New York, June 20, 2023 (GLOBE NEWSWIRE) --
Research Nester has published a detailed market report on the ‘Global Temperature Sensor Market’ for the forecast period, i.e. 2023 – 2035. The report covers the competitive landscape of the market and provides a comprehensive overview of the major strategies adopted by the companies to gain a competitive edge in the market. Additionally, it provides a detailed analysis of the market dynamics, such as the market drivers, restraints, opportunities, and challenges that are influencing the growth of the market.
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Global Market Size:
The global temperature sensor market is estimated to grow at a CAGR of ~7.50% over the forecast period. The market is estimated to garner a revenue of USD 17.01 Billion by the end of 2035, up from a revenue of USD 7.14 Billion in the year 2022. This growth is attributed to the increasing demand for intelligent sensors, the adoption of IoT-connected devices, and the growing demand for energy-efficient devices. Globally, there are well over 13 billion connected IoT devices, and it is predicted that there will be 25.4 billion by 2030. Temperature sensors are used to measure and monitor temperature in a variety of applications, such as HVAC systems, medical equipment, and industrial processes. With the increased use of IoT technology, temperature sensors can be connected to the internet and remotely monitored, which provides greater control and visibility into temperature readings.
Temperature Sensor Market: Key Takeaways
- The highest growth is expected in North America
- Oil and gas industry is expected to garner the highest growth rate in the upcoming years
- There will be strong growth in Asia Pacific over the next few years
The Growing Use Of (Heating, Ventilation, And Air Conditioning) HVAC Technology In The Automotive Industry
As the automotive industry continues to shift towards electric and hybrid vehicles, the need for temperature sensors to monitor the performance of the various components is increasing. Automotive HVAC systems are becoming more sophisticated and require more accurate temperature sensors to monitor and regulate the battery temperatures, cabin air temperatures, engine temperatures, and other important components that need to be monitored for effective operation. In recent years, several manufacturers have introduced models equipped with advanced HVAC systems into their product lines. The Polestar company introduced its three electric SUV models to the global market in October 2022. To provide passengers with comfort during long journeys, the SUV is equipped with an advanced climate control system. This system is designed to provide passengers with the optimum temperature, humidity, and air quality, regardless of the outside environment.
Presence of a Large Number of Technology Companies Manufacturing Temperature Sensors to Drive the Growth In The North America Region
The temperature sensor market in the North American region is estimated to garner the largest revenue by the end of 2035. North America has a large manufacturing sector that requires temperature sensors for various applications such as HVAC systems, industrial processes, and automotive components. Additionally, the region has a large number of technology companies that are actively involved in the development of new temperature sensors. For instance, Thermocouple temperature sensors manufactured by Emerson Electric Co., (Rosemoun 214C) are suitable for harsh process conditions and can withstand high vibrations. Additionally, Vernier Software and Technology, provide thermocouple temperature sensors that measure temperatures from 0°C to 1400°C. It is also capable of measuring flame temperatures up to 1400 degrees Celsius or liquid nitrogen temperatures up to -196 degrees Celsius.
Increasing Demand For Temperature Sensors From The Manufacturing And Automotive Industries to Drive the Growth in the Asia Pacific Region
The Asia Pacific market is estimated to garner the largest revenue by the end of 2035 due to the growing demand for temperature sensors from the manufacturing and automotive industries in the region, as well as the increasing investments in the development of smart manufacturing and automation solutions. An investment of USD 590 million has been made by Chinese and Japanese companies in the Changshu Economic and Technological Development Zone for Smart Manufacturing and Digital Technology Development since May 2021. Additionally, governments in the region are also investing in the modernization of their industrial infrastructure, which is further driving the demand for temperature sensors. For instance, Made in China 2025, launched by China's government in 2015, consists of several smart manufacturing initiatives. Temperature sensors are used to monitor and control the temperature of industrial processes. These sensors can protect machinery and personnel from dangers like overheating and ensure that products are manufactured consistently by detecting temperature changes.
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The study further incorporates Y-O-Y growth, demand & supply, and forecast future opportunities in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Temperature Sensor Segmentation by End User
- Healthcare
- Consumer Electronics
- Automotive
- Aerospace & Defense
- Food & Beverages
- Energy & Power
- Oil & Gas
- Chemicals
The oil and gas segment is anticipated to hold the largest revenue by the end of 2035. In the oil and gas industry, temperature sensors are becoming increasingly popular to monitor and detect potential equipment failures. Additionally, these sensors can be used to prevent accidents and equipment failures by triggering automatic shutdowns when temperatures exceed safe limits. A tube skin thermocouple sensor is a device used to control the advanced warming of flue gases so that a better heat transfer rate can be achieved within boilers, resulting in significant energy savings. These sensors are essential for monitoring the temperature of the different processes to ensure that the oil and gas are extracted, produced, refined, and distributed safely and efficiently. The sensors also help to prevent any potential issues such as moisture, overheating, corrosion, and inefficient fuel usage caused by inaccurate temperature monitoring.
Global Temperature Sensor Market, Segmentation by Type
- Thermocouple
- Thermistor
- Resistance Temperature Detector [RTD]
- Semiconductor Temperature Sensor
- Infrared Temperature Sensor
Since thermocouples are highly accurate, reliable, and cost-effective, they are ideal for any temperature-sensing application and are anticipated to have the largest revenue by 2035. Additionally, their broad temperature range makes them suitable for a variety of industries, from automotive and manufacturing to food and beverage. A thermocouple can track temperatures over a wide range of temperatures, from extremely cold (-200°C or below) to extremely hot (2,300°C). Additionally, thermocouples are easy to install and configure, and they do not require any additional power source. This makes them perfect for use in remote areas where electricity is not available. Furthermore, they are resistant to shock and vibration, making them suitable for use in industrial settings.
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A few of the well-known market leaders in the global temperature sensor market that are profiled by Research Nester are Honeywell International Inc., Texas Instruments Incorporated, TE Connectivity Corporation, STMicroelectronics, Amphenol Corporation, NXP Semiconductors, Infineon Technologies AG, Analog Devices, Inc., Siemens AG, Emerson Electric Co., and other key market players.
Recent Development in the Market
- March 29, 2023: An ASCO Series 641, a 642, and a 643 aluminum filter regulator, designed by Emerson Electric Co., is designed to improve workflow efficiency and decrease unscheduled downtime in a variety of process applications. The flow rate of these aluminum filter regulators is the highest of all those in their class, and they provide accurate pressure regulation to instruments further along the line.
- February 20, 2023: Infineon Technologies AG has added five new platform and module partners to its AIROC CYW5459x Wi-Fi and Bluetooth combination portfolio. As part of the partnership, Murata Electronics, AzureWave, and Quectel Wireless are also working with NVIDIA and Rockchip Electronics Co. By partnering with these five companies, Infineon can create a comprehensive portfolio of Wi-Fi and Bluetooth solutions that meet the needs of a wide range of customers.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
