Temperature Sensors Market by Product Type (Bimetallic, Thermoistor, IC, RTD, Thermocouple, IR, Fiber Optics), End-Use Application (Oil & Gas, Chemical, Refining, HVAC, Automotive, Electrical, and Electronics), and Geography - Global Forecast to 2023
“The overall temperature sensors market is expected to grow at a CAGR of 4.5% between 2017 and 2023.”
The overall temperature sensors market is expected to be valued at USD 6.86 billion by 2023, growing at a CAGR of 4.5% between 2017 and 2023. Increasing government initiatives toward pollution control, lean manufacturing, and process control are fueling the growth of the market for temperature sensors. In addition, the trend of process monitoring and controlling is increasing in the petrochemicals sector, which is expected to boost technological advancements. A key restraining factor for the growth of the temperature sensors market is the dwindling market for personal computers.
“The chemicals and petrochemicals industries are likely to hold major shares of the temperature sensors market for process end-use applications by 2023.”
Temperature sensors are used in applications such as gas flow indicators, liquid level indicators, commercial vending machines, pipeline and temperature monitoring, and welding equipment. With the highly mature oil market and stiff competition amongst players, there is an increasing demand for lean manufacturing and process optimization, which can only be achieved by replacing obsolete technologies. The replacement demand for temperature sensors will drive the market for these applications.
“Asia Pacific will hold the largest market share, and the market in this region is expected to witness a high growth in the coming years.”
Asia Pacific is expected to hold the largest share of the temperature sensors market by 2023. The temperature sensors market in Asia Pacific (APAC) is expected to grow at a high rate between 2017 and 2023. This region is a huge market for industries such as mining, automotive, food & beverages, power generation, and electronics. The increasing demand for consumer electronics and the growing industrial sector are expected to drive the growth of the temperature sensors market in this region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key people in the temperature sensors market. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 – 20 %, Tier 2 – 40%, and Tier 3 – 40%
• By Designation: C-Level Executives – 40% and Managers – 60%
• By Region: North America – 40%, Europe – 20%, APAC – 25%, and RoW – 15%
The report also profiles the key players in this market. The prominent players profiled in this report are ABB Limited (Switzerland), Analog Devices Inc. (US), Emerson Electric Corporation (US), Maxim Integrated Products Inc. (US), Siemens (Germany), TE Connectivity (Switzerland), and Texas instruments Inc. (US).
This research report categorizes the overall temperature sensors market based on product type, end-use application, and geography. The report discusses the major drivers, restraints, challenges, and opportunities, as well as the value chain, pertaining to the market.
Reasons to Buy the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the temperature sensors market comprehensively and provides the closest market size estimation for subsegments across different regions.
2. The report would help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes the information on the competitors’ ecosystem, product launches, acquisitions, partnerships, agreements, contracts, and collaborations.