Temperature Sensor Market (2021-2028) – Opportunities and Challenges

Northbrook, IL 60062 — (SBWIRE) — 07/15/2022 — The temperature sensor market is projected to grow from USD 5.9 billion in 2021 to USD 8.0 billion by 2028, at a CAGR of 4.5% from 2021 to 2028.

The continuous demand for temperature sensors, which are integrated into devices like wearable bands, smartphones, and patient monitoring devices, from industries such as consumer electronics and healthcare is driving the temperature sensor market growth. For the past few years, the demand for reliable, high-performance, and low-cost sensors has been increasing, leading to the development of new technologies like micro and nanotechnology, which provides benefits such as miniaturization, low power consumption, and mass production. However, high initial cost involved in advanced sensors is expected to restraint market growth.

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The temperature sensor market has been segmented based on product type into contact temperature sensors (thermocouples, resistive temperature detectors, thermistors, temperature sensor ICs, and bimetallic temperature sensors) and non-contact temperature sensors (infrared temperature sensors and fiber optic temperature sensors). The contact temperature sensors segment is projected to register a CAGR of 4.0% during the forecast period. This segment is likely to continue holding a larger market share than the non-contact temperature sensors segment during the forecast period, due to the use of contact temperature sensors for detecting solid, liquid, or gaseous elements covering a wide range of materials. Contact temperature sensors are widely used in the chemicals, consumer electronics, oil & gas, energy & power, and automotive industries, owing to their low cost, wide temperature range, and high accuracy. The non-contact temperature sensors segment is projected to register a higher CAGR (7.2%) than the contact temperature sensors segment from 2021 to 2028, owing to their capacity of measuring the surface temperature of a body or object to be identified without any physical contact between the sensor and the measurement object. These temperature sensors are mainly used for small, moving, and inaccessible objects/sources/devices.

The temperature sensor market has been segmented based on output into analog and digital. The digital output segment is projected to grow at a higher CAGR of 6.8% during the forecast period. Temperature sensors with digital outputs have several advantages over sensors with analog outputs and are especially suited for remote applications. Digital temperature sensors find applications in medical and aerospace verticals, test and measurement equipment, and industrial automation. The analog output segment is projected to register a CAGR of 5.4% from 2021 to 2028. Analog temperature sensors are compact and work in temperature ranges from -55° to ~150° Celsius. Analog temperature sensors use voltage supply ranging from 1.8–5.3 V. These sensors find application in several end-user industries, including automotive, consumer electronics, medical & healthcare, energy & power, and aerospace & defense.

The temperature sensor market has been segmented based on connectivity into wired and wireless. Wired temperature sensors are preferred and widely adopted in industries such as chemicals, consumer electronics, oil & gas, energy & power, and automotive, because of their low cost, wide temperature ranges, and high accuracy. The wireless segment is projected to grow at a higher CAGR of 10.2% during the forecast period. Industrial automation and demand for miniaturized consumer devices, such as wearables and IoT-connected devices, across regions, are key factors driving the wireless segment of the temperature sensor market.

The temperature sensor market has been segmented based on end-user industry into chemicals, oil & gas, consumer electronics, energy & power, healthcare, automotive, metals & mining, food & beverages, pulp & paper, advanced fuel, aerospace & defense, glass, and others (HVAC, water & wastewater management, cement, telecommunications, and agriculture). The consumer electronics segment is projected to register a CAGR of 5.7% during the forecast period. This segment is likely to continue holding the largest market share during the forecast period owing to the growing adoption of temperature sensors in consumer electronics, including smartphones, PCs, laptops, tablets, and other smart home appliances. Lately, several newer devices have also been added under this segment.

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.

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The temperature sensor market in North America is expected to register a CAGR of 2.8% from 2021 to 2028. 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.

For more information on this press release visit: http://www.sbwire.com/press-releases/temperature-sensor-market-2021-2028-opportunities-and-challenges-1360900.htm

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MarketsandMarkets
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