The temperature sensor market is anticipated to record noteworthy growth on account of increasing product implementation across several end-user industries such as automotive, consumer electronics, and healthcare. The strong demand for precise systems that measure temperature is likely to exert a strong influence on the temperature sensors market. The product’s profound application across devices like thermometers and thermistors could fuel industry expansion in the forthcoming years.
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Based on application, the temperature sensor market is bifurcated into oil & gas, chemical, healthcare, automotive, and consumer electronics. Out of these, the automotive segment is likely to embark remarkable growth, registering a compound annual growth rate of more than 3% by 2026. This growth can be attributed to the widespread adoption of thermistor contact sensors in exhaust applications and engine control units.
These sensors have robust designs and provide high-temperature sensing facility while being affordable. Shifting trends towards vehicle electrifications coupled with mounting federal norms that mandate the installation of electronic monitoring systems could strengthen the prospects of temperature sensor market.
Notably, single-channel digital temperature sensors offer high flexibility, and features outstanding responses to low & high temperatures. Back in 2019, the segment held almost 20% of the overall market share and is forecasted to maintain a 4% CAGR throughout the predicted timeframe. With the help of these digital outputs, the performance of temperature sensors can be adjusted as per the user-programmable internal register. Moreover, it enables an alarm output if the measuring temperature surpasses the predefined temperature output.
In a bid to achieve a competitive edge over competitors, industry participants are constantly focusing on developing and launching new products as well as entering into new strategic relationships to improve their existing partner network. Taking November 2019 for instance, STMicroelectronics unveiled its latest temperature sensor that has a temperature accuracy of 0.25°C, delivering applications in remote monitoring as well as low-power consumption.
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Middle East & Africa market is anticipated to record prominent growth over the forecast period owing to expanding oil & gas sector in the region. Temperature sensor offers suitable convenience to the O&G industry by reducing operational challenges at a deeper level. These sensors facilitate the well-organized recovery of unusual resources by monitoring environmental temperature distribution underground. The region has a strong presence of oil-producing nations such as Saudi Arabia, Iraq, and the United Arab Emirates, which in turn boosts the temperature sensor market in the region. On this note, the Middle East & Africa temperature sensor sector is set to record a 4% of the total market share over the forecast period.
Currently, TE Connectivity, Teledyne Technologies Incorporated, Amphenol Corporation, Rockwell Automation, Analog Devices, OMEGA Engineering, Texas Instruments Incorporated, Renesas Electronics Corporation, Integrated Device Technology, Inc., Honeywell International, STMicroelectronics N.V., and NXP Semiconductors N.V. are the leading firms in the global temperature sensor market.
Major Key Points from Table of Content:
Chapter 5. Temperature Sensor Market, By Output (Revenue, Shipments)
5.1. Key trends, by output
5.2.1. Market estimates and forecast, 2016 - 2026
5.3.1. Market estimates and forecast, 2016 - 2026
5.3.2. Single channel
22.214.171.124. Market estimates and forecast, 2016 - 2026
126.96.36.199. Market estimates and forecast, 2016 - 2026
Chapter 6. Temperature Sensor Market, By Application (Revenue, Shipments)
6.1. Key trends, by application
6.2.1. Market estimates and forecast, 2016 - 2026
6.3. Oil & gas
6.3.1. Market estimates and forecast, 2016 - 2026
6.4. Consumer electronics
6.4.1. Market estimates and forecast, 2016 - 2026
6.5.1. Market estimates and forecast, 2016 - 2026
6.6.1. Market estimates and forecast, 2016 - 2026
6.7.1. Market estimates and forecast, 2016 - 2026
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