Temperature Sensors Market is expected to grow at a CAGR of 7.37% during the forecast period of (2018 – 2023)
Temperature Sensors Market research report (2018 – 2023) studies market insights, List of major Key players, buyers, threats of new entrants and substitute products. Also, Temperature Sensors market includes the various market dynamics like Drivers, Restraints, and Opportunities globally. The research report involved the various affecting factors like market growth, market share, competitive intelligence and growth opportunity.
“Temperature Sensors Market report is expected to register a CAGR of 7.37% over a five years forecast period.”
List of Major Key players operating in the Global Temperature Sensors Market are –
- Texas Instruments Incorporated
- Panasonic Corporation
- Siemens AG
- Honeywell International Inc.
- ABB Ltd.
- Analog Devices
- Kongsberg Gruppen
- Emerson Electric Company
- ST Microelectronics
- Microchip Technology Incorporated
- NXP Semiconductors N.V.
- Maxim Integrated Products
- Mouser Electronics
- Robert Bosch GmbH
- TE Connectivity Ltd.
- Denso Corporation
- Omron Corporation
- FLIR Systems
- GE Sensing & Inspection Technologies GmbH
- Ircon Inc. (Fluke Process Instruments)
- Yokogawa Electric Corporation
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The global temperature sensors market was valued at USD 5531.9 million in 2017 and is expected to reach a value of USD 8503.1 million by 2023 at a CAGR of 7.37%, over the forecast period (2018 – 2023).
Temperature is the most frequently measured environmental quantity, and temperature influences many biological, physical, chemical, mechanical, and electronic systems. Some processes work well only within a limited field of temperatures. So, necessary care must be taken to monitor and protect the system. Temperature sensing serves to enhance circuit stability. Real-time temperature monitoring, with dedicated temperature sensors, ensures that modern-day systems operate in the safe thermal zone. New-generation sensors monitor internal and external components’ hotspots with pinpoint precision enabling real-time temperature monitoring. With the advent of wireless and Silicon on Sapphire technologies, the temperature sensors sector is witnessing new opportunities in the market that could help them gain significant share in the global electronics and electrical industry.
Consumer Electronics to Generate Huge Demand in the Near Future
Consumer electronics is one of the most prominent markets for the use of temperature sensors. The trending wearable gadgets, such as bands and smartwatches, advanced ultra-thin personal computers and tablets, and smart home gadgets, make use of temperature sensors to work efficiently. Trends in the personal computing industry, such as smaller system size, faster processors, and the need to support more advanced applications make monitoring and controlling heat imperative. This trend, coupled with robust sales, and advancements in desktop and portable computers, is likely to continue to support the growth of temperature sensors, in the next four years.
Similarly, wearables are also attracting growing attention in the market, coupled with miniature computers that are worn as garments or accessories. These devices are embedded with temperature sensors that are enabled with environmental sensing capabilities. These embedded temperature sensors can help the smart gadgets users, in improving awareness of the environment around them. The temperature sensors embedded in wearables can also measure relative humidity and temperature (RH/T) to enable devices and their users, to understand ambient condition around them, coupled with the user’s physiological information, such as skin temperature or sweating rate, which are attracting many athletes to utilize these gadgets for professional usage.
The significant advantages of these sensors are that they do not require lots of computation power. They are energy efficient, and becoming smaller and smaller with each iteration of the products released into the market, making them ideal for wearables while providing a broad range of potentially valuable applications in the future.
Rapid Factory Automation is increasing Production Efficiency of Electronics Industry
Since the idea of fourth industrial revolution, Industry 4.0, initiated at Hannover Fair, production platforms started adopting digital solution, more than ever in the history of automation. The sales of industrial robots are one of the most visible factors proving the rapid factory automation trend. According to the International Federation of Robotics (IFR), in 2016, industrial robot sales increased by 16% to 294,312 units, a new peak for the fourth year, in a row. In a recent review on the industrial robots, IFR states that between 2011 and 2016, the average robot sales increased by 12% every year, and that the number of robot installations had never increased so profoundly before. Compared to the previous decade’s situation, between 2005 and 2008, where the average annual number of robots sold was about 115,000 units, the current situation indicates extreme growth of automation sector in the current scenario.
Adding to this, IFR also states that the primary driver of the growth, in 2016, was primarily from the electrical/electronics industry. IFR reports that the electrical/electronics industry witnessed growth over 41% in the consumption of industrial robots. IFR estimates indicate that more than 30% of the global supply of industrial robots was dedicated to electronics/electrical industry, standing next to the automotive industry, which is accountable for 35% of market share, in the automation race. This trend is maximizing the quality if thermal sensors produced every year. Compared to the production trends that existed before a few decades, the number of manufacturing errors or faulty products, at end-of-the-line in production facility, has almost fallen to zero. Such quality in thermal sensors is expected to make them more reliable over the years to come, and therefore, creating considerable demand in the market.
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Global Temperature Sensors Market: Regional Segment Analysis (Regional Production Volume, Consumption Volume, Revenue and Growth Rate 2018-2023):
- North America (United States, Canada and Mexico)
- Europe (Germany, UK, France, Italy, Russia, Spain and Benelux)
- Asia Pacific (China, Japan, India, Southeast Asia and Australia)
- Latin America (Brazil, Argentina and Colombia)
- The Middle East and Africa
Key Questions Answered About Temperature Sensors Market:
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the Temperature Sensors market for selective countries?
- Which region or sub-segment is selected is expected to drive the market in the forecast period?
- What factors are estimated to drive and restrain the market growth?
- What are the key technological and Temperature Sensors market trends shaping the market?
- What are the key companies operating in the market?
- Which company accounted for the highest market share?
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Reasons to Purchase Temperature Sensors Market Report:
- The report analyses how stringent emission control norms will drive the global Temperature Sensors market.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares and strategies employed by the major Temperature Sensors market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
Scope of the Report:
The report analyses Temperature Sensors market, which includes –
- Analysis of the growth of Temperature Sensors market in global and regional level including Asia-Pacific, Americas, and EMEA.
- The report provides Temperature Sensors market analysis for key countries including the US, Canada, Chile, China, India, Japan, the UK, Germany, France, and Italy.
- The report offers country level Temperature Sensors market volume and value by end-user segment for the period 2012-2023.
- Qualitative analysis of key market drivers and restraints, and analysis of their impacts on Temperature Sensors market are discussed.
- The report provides competitive landscape at country level for the year 2018. It also covers key policies and initiatives, key deals, and key upcoming projects.
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