Temperature Sensors Market - Global Demand, Sales,COVID-19 Impact Analysis, Consumption and Forecasts to 2023
Market
Highlights
The study reveals that temperature
sensors is trending in North America region. The global Temperature
Sensors Market is
expected to witness a high growth in the coming years. However, the temperature
sensors has its applications including in Food industries, Petrochemical, oil
and energy industries are deploying temperature for production and monitoring
to maintain consistency and quality. Moreover, the increasing focus on
workplace safety is driving the deployment of temperature sensors for work
floor monitoring. Consumer electronics are also expected to drive the demand
for temperature sensors. Intense competition in the consumer electronics
industry is pushing OEMs to offer new features in devices, are driving the
growth temperature sensors.
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The study indicates that the spiraling demand for environment-friendly and low
cost temperature sensors is creating a large scope for small players to venture
into the market. However, in 2016, the top six players commanded less than
20% of the global temperature sensors market. Among these, Texas Instruments
Inc., Honeywell International Inc., and General Electric Company were the top
three players in the same year. These players are aiming at improving research
and development facilities along with continuous innovation to introduce
sensors that are in line with the changing requirements of end-use industries.
The Temperature sensors Market is growing
rapidly over 4.8% of CAGR and is expected to reach at USD $~5.93 Billion by the
end of forecast period.
Taste the market data and market information presented through more than
30 market data tables and figures spread over 100 numbers of pages of the
project report. Avail the in-depth table of content TOC & market synopsis
on “The Temperature sensors Market Research Report -Forecast to 2023”.
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sensors-market-3760
Temperature sensors Market Segmentation
The Temperature sensors Market has been
segmented on the basis of product types, alloys used, applications, end -users
and region. The Temperature sensors market is highly centralized by owing to
the presence of many small regional suppliers and large multinational vendors.
The Temperature sensor has wide range of applications across several industries
such as electronics, automotive, and manufacturing. These sensors come in
different forms, which has their unique applications for instance, integrated
circuit (IC) temperature sensor are used in electronic applications to detect
the heat released and start the cooling device. Furthermore, Honeywell serves
various industries including aerospace & defense, medical, transportation,
industrial etc. Key players are increasingly moving their manufacturing
facilities in countries with economical labor particularly in Asia Pacific to
reduce their overall cost. Cost effective and differentiated services are
expected to be a critical success factor for the industry participants
The prominent players in the Temperature sensors market – Siemens A G
(Germany), Stmicroelectronics N.V. (Switzerland), TE Connectivity
(Switzerland), Ultra Electronics Holdings Plc. (U.K), UTC Aerospace Systems
(U.S), Analog Devices Inc. (Us), Texas Instruments Inc. (Us), Maxim Integrated
Products Inc. (Us), Honeywell International Inc. (U.S), ABB Limited
(Switzerland), Emerson Electric Corporation (Us) among others.
Market Research Analysis:
On geographic basis, Temperature sensors
market is studied in different regions as Americas, Europe, Asia-Pacific and Rest
of world. It has been observed that North America region is leading with
largest market share growth in the Temperature sensors market. Europe is to be
estimated to be second largest market for Temperature sensors during the
forecast period, this is due to the rise in research activities in the
chemicals and the healthcare sectors is likely to boost this regional market
during the forecast period. The Asia Pacific temperature sensors
market accounted for over 30% of the global demand and is expected to grow at a
considerable rate over the next six years. The regional market is expected to
be driven by advancements in sensor technology and demand for high-performance
sensors that can be fitted into handheld portable devices. China is expected to
be the largest CAGR to regional market revenue generation over the forecast
period.
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