HYDERABAD, India and MINNEAPOLIS, March 2, 2016 /PRNewswire/ --
According to the Market Report "Temperature Sensor Market Analysis and Forecast by Product Type (Thermistor, RTD, Thermocouple, ICs, Thermopiles, IR Sensors); Industry Verticals (Petrochemicals, Manufacturing, Automation, Electronics, Automotive) - (2015 - 2020)", the market is estimated to the reach $8 Billion Revenue by 2020 at a high CAGR.
The Global Temperature Sensors Market is forecast to grow in double digits between 2015 and 2020 with a CAGR of 11.7%. Temperature sensing is one of the most sensitive properties or parameters important for industries like petrochemical, automotive, aerospace and defense, consumer electronics, and so on. These sensors are installed into devices with the purpose of measuring the temperature of a medium accurately and efficiently within a given set of requirements.
Broadly classifying, these are of two types: Contact Temperature Sensors and Non-Contact Temperature Sensors. Contact temperature sensors can be further subcategorised into four types, namely: Integrated Circuits (ICs), Thermistors, Resistance Temperature Detectors (RTDs) and Thermocouples whereas, Non-contact Sensors are classified into two types, namely: Infrared Temperature Detector and Thermopile. A recent report published by IndustryARC analyses all these types of sensors and their respective applications in various industries like automobile, metal manufacturing, aerospace & defense, petrochemical, consumer electronics, and so on.
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RTD is the fastest growing segment in the temperature sensors market. It is expected to dominate over thermocouples owing its wider temperature range, increased ruggedness, better accuracy and many such properties that accompany RTD. For instance, RTDM12 from Omega Engineering Inc. is a compact and rugged series of RTD Temperature Sensors. Offering fast time response, this RTD plug is a good fit for pressure vessel applications, pressurized containers and applications that requires a temperature sensor with an NPT mounting fit and is ideal for water, chemical and automotive industries.
The demand for thermistors has also increased in the automotive industry, especially, in applications such as powertrain, safety and controls and alternative fuel vehicles due to the change in government standards and demand patterns from the end users. A total of 30 thermistors are used in an automotive, which include 20 negative temperature coefficients (NTCs) and 5 positive temperature coefficient (PTCs) sensors. Thermistors are currently a steady growing market and are expected to continue the same trend in coming years as well.
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Primarily, temperature sensors can be classified into three parts, such as by type, end-user and geography, but, in a recent report released by IndustryARC, the temperature sensors were further classified by metals and by alloys that are used while manufacturing. Metals covered in this report include Platinum, Copper, Silicon, Tungsten and Nickel and alloys are further categorised into type-K, type-M, type-E, type-J, and so on. Platinum is the most widely used metal, especially in RTD and thermocouple. The demand for platinum in temperature sensors is projected to grow at a CAGR of 3% in the forecast period 2015-2020.
Temperature sensors play a very important role in petrochemical plants starting from the storage of different chemicals to their cracking and distillation. As many new petrochemicals plants are being set-up, subsequently the installation of temperature sensors will increase, thereby, leading to the growth of temperature sensors market. Another driving factor is the growing demand for consumer electronics based on the increasing penetration of electronic devices such as smartphones, cameras and media players and other consumer utilities. The usage of microprocessors in these devices is expected to boost market growth, since they have temperature sensing ICs.
The following are the Key Players in the Global Temperature Sensors Market:
- Honeywell International Inc.
- Analog Devices Inc.
- STMicroelectronics N.V.
- Texas Instruments
- Microchip Technologies Inc.
Among temperature sensors, non-contact sensors are the costliest, followed by thermocouples. The cost of thermocouple is likely to increase by 2020 due to the decline in demand being witnessed in the market owing to the availability of substitutes. Currently, contact sensors is a major segment in the global temperature sensors market accounting for 85% market share, whereas non-contact sensors segment is estimated to grow from 2015-2020, based on the sales assessment of last 3 years .
The demand for temperature sensors in consumer electronics sector and China being one of the major hubs for electronics manufacturing; Asia-Pacific stood as the major region for temperature sensors market accounting for 35% of the global market. North America holds around 25% of the total market share where the thriving safety issues in the defense industry and increased demand of automotive are mainly leading this market. Middle-East and Africa, is one of the major hubs for refineries, chemical and petrochemical processing plants, as well as metals and mining having uniform demand for temperature sensors.
Segmentation Based on Geography:
- North America - U.S.A., Canada, Mexico & Others
- South America - Brazil, Argentina & Others
- Europe - UK, Germany, France, Italy, Spain & Rest of Europe
- APAC - China, Japan, South Korea, India & Others
- Rest of the World - Middle East & Africa
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