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New study: Temperature sensor market with APAC to reach faster by 2023

Industrial Market Research

Temperature Sensor Market By Product Type (Temperature Sensor IC, Thermistor, Resistive Temperature Detector (RTD), Bimetallic Temperature Sensor) By Industry Sector (Oil & Gas, Metals, Automotive, Electronics).

GLOBAL TEMPERATURE SENSOR MARKET Make an Inquiry about this news was valued at USD 4.95 Billion in the year 2017. Global Temperature Sensor Market is further estimated to grow at a CAGR of 3.94% from 2018 to reach USD 6.24 Billion by the year 2023.

North America region holds the highest market share in 2017 and Asia-Pacific market is considered as the fastest growing market in the forecasted period. At a country level, developed markets like The U.S.

as well the emerging markets like China with highest population base holds a notable market share in 2017 and it is projected to grow at a gradual pace in the coming years.

ABB Group (Switzerland), Emerson Electric Corporation (US), Honeywell International Inc. (US), Siemens (Germany), are some of the key players in the Temperature Sensor Market with ABB Group holding a substantial market share because of its better global presence both at production and at an operational level.

Rising research and development expenses to address the changing demand of end users. Similarly, growth strategies such as acquisition, merger, and expansion of the distribution network were few techniques adopted by most of the top players in the last 5 years.

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Drivers:

             Rising demand due to the developments in the automotive industry

             Use of automation in smart home concepts

Restraints:

             Reduction in prices due to the introduction of substitute technology

Opportunities:

             Use of sensors which include infrared devices in the defense sector

             Increasing implementation of HVAC (Heating, Ventilating, and Air Conditioning) for domestic and manufacturing use

Challenges:

             Estimating the demand to manage the production capacity

Segmentation done on the basis of Product Type includes Temperature Sensor IC, Thermistor, Resistive Temperature Detector (RTD), Bimetallic Temperature Sensor, Infrared Temperature Sensor, Thermocouple; of which the Thermocouples segment is expected to hold the highest market share during the forecast period. This market share is expected as automotive manufacturers are focusing mainly on performance & safety.

Automotive thermocouples help in measuring important interpretations like exhaust gas readings of the vehicles.

The Temperature Sensor IC’s segment is also expected to grow at the highest CAGR during the year 2018-2023. This growth is expected due to the increasing use of chemicals in the Asian refineries.

Thus, safety measures need to be taken in order to avoid mishaps.

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Key Benefits for Stakeholders

Temperature Sensor Manufacturers, Distributors, and Retailers

System integrators

End-use industries

Regulatory bodies, policymakers, and consumers.

By Product Type

Temperature Sensor IC

Thermistor

Resistive Temperature Detector (RTD)

Bimetallic Temperature Sensor

Infrared Temperature Sensor

Thermocouple

By Industry Sector

Oil & Gas

Metals

Automotive

Electronics

Manufacturing

Others

By Region

North America

Europe

Asia-Pacific

ROW

Key Market Players

ABB Group

Denso Corporation

Honeywell International, Inc.

Emerson Electric Co.

STMicroelectronics N.V.

NXP Semiconductors N.V.

Infineon Technologies AG

Siemens

Bosch GmbH

Omron Corporation

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News From

Genesis Market InsightsGenesis Market Insights
Category: Market Research Publishers and RetailersCompany about: Genesis Market Insights (GMI), is a subsidiary of Genesis Management & Market Research Pvt.Ltd. (GMMR) having a strong experience both in primary and secondary market research serving small to large scale enterprises across the globe. Established in 1993, GMMR has become a recommended brand for Market Research for various international and MNC Corporations with its strong data foundation. With its exhaustive research capabilities, strong analytics services and in-house data validation tools, ...
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