Global Temperature Sensors Market Worth $8B by 2027 | Industry Analysis and Outlook Featuring Profiles of Siemens, Panasonic, Texas Instruments, Honeywell Int'l, ABB, and More - ResearchAndMarkets.com

The "Global Temperature Sensor Market (2021-2027) by Type, Product, Output, End-User Industry, and Geography, IGR Competitive Analysis, Impact of Covid-19, Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.

The Global Temperature Sensor Market is estimated to be worth USD 6.25 billion in 2021 and is expected to reach USD 8 billion by 2027, growing at a CAGR of 4.2%.

Significant factors driving the market are increasing penetration of temperature sensors in advanced and portable healthcare equipment, growing demand for temperature sensors within the automotive sector, rise in global sales of consumer electronics products, and rising adoption of home and building automation systems. Immense innovations in R&D are fueling the growth of the market. Technical awareness about sensor and heating issues in extreme conditions is the restraining factor for the market growth.

Market Dynamics

Drivers

• Increasing Penetration of Temperature Sensors in Advanced and Portable Healthcare Equipment
• Growing Demand for Temperature Sensors in Automotive Sector
• Rising Adoption of Home and Building Automation Systems

Restraints

• Technical Awareness about Sensor
• Heating Issues in Extreme Conditions

Opportunities

• Increasing Trend of Wearable Devices
• Rising Need for Temperature Control for Food Safety Management

Challenges

• Stringent Performance Requirements for Advanced Applications
• Continual Price Reductions and Intense Competition Among Manufacturers

Segments Covered

By Type, Relative Humidity Sensor holds the largest market share, and it is expected to grow more in the forecast period. Relative humidity sensors consider both temperature and pressure. Whereas humidity sensors don't take the temperature into account, but it changes with temperature and pressure. In weather reports and forecasts, the probability of dew or precipitation can be indicated only using relative humidity sensors. Moreover, a relative humidity sensor is suitable when looking for comfort.

By Product, the market is classified into Contact and Non-Contact. Among both, Contact type products hold the largest share in the global temperature sensor market because of their low cost, wide temperature ranges, and high accuracy. The lack of standardization of non-contact sensors is restraining their utilization across a wide variety of industry sectors.

By Output, the market is classified into Analog and Digital. Among both, the Digital Output segment is projected to hold the largest share in the global temperature sensors market. Temperature sensors with digital output have several advantages over sensors with analog output and are useful for remote applications. Digital temperature sensors find use in emerging sectors such as medical, aerospace, test & measurement equipment, and industrial automation.

By End-user, the market is classified into Automotive, Electronics, Manufacturing, Aerospace & Defense, Oil & Gas, Healthcare, Marine, and Others. Among all Chemical industry is projected to hold the largest share in the global temperature sensor market. It helps in various processes such as cracking, heat tracing, refining, piping system, incineration, etc., for temperature monitoring and control.

By Geography, Asia-Pacific holds the largest share in the global temperature sensor market. Rapid Industrialization in this region has created a favorable environment for the growth of the market. Also, increasing demand for consumer equipment, such as portable healthcare electronics and white goods, is predicted to push the demand for temperature sensors. North America is expected to hold the second-largest share of the overall temperature sensor market owing to the increase in government initiatives for the rise in the utilization of temperature sensors across the petroleum, healthcare, and automotive sectors.

Competitive Quadrant

The report includes the Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Companies Profiled

• Siemens AG
• Panasonic Corporation
• Texas Instruments Inc.
• Honeywell International Inc.
• ABB Ltd.
• Analog Devices Inc.
• Fluke Process Instruments
• Emerson Electric Company
• STMicroelectronics
• Microchip Technology Incorporated
• NXP Semiconductors NV
• GE Sensing & Inspection Technologies GmbH
• Robert Bosch GmbH
• Gunther GmbH
• TE Connectivity Ltd.
• Dwyer Instruments
• Denso Corporation
• Omron Corporation
• FLIR Systems
• Thermometrics Corp.
• Maxim Integrated
• WIKA Instrument
• Amphenol
• Kongsberg Gruppen

Report Highlights

• A complete analysis of the market including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market

For more information about this report visit https://www.researchandmarkets.com/r/5shzek

View source version on businesswire.com: https://www.businesswire.com/news/home/20211215005404/en/