Temperature Sensors Market Synopsis
Temperature Sensors Market Size was valued at USD 5 Billion in 2022. The Temperature Sensors market industry is projected to grow from USD 7 Billion in 2023 to USD 12 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2023 - 2030). The amalgamation of computing, communication and sensing is estimated to influence the global temperature sensor market 2020. The growing penetration of temperature sensors in several sectors is further likely to augment the market size. The increasing application of temperature sensors is estimated to influence the global market significantly. Sectors such as metal manufacturing, aerospa ce, automotive, defence, automation and instrumentation, and various others are using the temperature sensors, which is propelling the demand and thereby actuating the market size.
However, the spread of COVID-19 has resulted in a significant change in global market dynamics. Precise research is being conducted on the aftermath of coronavirus on the global temperature sensors market. Various regions have been adversely affected due to a temporary shut-down of the offices. We will provide an impact analysis report on COVID-19.
Market Segmentation
The worldwide temperature sensors market can be segregated on the basis of alloy, product type, applications, and region.
On the basis of alloy, the worldwide temperature sensors market can be segregated into Type K, Type T, Type E, Type M, Type C, Type J, Type N, and others.
On the basis of product type, the worldwide temperature sensors market can be segregated into Thermocouples, Infrared temperature sensors, Temperature sensor IC’s, Fiber optic temperature sensors, Thermistors, Resistive temperature detectors, Bimetallic temperature sensors, Non-Contact Sensors, Fiber optic temperature sensors, and others.
On the basis of applications, the worldwide temperature sensors market can be segregated into Power Industry, Food & beverages, Energy & Power, Metals, Chemicals and petrochemical, Advanced fuels, Oil & Gas, Automotive, and others.
On the basis of region, the worldwide temperature sensors market can be segregated into Europe, Asia-Pacific, North America, and the Rest of the World (RoW).
Regional Analysis
In-depth research of North America, Europe, Asia-Pacific, and the Rest of the World (RoW) has been performed. The research has revealed that the global market is projected to rise during the assessment period. According to the study, the worldwide market is anticipated to be dominated by North America. North America is estimated to acquire the largest market share. The most significant reason responsible for market expansion is the presence of various established key players in the region. Notable names like Honeywell International, Texas Instruments, Panasonic, and NXP Semiconductors are predicted to make substantial participation in expanding the market. On the other hand, Europe is estimated to expand exponentially in the forthcoming period. The region consists of several established players that will assist in expanding the regional market. However, as per the analysis, the Asia-Pacific market is likely to be the swiftest growing market owing to the rising demand for high-performance sensors. Among all nations of APAC, China and India are projected to be the most potent markets expanding the market.
However, market dynamics are likely to change significantly during the review period. Several regions have been affected substantially due to the spread of COVID-19. We will provide the aftermath COVID-19 report on the impact analysis of the market.
Key Players
The distinguished competitors of the global temperature sensors market are STMicroelectronics N.V. (Switzerland), UTC Aerospace Systems (U.S), Emerson Electric Corporation (Us), Honeywell International Inc. (U.S), Siemens AG (Germany), TE Connectivity (Switzerland), Maxim Integrated Products Inc. (Us), Analog Devices Inc. (Us), Ultra Electronics Holdings Plc. (U.K), Texas Instruments Inc. (Us), and ABB Limited (Switzerland).
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