Global Temperature Sensor Industry (2020 to 2027) - Increasing Trend of Wearable Devices Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Temperature Sensor Market by Product Type (Thermocouples, RTDs, Thermistors, Temperature Sensor ICs, Bimetallic, Infrared, and Fiber Optic Temperature Sensors), Output, End-user Industry, and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global temperature sensor market size is projected to grow from USD 6.3 billion in 2020 to USD 8.8 billion by 2027, recording a CAGR of 4.8%.

The increasing trend of wearable devices and the rising need for temperature control for food safety management provide major growth opportunities to market players. The temperature sensor industry growth is driven mainly by increasing penetration of temperature sensors in advanced and portable healthcare equipment, growing demand for temperature sensors in the automotive sector, and rising adoption of home and building automation systems. Fluctuating raw material prices is expected to restrain the market growth.

Chemicals end-user industry to hold the largest share in the temperature sensor market by 2027.

The chemicals end-user industry segment in the temperature sensor industry is projected to hold the largest share during the forecast period. Temperature sensors play an essential role in the chemicals end-user industry. Processes such as refining, heat tracing, cracking, and incineration, and systems such as sanitary systems and piping systems use temperature sensors for temperature monitoring and control.

Contact type temperature sensor to hold the larger share in the temperature sensor industry by 2027.

The contact type temperature segment is projected to hold the majority of the temperature sensor market share during the forecast period. Contact temperature sensors are used widely in industries such as chemicals, consumer electronics, oil & gas, energy & power, and automotive, because of their low cost, wide temperature ranges, and high accuracy. These benefits will drive market growth.

Digital output to hold a larger share in the temperature sensor market by 2027.

The digital output segment is projected to hold a larger share in the temperature sensor industry during the forecast period. Temperature sensors with digital output have several advantages over sensors with analog output and are especially suited for remote applications. Digital temperature sensors find use in medical, aerospace, test and measurement equipment, and industrial automation.

Absolute humidity sensor to hold the larger share in the humidity sensor market by 2027.

The absolute humidity sensor segment is projected to hold a larger share in the humidity sensor market during the forecast period. Absolute humidity sensors, supported by two NTC thermistor elements, measure the absolute humidity by measuring the difference in thermal conductivity of dry air and the air containing water vapor. These humidity sensors are used for measuring humidity in HVACs, fax machines, printers, automotive, weather stations, refrigerators, and food processing units.

APAC to be the largest temperature sensor market by 2027.

Asia Pacific is projected to hold the largest share in the global temperature sensor market during the forecast period. China, India, South Korea, and Japan are the major contributors to the growth of the temperature sensor industry in APAC.

Fast track industrialization across APAC has created a conducive environment for the growth of the temperature sensor market. Expanding automobile and industrial manufacturing, in particular, is generating massive demand for temperature sensors. Also, robust demand for consumer equipment, including portable healthcare electronics and white goods, is expected to foster the demand for temperature sensors.

Market Dynamics

Drivers

• Increasing Penetration of Temperature Sensors in Advanced and Portable Healthcare Equipment
• Growing Demand for Temperature Sensors in Automotive Sector
• Rising Adoption of Home and Building Automation Systems

Restraints

• Fluctuating Raw Material Prices

Opportunities

• Increasing Trend of Wearable Devices
• Rising Need for Temperature Control for Food Safety Management

Challenges

• Stringent Performance Requirements for Advanced Applications
• Continual Price Reductions and Intense Competition Among Manufacturers

Companies Profiled

• Honeywell
• TE Connectivity
• Texas Instruments
• Endress+Hauser
• Siemens
• Maxim Integrated
• Emerson
• Amphenol
• Wika Instrument
• Dwyer Instruments
• Honeywell
• TE Connectivity
• Texas Instruments
• Endress+Hauser
• Siemens
• Other Companies
• Microchip
• Kongsberg Gruppen
• Pyromation
• Analog Devices
• Hans Turck
• IFM Electronic
• Stmicroelectronics
• NXP Semiconductors
• Omega Engineering
• Yokogawa Electric
• Murata Manufacturing

For more information about this report visit https://www.researchandmarkets.com/r/jjwty8