The growth of the Temperature Sensor Market is being driven by the persistent need for temperature sensors, which are used in products like wearable bands, smartphones, and patient monitoring devices from sectors like consumer electronics and healthcare. The need for dependable, high-performing, and affordable sensors has grown over the past several years, which has sparked the creation of new technologies like micro and nanotechnology, which provide advantages including miniaturisation, low power consumption, and mass production. The high initial cost of sophisticated sensors, however, is anticipated to impede market expansion.
Key Market Players
In 2020, the Temperature Sensor Market was dominated by Honeywell International Inc. (US), TE Connectivity Ltd. (Switzerland), Texas Instruments Incorporated (US), Endress+Hauser Management AG (Switzerland), and Siemens AG (Germany).
Wireless Temperature Sensors are projected to witness the highest CAGR for the forecast period
During the forecast period, Wireless Temperature Sensors are anticipated to expand at a faster CAGR. The wireless section of the Temperature Sensor Market is primarily driven by industrial automation and regional demand for miniature consumer electronics, including wearables and IoT-connected gadgets.
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Digital Temperature Sensors to account for the largest share of the market during the forecast period
Digital temperature sensors have a number of advantages over analogue temperature sensors, and they are particularly well suited for remote applications. Industrial automation, test and measurement equipment, as well as the medical and aerospace industries, all use digital temperature sensors.
Contact Temperature Sensors is estimated to hold a major share of the market
By 2028, contact temperature sensors are anticipated to hold an 86 percent market share. Due to the use of contact temperature sensors for detecting solid, liquid, or gaseous elements spanning a wide range of materials, this sector is anticipated to maintain a greater market share than the non-contact temperature sensors segment during the projection period. Due to their low cost, wide temperature range, and excellent precision, contact temperature sensors are widely utilised in the chemical, consumer electronics, oil gas, energy power, and automotive industries.
Consumer Electronics is expected to hold the largest share in 2028
During the projection period, the consumer electronics segment is anticipated to experience a CAGR of 5.7%. Due to the increasing use of temperature sensors in consumer electronics, such as smartphones, PCs, laptops, tablets, and other smart home appliances, this market category is projected to keep holding the biggest market share during the projection period. This category has recently added a number of newer devices.
APAC is attributed to growing at the highest CAGR in the Temperature Sensor Market during the forecast period (2021-2028)
APAC accounted for the largest share (~46%) of the Temperature Sensor Market in 2020. China, India, South Korea, and Japan are the major contributors to the growth of the temperature sensor market in APAC. The Temperature Sensor Market in APAC is likely to be driven by the evolving automotive, medical, and industrial manufacturing companies and the rising demand for temperature sensors from overseas markets of North America and Europe. However, the US, Canada, and Mexico are the major contributors to the growth of the temperature sensor market in North America. North America is one of the most technologically advanced markets for temperature sensors owing to the presence of prominent system suppliers as well as large chemicals, oil gas, healthcare, and food beverage companies in the region.
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