety of industrial processes, including but not limited to metalworking, oil and gas refining, and chemical production, require a specific temperature range, beyond which the process may lose its efficacy. This has created a solid customer base for the global Temperature Sensor Market.
The increasing development of innovative advancements in the design of temperature sensors is likely to be a major driver for the global temperature sensors market over the forecast period. The growing competitiveness in the temperature sensors market has resulted in a number of players attempting to win an edge through product development efforts. The use of digital displays and other convenience-enabling features is likely to be a key feature of the global temperature sensors market over the forecast period.
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The temperature sensors market has been segmented by product types, alloys used, applications, end -users and region. By product type, the market is divided into thermocouples, bimetallic temperature sensors, infrared temperature sensors, thermistors, fiber optic temperature sensors, non-contact sensors, temperature sensor ICs, resistive temperature detectors, and others. By alloy type, the market is segmented into Type K, Type M, Type E, Type J, Type C, Type N, Type T, and others. Temperature sensors market is segmented by applications, into power industry, energy & power, chemicals and petrochemical, oil & gas, automotive, advanced fuels, metals, food & beverages, and others. By regions, it is segmented into North America, Europe, APAC, and rest of the world.
The prominent players in the Temperature sensors Market are – Siemens A G (Germany), Stmicroelectronics N.V. (Switzerland), TE Connectivity (Switzerland), Ultra Electronics Holdings Plc. (U.K), UTC Aerospace Systems (U.S), Analog Devices Inc. (Us), Texas Instruments Inc. (Us), Maxim Integrated Products Inc. (Us), Honeywell International Inc. (U.S), ABB Limited (Switzerland), Emerson Electric Corporation (Us) among others.
North America Leads The Global Temperature Sensors Market With Largest Market Share, APAC Emerges As The Fastest Growing Market Owing to The Massive Rise In Demand.
The North America region is dominating the global temperature sensor market and is accounted for a significant market share of close to 40%. Europe market has shown a steady rise, owing to substantial temperature sensors manufacturing companies based there. This region is expected to grow more in the forecast period. The Asia Pacific has emerged as the fastest growing region for temperature sensors market due to increasing demand for high-performance sensors. China and India have been significant regions in the temperature sensors market in the forecast period.
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TABLE OF CONTENTS
1 Market Introduction
1.2 Scope Of Study
1.2.1 Research Objective
1.3 Market Structure:
1.3.1 Global Temperature Sensors Market: By Product Typ
1.3.2 Global Temperature Sensors Market: By Alloy Used
1.3.3 Global Temperature Sensors Market: By Applications
1.3.4 Global Temperature Sensors Market: By Region
2 Research Methodology
2.1 Research Model
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
3 Market Dynamics
3.2 Market Drivers
3.3 Market Challenges
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