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The temperature sensor market size is forecast to increase by USD 2.12 billion at a CAGR of 5.6% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing demand for microtechnology and miniaturization in various sectors, including consumer electronics, healthcare, and automotive safety markets. The trend towards miniaturization is leading to the development of advanced temperature sensors with smart functions, such as wireless communication and microcontroller integration. This enables real-time temperature monitoring and analysis, enhancing industrial requirements and improving overall efficiency. However, challenges persist, including the need for higher accuracy and calibration in temperature sensors to meet evolving industry standards. These advancements and challenges are shaping the future of the market.
A Game Changer in Electronics Microtechnology's impact on electronics continues to revolutionize industries, with temperature sensors being a significant beneficiary. Miniaturization is a key trend, enabling the production of compact temperature sensors for various applications. Industrial requirements demand high precision and reliability, making temperature sensors essential for asset monitoring and preventing premature equipment failure. The automotive safety markets, driven by wireless communication and smart functions, require temperature sensors for ventilation and air conditioning systems. Temperature sensors, integrated with humidity, offer high accuracy measurements and low power requirements. Microcontrollers and advanced electronics products, such as smartphones and personal computing industry, are embracing temperature sensors for improved performance and smaller system sizes. Sensing technology's digitalization paves the way for temperature sensors to provide advanced functionalities, including asset monitoring and temperature control, even in harsh environments. Temperature sensors' sensitivity and compactness make them indispensable in various industries, from consumer electronics to industrial automation. Their role in maintaining optimal temperatures for various applications, from automotive to HVAC systems, is crucial for ensuring efficiency and reliability.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The wired segment is estimated to witness significant growth during the forecast period. Wired temperature sensors have gained significant traction in diverse industries, including the oil and gas sector, due to their dependability, precision, and compatibility with specific use cases. These sensors exhibit superior reliability and accuracy in temperature measurement.
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The wired segment was the largest segment and was valued at USD 4.30 billion in 2018. In mission-critical applications, such as oil and gas processes, where exactness is indispensable for safety and productivity, wired sensors deliver consistent and trustworthy readings. Wired temperature sensors necessitate minimal upkeep compared to wireless sensors, as they do not depend on battery replacements or wireless signal intensity. This attribute makes them a preferred choice for inaccessible and challenging environments prevalent in the oil and gas industry. Hence, such factors are fuelling the market during the forecast period.
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APAC is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In North America, temperature sensors play a vital role in various industries, including automotive, aerospace, electronics, chemicals, pharmaceuticals, food and beverage, healthcare and life sciences, and oil and gas. These sectors require precise temperature measurement for quality control, process optimization, safety, and asset monitoring in harsh environments. High sensitivity temperature sensors are essential for industries like healthcare and life sciences, where accurate measurements are crucial for medical equipment, pharmaceutical production, research, and patient health monitoring.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing demand for temperature sensors in medical applications is notably driving market growth. The market is witnessing substantial growth due to the increasing utilization of microtechnology in Electronics and the trend towards Miniaturization. Industrial requirements demand precise temperature measurement for various applications, leading to the extensive usage of temperature sensors in various sectors. In the Automotive industry, temperature sensors play a crucial role in ensuring safety by monitoring engine temperature and coolant levels.
Moreover, the integration of Microcontrollers and Wireless communication enables Smart functions, such as remote temperature monitoring and real-time alerts. Temperature meters are indispensable in Medical applications, where they ensure accurate and timely diagnosis and patient monitoring. In Laboratories, temperature sensors maintain precise temperature conditions for experiments, specimen storage, and sterilization in equipment like incubators, autoclaves, and refrigerators. Thus, such factors are driving the growth of the market during the forecast period.
Demand for wireless temperature sensors is the key trend in the market. In the realm of Microtechnology and Electronics, wireless temperature sensors have gained significant traction due to their numerous benefits. These sensors, which measure temperature, have undergone Microtechnology-driven Miniaturization, making them ideal for various applications. Industrial requirements and Automotive safety markets are prime sectors that extensively utilize temperature sensors.
Moreover, wireless communication and Smart functions are integral features of these sensors, which enhance their usability and efficiency. Wireless temperature sensors provide an edge over traditional wired sensors, primarily due to their ease of installation and deployment. They eliminate the need for intricate wiring, enabling their usage in diverse environments, including those that are difficult to access or situated in remote locations. Furthermore, wireless temperature sensors can be more economical as they eliminate the costs associated with wiring and infrastructure required for wired sensors. Thus, such trends will shape the growth of the market during the forecast period.
Poor accuracy and calibration of temperature sensors is the major challenge that affects the growth of the market. Temperature sensors play a vital role in various industries and applications, including electronics, automotive safety markets, and industrial requirements, where precise temperature control is essential. Microtechnology advances have led to miniaturization, enabling the production of smaller, more efficient sensors.
However, ensuring accurate and consistent temperature readings is crucial to avoid poor performance and potential safety concerns. Over time, temperature sensors can experience drift, which can result in inaccurate readings due to aging components, extreme temperatures, or environmental changes. Calibration is the process of comparing a sensor's output to known standards to correct any discrepancies. Hence, such factors are hindering the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
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.
Amphenol Corp: The company offers temperature sensor products such as NTC Thermistors, PTC Thermistors, Infrared Sensors, Current Limiters, Temperature Standards, and Temperature Sensor Assemblies.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to the increasing demand for microtechnology in electronics and the miniaturization of sensors for various industries. The integration of microcontrollers and wireless communication in temperature sensors enables smart functions, real-time monitoring, and operational efficiency. Industrial requirements, such as harsh environments and increased accuracy, are driving the demand for temperature sensors in automotive safety markets, HVAC system modules, and ventilation systems. Temperature sensors are essential components in various applications, including air conditioning, heating, and refrigeration systems. The integration of humidity sensors in temperature meters provides advanced sensing technology for versatile applications. The demand for temperature sensors is also increasing in consumer electronics, such as smartphones, smart wearables, and smart home applications. The market is witnessing digitalization, with IoT systems enabling cost savings, customer satisfaction, and real-time data collection. Advanced electronics products, such as capacitive temperature sensors, thermostats, and temperature switches, offer high accuracy measurements and low power requirements. The market is also witnessing the development of wireless temperature sensors with non-contact measurement features for security and surveillance applications. The market caters to various industries, including automotive, healthcare, and industrial end users. The market is also witnessing the adoption of temperature sensors in autonomous cars, electric vehicles, and flare systems. The demand for temperature sensors is increasing in pipeline data collection, compressors, super-heated steam systems, and HVAC modules. The personal computing industry is also witnessing the adoption of smaller system sizes and faster processors, leading to the integration of temperature sensors for efficient cooling.
Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.6% |
Market growth 2024-2028 |
USD 2.12 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.2 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 34% |
Key countries |
US, China, Germany, Japan, 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 report , market forecast , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our 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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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