Asia Pacific Temperature Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia Pacific Temperature Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia Pacific temperature sensor market was valued at USD 1857.6 million in 2020, and it is projected to be worth USD 2837 million by 2026, registering a CAGR of 7.3% during the period 2021-2026.

Key Highlights

• The oil and gas and chemical/petrochemical industries are some of the most prominent consumers of temperature sensors in the region. Being one of the major hubs for refineries, chemical and petrochemical processing plants, and metals, mining, and manufacturing, the region has been experiencing an increase in the demand for temperature sensors. The pneumatics and hydraulics used in the oil and gas sector are the major applications for temperature sensors. The infrastructure build-out in the oil patches has increased in recent years, thereby translating the demand for temperature sensors.
• The Indian automotive industry is well-positioned for growth, economically and demographically, serving both domestic interest and export possibilities, which are set to rise in the near future. As a part of the Make In India scheme, the Government of India aims to make automobile manufacturing the main driver for the initiative. The scheme expects the passenger vehicles market to triple to 9.4 Million units by 2026, as highlighted in the Auto Mission Plan (AMP) 2016-2026. This factor is expected to rise the adoption of temperature sensors in the automotive sector of the region.
• According to the Ministry of Natural Resources, from May 1, 2020, foreign firms registered in China with net assets no lower than CNY 300 Million (USD 43 Million) would be allowed to participate in oil and gas exploration and production. This move comes as part of Beijing's push to increase oil and gas development and bring private capital into the upstream energy business. In 2019, China produced 173 billion cubic meters of natural gas and 191 Million metric tons of oil. Annual investment in upstream exploration and production was CNY 332 billion (USD 47.8 billion). The development of industries in the region has been driving the growth of temperature sensors, owing to their growing applications in the oil and gas industry.
• The medical sector of the region has also been significantly utilizing a temperature sensor. For instance, at the end of January 2020, Shanghai Public Health Clinical Center (SPHCC) utilized US-based connected health startup VivaLNK's continuous temperature sensor to monitor COVID-19 patients, which has been considerably reducing the risks of healthcare workers being exposed to the virus. In April 2020, SPHCC announced that they are utilizing Bluetooth IoT products and solutions provider Cassia Network's gateways, coupled with VivaLNK's medical temperature sensors to monitor COVID-19 patients.

Key Market TrendsConsumer Electronics to Show Significant Growth

• According to the India Brand Equity Foundation (IBEF), the Indian appliances and consumer electronics (ACE) market are expected to register a CAGR of 9% to reach INR 3.15 trillion (USD 48.37 billion) in 2022. This is expected to boost the temperature sensors market growth over the forecast period. Multiple consumer electronic products have been launching in the region that incorporates temperature sensors.
• Japan has been making efforts toward boosting its flexibility with the national petroleum reserves by introducing strategic space that will allow the country to efficiently procure crude oil that is in line with the refining sector's requirement for lighter grades. The region is also a major manufacturer of components to the consumer electronics market, which is one of the significant users of temperature sensors in the area.
• Several local companies have been launching products incorporating temperature sensors. For instance, in June 2020, DetelPro announced the launch of its 'Make in Bharat,' reportedly the world's most low-cost infrared thermometer. The launched product comes with two years of warranty and is priced at INR 999 + GST.
• In October 2020, an electronics company, Hammer, expanded its product portfolio in India with the launch of its Pulse smartwatch. The new smartwatch from the company comes with a temperature sensor and claims to offer a one-week battery life and a price of INR 2,799. The product launches show that there is a significant demand for smartwatches incorporating temperature sensors in India.

Automotive to Hold the Highest Market Share

• The South Korean government has been actively promoting autonomous vehicles. As South Korea is one of the major car manufacturing countries globally, there is a massive demand for developing ADAS to lead the new industry. This is expected to lead to the broad adoption of temperature sensors over the forecast period.
• The Chinese government also views its automotive industry, including the auto parts sector, as one of the prominent industries. The country's Central Government expects China's automobile output to reach 30 Million units by 2020 and 35 Million units by 2025. This is posed to make the automotive sector one of the prominent uses of temperature sensors in China. However, the China Association of Automobile Manufacturers revised the predictions for 2020, forecasting an almost 10% drop in sales for the first half of the year and 5% for the full year, based on the COVID-19 outbreak.
• In August 2020, South Korea installed anti-virus bus shelters with temperature sensors and UV lamps, where the door will slide open only if their temperature is below 37.5C. Ten advanced bus shelter facilities have been installed in a north-eastern district of Seoul, offering protection from monsoon rains and summer heat and COVID-19.

Competitive Landscape

The Asia Pacific Temperature Sensor Market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with innovative and sustainable packaging, many of the companies are increasing their market presence by securing new contracts and by tapping new markets.

• December 2020 - Taiwan-based Thinking Electronic Industrial engaged in the production of components, such as NTC and PTC thermistors and temperature sensors, expects its shipments for the automotive landscape to increase significantly in 2021, coupled with the recovery of global vehicle sales. According to the company, its NTC and PTC thermistors and temperature sensors have been significantly applied to LED auto lights, vehicle control units, in-car entertainment systems, power transmission systems, charging piles, in-vehicle chargers, battery packs, and automotive motors.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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