CHICAGO, April 6, 2020 /PRNewswire/ -- According to the new market research report "Temperature Sensor Market by Product Type (Thermocouples, RTDs, Thermistors, Temperature Sensor ICs, Bimetallic, Infrared, and Fiber Optic Temperature Sensors), Output, End-user Industry, and Region – Global Forecast to 2027", published by MarketsandMarkets™, the Temperature Sensor Market is projected to grow from USD 6.3 billion in 2020 to USD 8.8 billion by 2027, recording a CAGR of 4.8%. The industry growth is driven mainly by increasing penetration of temperature sensors in advanced and portable healthcare equipment, growing demand for temperature sensors in the automotive sector, and rising adoption of home and building automation systems.
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Non-contact temperature sensor to witness a higher CAGR during the forecast period
The non-contact temperature sensor is projected to record the higher CAGR in the temperature sensor market from 2019 to 2027. Non-contact sensors measure the surface temperature of a body or an object to be identified without any physical contact between the sensor and the object. These temperature sensors are mainly used for small, moving, and inaccessible objects/sources/devices.
Digital output to hold the largest share in the temperature sensor industry during the forecast period
The temperature sensor comprises analog and digital outputs. The digital output segment is projected to hold a larger share in the temperature sensor market during the forecast period. Temperature sensors with digital output have several advantages over sensors with analog output and are especially suited for remote applications. Digital temperature sensors find use in medical, aerospace, test and measurement equipment, and industrial automation.
Food & beverages end-user industry to witness the highest CAGR during the forecast period
The food & beverage end-user industry is projected to record the highest CAGR in the temperature sensor market from 2019 to 2027. Temperature monitoring and control is required for quality assurance during production, storage, and transit. Temperature sensors are particularly used for monitoring temperature according to the stringent rules & regulations for complicated processes in the food end-user industry, such as brewing, bottling, fermentation, storage, emulsification, piping, canning, and pasteurization.
Absolute humidity sensor to hold the larger share in the humidity sensor industry during the forecast period
The humidity sensor comprises an absolute humidity sensor and a relative humidity sensor. The absolute humidity sensor segment is projected to hold a larger share in the humidity sensor market during the forecast period. Absolute humidity sensors, supported by two NTC thermistor elements, measure the absolute humidity by measuring the difference in thermal conductivity of dry air and the air containing water vapor. These humidity sensors are used for measuring humidity in HVACs, fax machines, printers, automotive, weather stations, refrigerators, and food processing units
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Expanding automobile & industrial manufacturing sector to drive the demand for temperature sensors in APAC during the forecast period
The temperature sensor market in APAC is projected to grow at the highest CAGR during the forecast period. China, India, South Korea, and Japan are the major contributors to the growth of the temperature sensor industry in APAC.
Expanding automobile and industrial manufacturing, in particular, is generating massive demand for temperature sensors. Also, robust demand for consumer equipment, including portable healthcare electronics and white goods, is expected to foster the demand for temperature sensors. Furthermore, the increasing adoption of automated technologies across diverse industries, especially in automotive and food & beverages, is likely to generate demand for temperature sensors in APAC. Other factors driving the temperature sensor market in APAC include escalating demand for temperature sensors from the overseas markets of North America and Europe.
Key players operating in the temperature sensor market include Honeywell (US), TE Connectivity (Switzerland), Texas Instruments (US), Endress+Hauser (Switzerland), Siemens (Germany), Texas Instruments (US), Dwyer Instruments (US), Maxim Integrated (US), WIKA Instrument (Germany), Amphenol (US), and Emerson (US). The majority of the companies focus on organic and inorganic growth strategies such as product launches and developments, mergers and acquisitions, agreements, contracts, partnerships, collaborations, and expansions to increase their revenue.
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