Global Temperature Sensor Market

Temperature Sensor Market Size, Share, Growth Analysis, By Type(Thermistor, Resistance Temperature Detector (RTD), Thermocouple, Temperature Sensor IC), By Application(Automotive, Electronics, Manufacturing, Aerospace & Defense), By Region - Industry Forecast 2024-2031

Report ID: SQMIG55C2012 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 69 | Figures: 75

Temperature Sensor Market Insights

Temperature Sensor Market size was valued at USD 4.76 billion in 2019 and is poised to grow from USD 5 billion in 2023 to USD 12 billion by 2031, growing at a CAGR of 5% in the forecast period (2024-2031).

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.

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Temperature Sensor Market size was valued at USD 4.76 billion in 2019 and is poised to grow from USD 5 billion in 2023 to USD 12 billion by 2031, growing at a CAGR of 5% in the forecast period (2024-2031).

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. 'Siemens AG', 'Honeywell International Inc.', 'Emerson Electric Co.', 'TE Connectivity Ltd.', 'ABB Ltd.', 'STMicroelectronics NV', 'Texas Instruments Inc.', 'Analog Devices Inc.', 'Infineon Technologies AG', 'NXP Semiconductors NV', 'Omron Corporation', 'Panasonic Corporation', 'Sensirion AG', 'Robert Bosch GmbH', 'Amphenol Corporation', 'Omega Engineering Inc.', 'Microchip Technology Inc.', 'Onset Computer Corporation', 'Vishay Intertechnology Inc.', 'TDK Corporation'

The increasing implementation of temperature sensors in the automotive industry to maintain vehicle safety, improve engine performance, and reduce emissions is driving the automotive temperature sensor market. Key businesses are implementing a variety of organic and inorganic strategies to create innovative goods and solutions, particularly for the automobile industry.

The temperature sensor market has witnessed an increased demand from the food and beverage industry due to the perishability of food, the food, and beverage industry must maintain proper temperatures. Temperature regulation and monitoring guarantee the safety of food during preparation, storage, and transport. These sensors are used to regulate food temperature in warehouses and retail facilities within the food and beverage industry. Companies provide sensors to evaluate the High Temperature, Short Test used during pasteurization (HTST). The food, beverage, and catering industries can acquire temperature sensors from Peak Sensors Ltd. It sells data loggers equipped with these sensors to monitor refrigerated cargo or cabinets.

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.

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Global Temperature Sensor Market

Product ID: SQMIG55C2012