NEWARK, Del, July 06, 2023 (GLOBE NEWSWIRE) -- The temperature transmitter market is forecast to expand at 6.5% CAGR over the estimated period, as per FMI's analysis. The industry's size is predicted to reach a market value of US$ 3.6 billion in 2023.
Temperature transmitters are gaining wide adoption due to the robust integration of technologies like AI, IoT, and robots in wearable technologies. Recent breakthroughs in sophisticated patient monitoring systems permitting remote healthcare are boosting the demand for temperature transmitters. These transmitters improve the intelligence of medical equipment like life-supporting implants.
Temperature sensors are gaining traction in several applications like blood analyzers, sleep apnea machines, ventilators, medical incubators, neonatal ICUs, kidney dialysis machines, and regulating the temperature of organ transplant systems.
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The emergence of technology-focused trends like hybrid vehicles, the electrification of vehicles, and smart transportation in the automotive industry are propelling the demand for IR-based non-contact transmitters.
Robust digitization in the healthcare sector is pushing the adoption of digitally enabled temperature transmitters for various applications. Due to the surging disease burden and the expanding population rate, different developing and developed economies are investing big bucks in digitizing healthcare infrastructure and hospitals. Thus, improving the prospects for temperature transmitters.
Key Takeaways:
- By 2033, the United States temperature transmitter industry is expected to amass US$ 1 billion by 2033. From 2023 to 2033, the market is projected to expand at a CAGR of 5.3%.
- The United Kingdom temperature transmitter industry is projected to gain a market value of US$ 173.8 million by 2033. The market is expected to assume a CAGR of 4.9% throughout the decade.
- China is expected to acquire a significant portion of the market in the forecast period. 2033 the country is projected to gain US$ 1.7 billion by 2033. In the next ten years, the market is expected to register a CAGR of 7.9%.
- The Japan temperature transmitter industry is expected to gain US$ 1 billion by 2033. From 2023 to 2033, the market is projected to register a CAGR of 6.7%.
- The South Korean temperature transmitter industry is expected to generate US$ 407 million by 2033. The market is projected to expand at a 6.9% CAGR in the forecast period.
- Based on sensing technology, the thermocouple segment is projected to be a top segment in the market. Over the forecast period, the segment is expected to register a CAGR of 6.3%.
- Based on industry, the power segment acquired the top position. From 2023 to 2033, the segment is estimated to account for a CAGR of 6%.
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Recent Developments:
- In November 2019, Endress+Hauser introduced the first-ever temperature transmitter with Bluetooth. These transmitters are iTEMP TMT71 and TMT72, and they offer high measuring performance, innovative functions, and convenient application across industries. The technology substantially improves plant availability, process efficiency, and cost reduction. The device is convenient and quick to operate via Endress+Hauser's SmartBlue app.
- In March 2023, Amazon introduced a new Echo Dot with sensors for temperature and motion. The 5th Gen Echo Dot is equipped with a temperature sensor, better motion, audio detection, and tap gesture controls. The smart speaker works well with English, Hindi, and Hinglish. The device is compatible with Bluetooth so that users can listen to music from different smartphones.
Key Manufacturers:
- Emerson Electric Company
- ABB Ltd.
- Endress + Hauser AG
- Siemens AG
- Yokogawa Electric Corporation
- Wika Alexander Wiegand SE & Co. KG
- Johnson Controls, Inc.
- Honeywell International Inc.
- Schneider Electric SE
- Vaisala OYJ
Key Segments Profiled:
By Sensing Technology:
- RTD
- Thermocouple
- Universal
- Multi-channel
By Industry:
- Oil & Gas
- Food & Beverages
- Water & Wastewater
- Paper & Pulp
- Metal & Mining
- Power
- Chemical
- Pharmaceutical
- Others
By Mounting Technology:
- Din-Rail
- Head
- Field
By Communication Protocol:
- Hart and Wireless Hart
- Foundation Fieldbus
- Profibus PA
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
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