Chicago, May 30, 2024 (GLOBE NEWSWIRE) -- The Temperature Sensor Market Size is projected to grow from USD 7.4 billion in 2024 to USD 9.7 billion by 2029, registering a CAGR of 5.6% during the forecast period.
The rising inclusion of temperature control systems in food safety management, increasing adoption of Industry 4.0 and IoT, and increasing penetration of temperature sensors in advanced & portable healthcare equipment is expected to propel the temperature sensor market in the next five years. However, continuous price reductions and intense competition among manufacturers will likely pose challenges for industry players.
To know about the assumptions considered for the study.
Temperature Sensor Market Segmentation:
By Product Type
- Contact Temperature Sensors
- Thermocouples
- Resistive Temperature Detectors
- Thermistors
- Temperature Sensor ICs
- Bimetallic Temperature Sensors
- Non-contact Temperature Sensors
- Infrared Temperature Sensors
- Fiber Optic Temperature Sensors
By End-User Industry
- Chemicals
- Oil & Gas
- Consumer Electronics
- Energy & Power
- Healthcare
- Automotive
- Metals & Mining
- Food & Beverages
- Pulp & Paper
- Advanced Fuel
- Aerospace & Defense
- Glass
Regional Analysis & Growth in Temperature Sensor Market:
The Asia Pacific region continues to be a significant market for temperature sensors. Asia Pacific has been ahead of other regions in terms of the adoption of temperature sensor products and solutions. Continuous demand for cost-effective and highly efficient temperature sensors from chemicals, oil & gas, consumer electronics, energy & power, healthcare, automotive, and metals & mining industries is expected to drive the growth of the temperature sensor market in this region. The region’s automotive sector accounts for more than 50% of the world’s passenger car production. The thriving electrical and electronics industry in Asia Pacific is also supporting the growth of the temperature sensor market.
China is the largest consumer of electricity in the Asia Pacific, primarily owing to its rapid industrialization and high population. Growing demand from the energy & power sector will be one of the key drivers for the growth of the market in China. The country plans to invest heavily in renewable energy resources, which is anticipated to boost the demand for temperature sensors. Transformer monitoring systems, which deploy temperature sensors, are also being increasingly used in the country, which is likely to surge the demand for temperature sensors in the coming years.
Temperature Sensor Companies:
Major vendors in the temperature sensor companies include Honeywell International Inc. (US), TE Connectivity (Switzerland), Texas Instruments Incorporated (US), Endress+Hauser Group Services AG (Switzerland), Siemens (Germany), Emerson Electric Co. (US), Analog Devices (US), Amphenol Corporation (US), WIKA Alexander Wiegand SE & Co. KG (Germany), and Microchip Technology Inc. (US)among others.
Temperature Sensor Market Size
The global temperature sensor market is experiencing substantial growth, with its size projected to expand significantly in the coming years. As of 2024, the market was valued at approximately USD 7.4 billion and is expected to reach USD 9.7 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.6% during the forecast period. This growth is driven by the increasing demand for temperature sensors in various industries such as automotive, healthcare, consumer electronics, and industrial manufacturing. The advancement in sensor technologies, along with the rising adoption of IoT and automation in manufacturing processes, is further propelling the market's expansion. Additionally, the growing emphasis on environmental monitoring and energy management solutions is also contributing to the increasing market size of temperature sensors.
Temperature Sensor Market Share
The temperature sensor market is highly competitive, with a diverse range of players contributing to its dynamic landscape. Major companies such as Texas Instruments, Honeywell International, and TE Connectivity dominate the market, holding significant shares due to their extensive product portfolios and continuous innovation. In 2021, Texas Instruments and Honeywell International collectively accounted for a substantial portion of the market share, leveraging their technological expertise and broad application reach. The automotive sector remains one of the largest end-users of temperature sensors, driven by the increasing incorporation of advanced driver-assistance systems (ADAS) and electric vehicle (EV) technologies. Meanwhile, the healthcare industry is also rapidly adopting temperature sensors, particularly for patient monitoring and medical devices, which has led to a notable increase in its market share.
