Report Code : A00872
The global temperature sensors market share is expected to witness considerable growth, owing to increasing improvements in ADAS systems from major automakers like Audi, BMW, and Mercedes Benz. Modern connected technologies are being used more frequently because of recent changes in the automotive industry. Enterprises are implementing modern temperature sensors to enable granular over-the-air system technology and security updates. The market revenue is also being boosted by the expanding use of connected and electric automobiles globally.
Vaishnavi Mate-Lead Analyst
Semiconductor and Electronics at Allied Market Research
According to a new report published by Allied Market Research, titled, “Temperature Sensor Market," The temperature sensor market size was valued at $6.7 billion in 2022, and is estimated to reach $11.2 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.
Factors contributing toward the growth of the temperature sensor market include surge in penetration of the Internet of Things & Industry 4.0, rise in industrial automation levels, and promising government regulations towards the usage of temperature sensor sensors.
The global adoption of Industry 4.0 rules has recently increased demand for infrared temperature sensors in the manufacturing sectors. In the area of predictive maintenance, IR temperature sensors have been obtaining a significant market share. The effectiveness of IR temperature sensors could seldom be substituted for the growing need to monitor the temperature of moving parts. An infrared body temperature monitoring sensor for large-area detection and monitoring would significantly improve awareness and control the spread of an outbreak.
In the plastic moulding sector, IR sensors may be used to optimise thermoplastic demolding operations. IR temperature sensors are utilised in the automobile industry in combination with paint shops, which employ clever algorithms to compute the length of time a chassis spends in the drying oven without compromising the paint job.
The adoption of micro-electromechanical system (MEMS) technology played a vital role in the growth of the temperature sensors market globally. In March 2022, CTS Corporation completed the acquisition of TEWA Temperature Sensors Zo.o. and its subsidiaries for an enterprise value of $24.5 million. TEWA is a reputable designer and manufacturer of high-quality temperature sensor industry.
Several uses of wifi temperature sensor, including wellhead tanks, flare systems, chemical tanks, compressors, and pipeline data collection, are among some of the multiple applications of temperature sensors in the oil and gas industry. The applications of temperature sensors in the oil and gas industry are considered critical. Installing a wired device inside a pipe or a tank would be inefficient if the operating temperature is relatively high. Conversely, rise in adoption of temperature sensors in several industries is anticipated to offer potential growth opportunities for the global temperature sensors industry.
Rapid IoT, AI, and robot adoption has allowed breakthroughs in wearable technology, resulting in a tremendous need for temperature sensors. Furthermore, new advances in advanced patient monitoring systems that enable remote healthcare are increasing the demand for sensors that improve the intelligence of medical equipment, such as life-supporting implants. Temperature sensors are gaining popularity as a result of their widespread use in sleep apnea machines, blood analyzers, medical incubators, ventilators, renal dialysis machines, neonatal critical care units, and monitoring the temperature of organ transplant systems.
The global temperature sensors market is segmented into type, industry vertical, and region. On the basis of type, it is categorized into thermistor, thermocouple, resistance temperature detector, infrared temperature sensor, and others. In 2022, the thermocouple segment dominated the temperature sensor market share, in terms of revenue. On the basis of industry vertical, it is fragmented into healthcare, healthcare & pharmaceutical, chemical, oil & gas, energy & power, and automotive. The oil and gas segment acquired the largest share in 2022 and is expected to grow at a significant CAGR from 2023 to 2032.
Region-wise, the temperature sensor market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific remains significant participants in the temperature sensor market growth.
KEY FINDINGS OF THE STUDY
The key temperature sensors market leaders profiled in the report include Analog Devices, Inc, TE Connectivity Ltd., Texas Instruments Inc., Siemens AG, Amphenol Advanced Sensors, STMicroelectronics N.V., Honeywell International Inc., Emerson Electric Co., WIKA Instruments India Pvt. Ltd., and Endress +Hauser Group Services AG. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration and business expansion to increase the temperature sensors market share during the forecast period.
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Temperature Sensor Market by Type (Thermocouple, Thermistor, Resistance Temperature Detector (RTD), Infrared Temperature Sensor, Others), by Industry Vertical (Manufacturing, Chemical, Healthcare and Pharmaceutical, Automotive, Oil and Gas): Global Opportunity Analysis and Industry Forecast, 2023-2032
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