The Temperature Sensor Market is expected to rise significantly, from USD 7.4 billion in 2024 to USD 9.7 billion by 2029, according to a new study by MarketsandMarketsTM. Throughout the forecast period, this estimate shows a Compound Annual Growth Rate (CAGR) of 5.6%.

The projected growth trajectory highlights the increasing need for temperature sensors in a variety of industries, which is being driven by factors including automation, increased technical improvements, and an increasing focus on accuracy and efficiency in industrial processes. The importance of temperature sensors in maximising operational performance and guaranteeing product quality continues to propel market expansion. Temperature sensors are essential for monitoring and controlling temperature levels in a variety of applications, from electronics and automotive to healthcare and aerospace.

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The increasing adoption of Industry 4.0 techniques and the incorporation of temperature sensors into space applications are two major factors propelling the growth of the temperature sensor market. The adoption of Industry 4.0 technologies, including automation and the Internet of Things (IoT), has fueled the need for temperature sensors to monitor and control environmental conditions in manufacturing and industrial settings as industries around the world support digital transformation initiatives. The market is also being driven by the use of temperature sensors for environmental monitoring and thermal management in space applications, such as satellites and spacecraft. Furthermore, the food industry is progressively incorporating temperature control systems as a result of the growing emphasis on food safety management. Manufacturers of temperature sensors have a great chance to capitalise on this trend by offering solutions that protect product integrity throughout the food supply chain and guarantee adherence to strict regulations. Therefore, it is anticipated that the confluence of these elements will propel the temperature sensor market and encourage innovation.

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Temperature Sensor Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 7.4 billion

Estimated Value by 2029

$ 9.7 billion

Growth Rate

Poised to grow at a CAGR of 5.6%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Product Type, Output, Connectivity, End-user Industry and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Stringent performance requirements for advanced applications

Key Market Opportunities

Increasing trend of wearable devices

Key Market Drivers

Increasing adoption of Industry 4.0 and IoT

The digital temperature sensor segment is expected to account for the largest share of the temperature sensor market in 2024.

The temperature sensor market is dominated by the digital segment, which has significant advantages over analogue counterparts. Because they may retain setpoints in non-volatile memory and provide range-bound warning signalling, temperature sensors with digital output are especially well suited for distant applications. These sensors are widely used in many different industry verticals, such as test and measurement equipment, medical, aerospace, and industrial automation, where accurate temperature monitoring is crucial for ensuring the quality of products and improving operational efficiency. Prominent companies in the digital temperature sensor space, like NXP Semiconductors (Netherlands), Texas Instruments (USA), and TE Connectivity (Switzerland), are important forces behind innovation and the advancement of technology in this field.

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Consumer Electronics segment is expected to account for the largest share of the temperature sensor market in 2024.

In the temperature sensor market, the consumer electronics segment remained the leading industry in 2024, and this trend is predicted to continue for the duration of the forecast period. The unstoppable speed of technical development is fueling this trend, which is producing consumer electronics like PCs, laptops, game consoles, and refrigerators that are getting smaller, lighter, and more affordable. There are many chances for the integration of creative and power-efficient temperature sensors due to the consumer electronics industry's ongoing introduction of new and innovative technology. By monitoring and controlling temperature, these sensors are essential to the longevity and optimum operation of electrical devices.

The Asia Pacific market is expected to witness the highest CAGR in the temperature sensor market during the forecast period.

Asia Pacific is projected to record the highest CAGR during the forecast period. China, India, South Korea, and Japan are the major contributors to the growth of the temperature sensor industry in Asia Pacific. The Asia-Pacific (APAC) region's fast development has created a favourable environment for the growth of the temperature sensor market. The need for temperature sensors is particularly high due to the growing industrial and automotive manufacturing industries. Affordable and extremely effective temperature sensor systems are constantly needed as these sectors grow and change. There is a need for accurate temperature monitoring in many different industries, such as chemicals, mining, oil and gas, consumer electronics, energy and power, healthcare, and automotive. As a centre of innovation and industrial expansion, Asia-Pacific (APAC) offers temperature sensor manufacturers abundant chances to meet the changing needs of various industries.

Key players

Key players in the temperature sensor companies include Honeywell International Inc. (US), TE Connectivity (Switzerland), Texas Instruments Incorporated (US), Endress+Hauser Group Services AG (Switzerland), Siemens (Germany), Emerson Electric Co. (US), Analog Devices (US), Amphenol Corporation (US), WIKA Alexander Wiegand SE & Co. KG (Germany), and Microchip Technology Inc. (US) among others.

News Covered:

https://www.prnewswire.com/news-releases/temperature-sensor-market-worth-9-7-billion-by-2029---exclusive-report-by-marketsandmarkets-302032331.html

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