Temperature Sensor Market: Attractive Growth Opportunities - Global Forecast to 2023

Posted March 8, 2019 by poojapatange

Temperature Sensor Market by Product Type (Bimetallic, Thermistor, IC, RTD, Thermocouple, IR, Fiber Optic), End-User Industry (Oil & Gas, Chemicals, Automotive, Consumer Electronics, Healthcare), and Geography - Global Forecast to 2023

The temperature sensor market was valued at USD 5.29 Billion in 2017 and is expected to reach USD 7.48 Billion by 2023, at a CAGR of 5.9% during the forecast period. The base year considered for the study is 2017, and the forecast period considered is 2018–2023. The objective of the report is to provide a detailed analysis of the temperature sensor market by product type, end-user industry, and region. The report forecasts the market size, in terms of value, of various segments with regard to 4 main regions North America, Europe, APAC, and RoW. It strategically profiles the key players and comprehensively analyzes their rankings and core competencies in the temperature sensor market, and details the competitive landscape for these market leaders.

The research methodology used to estimate and forecast the temperature sensor market begins with capturing data on key vendor revenues through secondary research. Secondary sources used for this research study include government sources and corporate filings (such as annual reports, investor presentations, and financial statements). The bottom-up procedure has been employed to arrive at the overall size of the temperature sensor market from the revenue of key players in the market. After arriving at the overall market size, the total market has been split into several segments and subsegments, which have been verified through primary research by conducting extensive interviews with experts such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.

Speak To Analyst @

Market for contact-type temperature sensor to grow at higher CAGR during forecast period

Contact-type temperature sensors comprise thermocouple, RTD, thermistor, temperature sensor IC, and bimetallic temperature sensor. These are widely used in industries such as chemicals, consumer electronics, oil & gas, energy & power, and automotive, owing to their low cost, wide temperature range, and high accuracy. The rising adoption of temperature sensors in automotive, chemicals, and consumer electronics sectors is the major driving factor for the market. Moreover, it is expected that the growth of contact-type temperature sensors will be driven by wearables, smartphones, and other consumer electronics devices.

Chemicals to account for largest size of temperature sensor market in 2018

Monitoring and controlling temperature in any chemical process is of vital importance. There are various critical and sensitive chemical processes wherein a small change in temperature may damage the processing equipment, as well as lead to loss of hundreds of thousands. Therefore, temperature sensors play an important role in the chemicals end-user industry. Processes such as refining, heat tracing, cracking, and incineration, and systems such as sanitary systems and piping systems use temperature sensors for temperature monitoring and control. Such usage of temperature sensors in the chemicals end-user industry creates significant demand for these sensors.

APAC to dominate temperature sensor market during forecast period

The temperature sensor market in Asia Pacific is expected to grow at the highest CAGR during the forecast period as APAC has a strong demand for consumer equipment, including portable healthcare electronics and white goods. Increasing industrial automation, especially in automotive and food & beverages sectors, will generate demand for temperature sensors in APAC.

Major players operating in the temperature sensor market include ABB (Switzerland), Texas Instruments (US), Analog Devices (US), Honeywell International (US), Amphenol (US), Global Mixed Mode Technology (Taiwan), Integrated Device Tecgnology (US), Kongsberg Gruppen (Norway), Microchip Technology (US), ON Semiconductor (US), Endress+Hauser (Switzerland), Okazaki Manufacturing Company (Japan), Yamari Industries (Japan), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Gunther GmbH Temperaturmesstechnik (Germany), and Omega Engineering (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
-- END ---
Share Facebook Twitter
Print Friendly and PDF DisclaimerReport Abuse
Contact Email [email protected]
Issued By Puuja
Country United States
Categories Electronics , Semiconductors
Tags sensors , temperature sensor market , temperature sensors
Last Updated March 8, 2019