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The temperature sensor market size is estimated to grow by USD 1.96 billion at a CAGR of 5.41% between 2022 and 2027. Exactly, those factors are significant drivers for the growth of the market. The increasing demand for temperature sensors in medical applications is driven by the need for accurate and reliable temperature monitoring in healthcare settings. The integration of IoT in industries is boosting market growth by enabling real-time temperature monitoring and data analysis for improved efficiency and productivity. Mergers and acquisitions among players in the market can lead to the development of innovative products and solutions, driving further market growth. Our market research report examines historic data from 2017 to 2021 besides analyzing the current market scenario.
Market Forecast 2023-2027
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This report extensively covers market segmentation by type (wired and wireless), end-user (oil and gas, chemical and petrochemical, automotive, manufacturing, and others), and geography (North America, APAC, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
The wired segment will account for a major share of the market's growth during the forecast period.? With their reliability, precision, and suitability to specific uses, wire temperature sensors are experiencing increased demand in a wide range of industries, especially the oil and gas sector. The reliability and accuracy of these sensors are known to be high.
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The wired segment was valued at USD 4.13 billion in 2017.?They generally require less maintenance than wireless sensors because they do not depend on battery replacement or wireless signal strength. This makes them suitable for remote and hard-to-reach locations commonly found in the oil and gas industry. They are lower cost and simpler as they can be integrated into an existing wired network, which is expected to drive the growth of the wired segment during the forecast period.
Based on end-users, the market has been segmented into oil and gas, chemical and petrochemical, automotive, manufacturing, and others. The oil and gas?segment will account for the largest share of this segment. They play an important role in ensuring safe, efficient, and reliable operations in the oil and gas industry. Demand in the oil and gas industry is likely to continue to grow as advances in technology lead to more accurate, reliable, and flexible sensing solutions. As the industry moves to digitization and automation, temperature sensors will play an important role in the intelligent monitoring and management of oil and gas operations, which will drive the growth of the market segment during the forecast period.
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APAC is estimated to contribute 33% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Another region showing significant growth momentum is North America. North America has a large industrial and manufacturing base, covering sectors such as automotive, aerospace, electronics, chemicals, pharmaceuticals, food, and beverages. They are mainly used in these industries for quality control, process optimization, and safety.
Furthermore, energy efficiency and comfort are factors driving the demand for monitoring and control systems in the region. Advances in sensor technology, such as the development of more accurate and reliable sensors, as well as the integration of sensors with digital systems and the Internet of Things (IoT), can drive demand as industries seek to improve their surveillance capabilities. Hence, such factors are expected to drive market growth in this region during the forecast period.
The market is witnessing substantial growth driven by the increasing demand for IoT connectivity across various industries. In healthcare, they are crucial for monitoring patients and ensuring the safety of healthcare workers. In the automotive industry, these sensors are used in HVAC modules and temperature control systems for maintaining optimal cabin temperatures. Industrial end-users rely on temperature sensors for process monitoring, control, and optimization. The oil and gas sector utilizes them for safe and efficient operations. With advancements in non-contact measurement and portable healthcare equipment, the market is attracting significant interest from industry players looking to enhance connectivity and enable real-time data monitoring. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Temperature sensors are fundamental in medical applications, ensuring precise diagnosis, continuous patient monitoring, and the safety of medical equipment. They play a critical role in maintaining optimal conditions for patients and healthcare workers alike. Wireless temperature sensors, especially those enabling non-contact measurement and IoT connectivity, are increasingly valuable in enhancing healthcare infrastructure and operational efficiency. They are widely used in hospitals, clinics, and home care settings for monitoring patient body temperature, aiding healthcare professionals in identifying fevers or abnormal temperature changes that may indicate underlying health issues.
Certainly, the increasing adoption of telemedicine and remote patient monitoring has created a demand for portable temperature sensors. Industry players are focusing on enhancing connectivity and enabling seamless integration with industrial automation systems to provide real-time data for efficient process monitoring. These sensors enable the transmission of real-time data to healthcare providers, facilitating remote assessment and timely intervention. As a result, the growing use in healthcare is expected to fuel the market's growth in the coming years.
Wireless temperature sensors offer some benefits over traditional wired sensors, making them ideal for many applications such as weather stations, climate research, environmental monitoring, HVAC systems, manufacturing, and industrial processes. They are essential components of industrial IoT applications, enabling predictive maintenance, process optimization, and real-time monitoring in manufacturing and industrial environments.
Besides, they help to save energy by providing data to optimize HVAC systems and other temperature-dependent devices. Advances in wireless communication protocols and sensor technology have improved the reliability and range of wireless temperature sensors, which will fuel the growth of the market during the forecast period.
Especially in applications requiring precise temperature controls, the achievement of reliable and uniform readings is essential. Temperature sensors may experience fluctuations, where their outputs progressively deviate from the right values as time passes. Factors such as the age of sensor components, exposure to high temperatures, and changes in the sensing environment may also contribute to sensors' drift.
Moreover, the process of calibrating these involves comparing their readings with known standards. If there is any uncertainty or error in the calibration process, it may lead to inaccurate sensor readings. Therefore, the accuracy and poor calibration may impede the growth of the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Amphenol Corp., Analog Devices Inc., DENSO Corp., Emerson Electric Co., Endress Hauser Group Services AG, Fluke Corp., Gunther GmbH Temperaturmesstechnik, Hans Turck GmbH and Co. KG, Honeywell International Inc., Kongsberg Gruppen ASA, Melexis NV, Murata Manufacturing Co. Ltd., Panasonic Holdings Corp., Robert Bosch GmbH, Siemens AG, STMicroelectronics International N.V., TE Connectivity Ltd., Texas Instruments Inc., and Yokogawa Electric Corp.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market analysis report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is influenced by diverse industries such as aerospace & defense, automobiles, and consumer electronics. Biometric parameters and data analytics enhance safety solutions, while infrared temperature sensors and continuous cardiac output monitoring improve healthcare monitoring and industrial monitoring. Smartphones and wearable devices drive demand for wearable devices and smart home appliances. Stringent regulations and raw material shortages challenge market growth, while supportive government initiatives and rising demand for temperature sensors in the automotive sector offer opportunities. The market's evolution is crucial for enhancing safety, especially in transport and industrial applications.
The market intersects with various industries like agriculture, biotechnology, and the healthcare industry. Contact temperature sensors and thermal sensors ensure heat monitoring and control in critical environments. Fitness trackers and portable health monitoring systems enhance health and fitness tracking, while smartwatches and wearable devices drive the demand for wearable devices in safety applications. Security and surveillance technologies play a crucial role in ensuring road safety, while advancements in faster processors and innovative features improve sensing capability and quality inspection. Despite challenges like shipping delays and the high cost of raw materials, the market's growth is fueled by rising demand for temperature sensors in the automotive sector and the need for zero-emission vehicles.
Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.41% |
Market growth 2023-2027 |
USD 1.96 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.02 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 33% |
Key countries |
US, China, Japan, Germany, and Russia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Amphenol Corp., Analog Devices Inc., DENSO Corp., Emerson Electric Co., Endress Hauser Group Services AG, Fluke Corp., Gunther GmbH Temperaturmesstechnik, Hans Turck GmbH and Co. KG, Honeywell International Inc., Kongsberg Gruppen ASA, Melexis NV, Murata Manufacturing Co. Ltd., Panasonic Holdings Corp., Robert Bosch GmbH, Siemens AG, STMicroelectronics International N.V., TE Connectivity Ltd., Texas Instruments Inc., WIKA Alexander Wiegand SE and Co. KG, and Yokogawa Electric Corp. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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