USD 4.76 billion
Report ID: SQSG55C2002 | Region: Global | Published Date: September, 2022 | Pages: 165 | Tables: 69 | Figures: 75
Temperature Sensor Market size was valued at USD 4.76 billion in 2021 and is poised to grow from USD 5 billion in 2022 to USD 12 billion by 2030, growing at a CAGR of 5% in the forecast period (2023-2030).
A temperature sensor is an electronic device that sends out an electrical signal to measure the temperature. Temperature is a word used to describe how hot something is or how much heat it has. These sensors can be used in different systems to measure how much heat is being given off and send an alert to the user. Temperature sensors are used in many different fields, including electronics, automotive, and manufacturing. Different kinds of these sensors are used for different things. For example, an integrated circuit temperature sensor is used in electronics to find out where heat is coming from and start a cooling device. The market should get a boost from the use of temperature sensors in manufacturing and automotive applications, as well as from new technological advances in the petrochemical industry in the coming years. These are some of the factors driving the demand for temperature sensors and will propel the market growth during the analysis period.
US Temperature Sensor Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.76 billion
Oil & Gas
Oil & Gas
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The Global Temperature Sensor Market is segmented based on type, application, and region. Based on type, the market is segmented into thermistors, resistance temperature detectors (RTD), thermocouples, temperature sensor IC, and non-contact sensors. Based on application, the Temperature Sensor Market is segmented into automotive, electronics, manufacturing, aerospace & defense, oil & gas, healthcare, and marine. Based on region, the global Temperature Sensor market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Temperature Sensor Market Analysis by Type
The temperature sensor market is segmented into thermocouple, thermistor, resistance temperature detector (RTD), semiconductor temperature sensor, infrared temperature sensor, and others based on their types. The thermocouple segment has the largest share of the market because these sensors can be used in so many different ways because they come in so many different models and have so many different technical specs. In the process industry, it is mostly used to make chemicals and petrochemicals, treat metals, make electricity, treat waste, and test diesel engines. It is used to check the temperature in chemical and oil plants.
Temperature Sensor Market Analysis by Application
The temperature sensor market is divided into healthcare, consumer electronics, automotive, aerospace and defense, food and beverages, energy and power, oil and gas, chemicals, and others based on their applications. The oil and gas segment accounted for the largest market share in the year 2021, as these sensors are used in many processes, such as extraction, production, refining, and distribution, to prevent moisture, overheating, and corrosion, and to figure out how much fuel is being used in this sector. The automotive industry is buying more and more temperature sensors because it's getting more important to accurately measure the temperature of a car's oil, coolant, and air level to make sure it runs at its best. Also, these sensors can measure high temperatures, like the temperatures of exhaust gas. So, the demand for the temperature sensor market is likely to grow throughout the analysis period.
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In 2021, North America accounted for the largest market share of the global market for temperature sensors, and this is what is expected to happen over the next few years. Since North America is ahead of the curve when it comes to developing HVAC systems, wearable devices, and small systems with sensors that work on their own, it is expected to stay ahead during the forecast period. Also, more people are learning about the benefits of these sensors in industries like automotive, oil & gas, and healthcare, which helps the market grow all over the region. With moderate growth over the long term, Europe is expected to stay in second place in the temperature sensor market.
The Asia-Pacific region is expected to show steady growth during the forecast period. The fast growth of the auto industry in places like Japan, China, and India is a big reason why the Asia-Pacific market is growing. Also, the fast growth of the consumer electronics, healthcare, and food & beverage industries gives the market in the region a lot of good ways to grow during the analysis period.
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Temperature Sensor Market Driver
The increasing implementation of temperature sensors in the automotive industry is driving the automotive temperature sensor market.
Temperature Sensor Market Restraint
Tablets and mobile phones have restrained the demand for temperature sensors.
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The temperature sensor market is relatively fragmented, with a high level of competition. Few large players, like Panasonic Corporation, Robert Bosch GmbH, and Texas Instruments Inc, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Temperature Sensor Market Top Player’s Company Profiles
Temperature Sensor Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global temperature sensor market is Segmented into type, application, and region. Based on type, the market is divided into thermistors, resistance temperature detectors (RTD), thermocouples, temperature sensor IC, and non-contact sensors. The thermocouple segment has the largest share of the market because these sensors can be used in so many different ways. North America, Europe, Asia-Pacific, South America, and MEA are some of the regions that currently dominate the market. In 2021, North America accounted for the largest market share of the global market for temperature sensors. The Asia-Pacific region is expected to show steady growth during the forecast period. With moderate growth over the long term, Europe will stay in second place in the temperature sensor market.
|Market size value in 2021||USD 4.76 billion|
|Market size value in 2030||USD 5 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Temperature Sensor Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Temperature Sensor Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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