Temperature Sensor Market Size & Share by Type (Thermocouple, Thermistor, Resistance Temperature Detector, Semiconductor Temperature Sensor, Infrared Temperature Sensor); End-User (Healthcare, Consumer Electronics, Automotive, Aerospace & Defense, Food & Beverages, Energy & Power, Oil & Gas, Chemicals) – Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035
Buy Now Report ID: 4935 | Published Date: May 04, 2023
Temperature Sensor Market size is poised to exceed USD 17 Billion by the end of 2035, growing at 7.5% CAGR during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of temperature sensors was around USD 7.14 Billion. Temperature sensors are becoming necessary as industries become more automated in order to monitor and regulate processes.
Moreover, temperature sensors are widely employed in environmental monitoring for measuring temperature and offer vital information about the environment under observation. Hence, there usage is growing in weather stations.
Furthermore, with growing demand for food the need for temperature monitoring is also growing. The world would need to increase food production by approximately 59–69% by 2050 in order to feed more than 10 billion people. Also, temperature sensors are used in agriculture to measure soil temperatures to determine the best time to plant crops and to measure greenhouse temperatures to provide the best growing conditions.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~7.50% |
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Base Year Market Size (2022) |
~ USD 7.14 Billion |
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Forecast Year Market Size (2035) |
~ USD 17.01 Billion |
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Regional Scope |
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Growth Drivers
Challenges
End-User (Healthcare, Consumer Electronics, Automotive, Aerospace & Defense, Food & Beverages, Energy & Power, Oil & Gas, Chemicals)
The oil & gas end-use segment in the temperature sensor market is anticipated to register highest revenue by 2035. The growth of the segment can be attributed to growing production of oil and gas. Monitoring the temperature of machinery, pipelines, and other elements involved in the production of oil and gas may assist with maintain safe operations. Temperature sensors have the ability to sound alarms or initiate automatic shutdowns when temperatures exceed safe limits, protecting against equipment failure or accidents.
Additionally, underground reservoir temperatures are monitored by temperature sensors, which may offer important information on oil and gas resources. Operators may optimize production operations and make educated judgements by observing variations in reservoir temperature since these changes may additionally be seen in fluid characteristics, pressure, and other parameters.
Type (Thermocouple, Thermistor, Resistance Temperature Detector, Semiconductor Temperature Sensor, Infrared Temperature Sensor)
The thermocouple segment is expected to have significant growth till 2035. From extremely low temperatures (-200°C or below) to extremely high temperatures (up to 2,300°C), thermocouples are capable of tracking temperatures over a very broad range. They are therefore perfect for use in a variety of situations, including as industrial, academic, and laboratory ones.
Additionally, thermocouples are strong and resistant to shock, vibration, and other environmental variables since they are quite simple to build and don't have any moving components. Thermocouples are reasonably priced in comparison to other kinds of temperature sensors, such as thermistors and RTDs (Resistance Temperature Detectors). They are therefore a sensible choice financially for many applications.
Our in-depth analysis of the temperature sensor market includes the following segments:
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Type |
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End-User |
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North American Market Forecast
North America, amongst all the other regions, is projected to have the highest temperature sensor market growth through 2035, backed by growing adoption of IoT along with surge in urban population. IoT connections are expected to reach about 4 billion by 2025, in North America alone. With a wide variety of devices being connected to the internet, the Internet of Things (IoT) is becoming more common in North America. For instance, in smart homes and buildings, many of these gadgets require temperature sensors to monitor and regulate temperature.
Moreover, in North America, there are stringent laws governing pharmaceuticals and food safety, necessitating precise temperature monitoring all throughout the supply chain.
APAC Market Statistics
The Asia Pacific temperature sensor market is estimated to gain significant revenue share during the forecast timeframe. With an emphasis on automation and manufacturing, Asia Pacific is going through a massive industrialization process. Given their critical role in automated systems' accurate temperature monitoring and control, temperature sensors are in high demand at present in this region.
Additionally, consumer electronics, such as smartphones, computers, and other devices, have a significant market in Asia Pacific. The need for temperature sensors is fueled by the fact that these devices need them for precise temperature monitoring and management.
In developing countries, agriculture is a key industry. To monitor temperature and humidity levels in greenhouses and other agricultural areas, temperature sensors are employed in agriculture. Also, with several nations in the region investing in renewable energy sources, Asia Pacific is seeing considerable expansion in the energy and power sector.
European Market Analysis
Europe market is estimated to grow at moderate CAGR in the coming years. Extreme weather, including hot summers and chilly winters, may be found in Europe. Given the need for precise temperature measurement and control in HVAC (heating, ventilation, and air conditioning) systems, there is an increasing demand for temperature sensors in this region.
Furthermore, the need for energy-efficient and intelligent appliances is driving the expansion of the home appliances industry in Europe. Appliances in the house, such refrigerators and ovens, employ temperature sensors to detect and regulate temperature precisely. Further, the demand for temperature sensors in various applications is rising as a result of initiatives and investments made by several European nations in infrastructure and technology development.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The major factors driving the growth of the market are growing construction activities, rise in adoption of vehicles, surge in demand for smartphones, and others.
Ans: The market size of temperature sensor is anticipated to attain a CAGR of ~7.50% over the forecast period, i.e., 2023 – 2035.
Ans: High price of temperature sensor, lack of accuracy & reliability, challenges regarding integration are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Honeywell International Inc., Texas Instruments Incorporated, TE Connectivity Corporation STMicroelectronics, and more.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, end-user, and by region.
Ans: The oil & gas segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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