Selbyville, Delaware, April 20, 2020 (GLOBE NEWSWIRE) --
According to latest report “Temperature Sensor Market by Product (Contact {Temperature Sensors ICs, Resistive Temperature Detectors, Thermistors, Thermocouples, Bimetallic Temperature Sensors}, Non-Contact {Infrared, Fiber-Optics), Output (Analog, Digital {Single-Channel, Multi-Channel}), Application (Chemical, Oil & Gas, Consumer Electronics, Healthcare, Automotive, Others), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of temperature sensors will reach $9 billion by 2026.
The market growth is attributed to rising demand for electronic devices and appliances, including air conditioners, microwaves, refrigerators, and battery chargers from developing nations. Additionally, the integration of IoT technology with these electronic devices to gather real-time temperature data will further drive the temperature sensor market growth. Temperature sensors are also gaining traction from the oil & gas industry for their implementation in various purposes, including production, extraction, distribution, and refining of petrochemicals, oil, & gases.
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The temperature sensor ICs segment will witness a growth rate of over 3% through 2026 on account of their increasing adoption in CPU, AC adapter, batteries, and mobile phones, among others. Sensor ICs offer significant advantages over thermistors owing to their high accuracy, simplicity, linearity, and low-power consumption.
The automotive sector in the temperature sensor market will experience 3% gains during the next few years impelled by wide adoption of thermistor contact sensors in engine control units and exhaust applications. These sensors deliver high-temperature sensing capacity, with a low-cost and robust design. The ongoing trend of vehicle electrifications and rising government norms to install electronic monitoring systems will propel the market demand.
The single-channel digital segment holds for a market share of around 20% in 2019 and is projected to grow at around 4% till 2026. These single-channel temperature sensors feature excellent response to high & low-temperature conditions and offer high flexibility. Through a single-channel digital output, the performance of temperature sensors can be configured according to the user-programmable internal register. These sensors also enable an alarm output in case the measuring temperature exceeds the user-defined temperature output. Thereby, these sensors can be ideally adopted in industrial, instrumentation, environmental, and server applications.
Europe temperature sensor market is anticipated to expand at over 3% CAGR during the forecast period owing to increasing digitalization in the manufacturing sector of Germany. Companies in the region are adopting advanced automation processes to modernize their manufacturing operations and improve competitiveness against China. This will drive the market revenue in the region.
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Some of the key players in the temperature sensor market include Teledyne Technologies Incorporated, TE Connectivity, Rockwell Automation, Inc., Amphenol Corporation, OMEGA Engineering, Inc., Analog Devices, Inc., Renesas Electronics Corporation, Texas Instruments Incorporated, Honeywell International, Inc., Integrated Device Technology, Inc., NXP Semiconductors N.V., STMicroelectronics N.V., and others.
Companies operating in the industry are concentrating on new product launches and entering new alliances to enhance the existing partner network. For example, in November 2019, STMicroelectronic launched its new temperature sensor with a temperature accuracy of 0.25°C, offering low-power consumption and applications in remote monitoring. This new device will enhance the heat flow and temperature monitoring of HVAC systems, refrigerators, smart consumer devices, building automation, and shipping container loggers.
Some major findings of the temperature sensor market report include:
- Rising automation in various industry verticals will accelerate growth in the Asia Pacific market.
- The increasing adoption of IoT in various consumer electronics & smart home devices will boost the demand for temperature sensor applications.
- The North America market share will grow due to growing demand for smart cities and smart buildings along with rising disposable income among the population in the region.
- The chemical industry requires enhanced monitoring of the chemical composition of ingredients and temperature & weight of sensitive drugs, which will drive the temperature sensor market.
- Non-contact temperature sensors will gain lucrative opportunities in the medical industry this is attributed to the rising adoption of infrared technology in temperature monitoring systems used in the diagnosis of COVID-19.
Table of Contents (ToC) of the report:
Chapter 3. Temperature Sensor Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 – 2026
3.3. Impact analysis of corona virus (COVID-19) pandemic on market
3.3.1. By region
3.3.1.1. North America
3.3.1.2. Europe
3.3.1.3. Asia Pacific
3.3.1.4. Latin America
3.3.1.5. MEA
3.3.2. By application
3.3.2.1. Oil & gas
3.3.2.2. Chemical
3.3.2.3. Consumer electronics
3.3.2.4. Automotive
3.3.2.5. Healthcare
3.4. Industry ecosystem analysis
3.4.1. Raw material supplier
3.4.2. Manufacturers
3.4.3. Distributors
3.4.4. Vendor matrix
3.5. Technology & innovation landscape
3.5.1. Near zero power temperature sensor
3.5.2. Non-invasive temperature sensor
3.6. Regulatory landscape
3.7. Industry impact forces
3.7.1. Growth drivers
3.7.2. Industry pitfalls and challenges
3.8. Growth potential analysis
3.9. Porter’s analysis
3.9.1. Industry rivalry
3.9.2. Threat of new entrants
3.9.3. Buyer power
3.9.4. Supplier power
3.9.5. Threat of substitutes
3.10. Competitive landscape, 2019
3.10.1. Company market share
3.10.2. Strategy dashboard
3.11. PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/temperature-sensor-market
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.