DUBLIN--(BUSINESS WIRE)--The "Temperature Sensors Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global temperature sensors Market valued at USD 5,958.21 million in 2018, is expected to reach a value of USD 9,117.17 million by 2024, at a CAGR of 7.39%, during the forecast period (2019-2024).
There has been a significant presence of temperature sensors in the market for more than four decades and are the most commonly used devices for temperature measurement and controlling purposes. Technological advancements are helping aid the market growth.
- Market is witnessing the evolution of temperature sensors into smart sensors, by offering features, such as wireless connectivity, remote monitoring, automatic calibration, etc.
- Wearables are attracting growing attention in the market, coupled with miniature, integrated sensors that are worn as garments or accessories. These devices are currently increasing the potential of temperatures sensor market.
- Increasing adaption of HVAC modules, Government initiatives toward safety norms for surveillance systems employment and robust demand for consumer electronic products further boosts the market growth.
Major Market Trends
Consumer Electronics Segment to Witness the Highest Growth
- The trending wearable gadgets, such as bands and smartwatches, advanced ultra-thin personal computers and tablets, and smart home gadgets, make use of temperature sensors to work efficiently.
- More businesses in wearable segment are closely working on improving the reliability of temperature readings with more easy to wear devices like t-shirts/workwear, in-ear devices, patches and head gears specifically for consumers at large.
- Trends in the personal computing industry, such as smaller system size, faster processors, and the need to support more advanced applications make monitoring and controlling heat more important than before.
- Furthermore, temperature sensor manufacturers need competence in software component to develop connected devices for greater adoption and product differentiation. Joint Ventures/Collaborations and Acquisitions are observed in temperature sensor market.
- For instance, in 2016, TDK Corporation acquired InvenSense to realize new sensor applications in IoT and Automotive sector. This acquisition promotes further growth in sensor products.
North America is Expected to Hold Major Market Share
- The United States is the second largest producer of passenger car vehicles after China, according to the German Association of Automotive Industry. The use of temperature sensor in HVAC system contributes the most after applications in consumer/home electronics
- The Oil & Gas, Automotive, Consumer Electronics sectors are the largest sources of demand for the temperature sensors in the country
- Consumer Technology Association has projected USD 301 billion of wholesale revenue from Consumer Electronics Shipments in the U.S. for the year 2019
- In 2017, FOSA (Fiber-Optic Sensing Association) was formed in Washington, DC to make producers aware about benefits of integrated fiber optic sensing in Oil & Gas and Railways to start with
- Under NAFTA agreement, U.S Imposed 25% tariff on Steel which affects Canada's imports for automobile manufacturing
The competitive rivalry is not consolidated in this market, despite the presence of few major players operating in the market such as Honeywell, Texas Instruments and STMicroelectronics among other regional and local manufacturers.
The competitive rivalry among existing competitors is high. Continuous product upgradation and Industry Convergence is driving the market towards highly differentiated offerings.
- TE Connectivity launched NTC Thermistor in 2017, a light weight product, small in size with high efficiency (operate at -1500C) and low cost. One of its key applications is in the automotive industry, where it monitors the temperature of batteries in electric cars, preventing battery overheating.
- In 2018, Amazon puts USD 61 million investment into smart thermostat company Ecobee to realise benefit from connected devices trend in the industry.
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers & Restraints
4.3 Market Drivers
4.3.1 Industry 4.0 Rapid Factory Automation
4.3.2 Increasing Demand for Wearable in Consumer Electronics
4.4 Market Restraints
4.4.1 Availability of Multiple Technologies
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.7 Industry Policies
5 MARKET SEGMENTATION
5.1 By Deployment
5.2 By Type
5.2.3 Resistance Temperature Detectors (RTD)
5.2.5 Temperature Transmitters
5.2.6 Fiber Optic
5.2.7 Other Types
5.3 By End-user Industry
5.3.1 Chemical & Petrochemical
5.3.2 Oil & Gas
5.3.3 Metal & Mining
5.3.5 Food & Beverage
5.3.6 Consumer Electronics
5.3.7 Power Generation
5.3.9 Aerospace & Military
5.3.10 Other End User Industries
5.4.1 North America
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.4.4 Latin America
184.108.40.206 Rest of Latin America
5.4.5 Middle East & Africa
220.127.116.11 Saudi Arabia
18.104.22.168 South Africa
22.214.171.124 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Texas Instruments Incorporated
6.1.2 Panasonic Corporation
6.1.3 Siemens AG
6.1.4 Honeywell International Inc.
6.1.5 ABB Ltd.
6.1.7 NXP Semiconductors N.V.
6.1.8 Emerson Electric Company
6.1.9 Microchip Technology Incorporated
6.1.10 Analog Devices Inc.
6.1.11 Fluke Process Instruments
6.1.12 GE Sensing & Inspection Technologies GmbH
6.1.13 Mouser Electronics
6.1.14 Robert Bosch GmbH
6.1.15 Gnther GmbH Temperaturmesstechnik
6.1.16 TE Connectivity Ltd.
6.1.17 Denso Corporation
6.1.18 Omron Corporation
6.1.19 FLIR Systems
6.1.21 Maxim Integrated Products
6.1.22 Kongsberg Gruppen
6.1.23 Yokogawa Electric Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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