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.
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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).
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