Temperature Sensors Market Size is Expected To Reach USD 12 Billion By 2030 – Report by Market Research Future (MRFR)
Growing usage of temperature sensors to boost Market Growth
New York, US, March 29, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Temperature Sensors Market Research Report Information By Product Types, By Applications, And By Region – Market Forecast Till 2030. The market was valued 5 billion in 2022 and is anticipated to acquire a valuation of approximately USD 12 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 5% during the assessment timeframe.
Temperature Sensors Market Overview:
The primary market factors boosting market expansion include the rising use of temperature sensors in a variety of industries, including metal manufacturing, automation and instrumentation, petrochemicals, military and aerospace, and automation and instrumentation.
Due to the vast number of industries in which they are used, the temperature sensor market is booming at its highest levels. The size of the temperature sensor market is growing as a result of the rising use of these sensors in the pharmaceutical industry.
Resistance temperature detectors are incorporated into the goods to provide a larger range of temperature adjustments, better precision, and higher robustness. Due to these advantages, RTDs are more in demand than thermocouple temperature sensors in the temperature sensor market.
Furthermore, assisting in the development of the temperature sensors market is the integration of communication. The potential of the global temperature sensors market has recently been boosted by advancements in computing and sensing temperature sensor market trends. The market for temperature sensors is also expected to rise in the approaching years due to the numerous applications and rising use of temperature sensors.
As it helps to maintain a specific temperature for equipment containing medical medications, cleaning other equipment, and heating liquids, the use of temperature sensors is expanding in the healthcare sector. All of these increase the demand for temperature sensors in the healthcare sector. The ability to detect temperature with perfect efficiency and accuracy is now possible thanks to sensors, which increases the market potential for temperature sensors. Hence, these temperature sensor-related factors have raised the global temperature sensor market CAGR in recent years.
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Key Companies in the Temperature Sensors market includes
- STMicroelectronics N.V.
- Siemens A G
- Ultra-Electronics Holdings Plc.
- Maxim Integrated Products Inc.
- TE Connectivity
- Texas Instruments Inc.
- UTC Aerospace Systems
- ABB Limited
- Analog Devices Inc.
- Emerson Electric Corporation
- Honeywell International Inc
Temperature Sensors Market Report Scope:
|Revenue forecast in 2030||USD 12 Billion|
|Growth Rate||CAGR of 5% from 2023 to 2030|
|Key Market Opportunities||The increased utilization of these sensors in the pharmaceutical industry|
|Key Market Drivers||Rising in the healthcare sector to measure temperature with complete efficiency and accuracy|
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Temperature Sensors Market Segment Insights
Thermocouples, Infrared Temperature Sensors, Bimetallic Temperature Sensors, Temperature Sensors ICs, and Thermistors are among the type-based Temperature Sensors Market segmentations. In 2022, the sector for IC temperature sensors represented the bulk of the market. The growing use of temperature sensor ICs in a variety of applications, including industrial, automotive, and consumer electronics, can be credited with this market’s supremacy. The expansion of this market is being driven by the rising need for inexpensive and compact temperature sensing solutions. Due to its high precision, non-contact operation, and growing need for temperature sensing solutions in numerous industrial and consumer applications, infrared temperature sensors are predicted to continue growing. Due to their robustness, dependability, and wide temperature range, thermocouples and bimetallic temperature sensors are also anticipated to experience consistent growth.
The Temperature Sensors Market is divided into five application-based categories: Energy & Power, Chemicals and Petrochemicals, Oil & Gas, Metallurgy, and Food & Beverages. Due to the rising demand for temperature sensing solutions across a variety of applications, including upstream and downstream oil and gas operations, refining and petrochemical production, and pipeline monitoring, the Oil & Gas segment, which dominated the market in 2022, is expected to grow at the fastest rate. These all have a beneficial effect on the market growth for temperature sensors.
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The analysis offers market insights for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World. In the upcoming years, the temperature sensor market in the Asia-Pacific region is anticipated to increase favourably.
This is due to the rise in demand for temperature-sensing products across a number of quickly emerging nations, especially in China and India. The Asia-Pacific market is expanding as a result of the rising demand for temperature sensing solutions across numerous industries, including oil and gas, energy and electricity, and consumer electronics. Also, the presence of important competitors and the rising expenditure in R&D activities are both fostering the expansion of the market in this area. In the upcoming years, it is anticipated that the Asia-Pacific region’s quickly expanding economy and rising standard of living will further propel market expansion for temperature sensors.
The market expansion in this area is also anticipated to be aided by the good business climate and supportive regulatory policies in the Asia-Pacific region.
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Due to the existence of well-established industrial sectors like oil and gas, energy and electricity, and consumer electronics, as well as the rising need for temperature sensing systems in a variety of applications, North America is the market leader. The market in North America is expanding as a result of the presence of major companies and significant investments in R&D. Moreover, the North American Temperature Sensors market in the United States had the biggest market share, while the market in Canada had the fastest rate of expansion.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
was valued at USD 5 Billion in 2022
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