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 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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Rising demand due to the developments in the automotive industry
Use of automation in smart home concepts
Reduction in prices due to the introduction of substitute technology
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
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
Regulatory bodies, policymakers, and consumers.
By Product Type
Temperature Sensor IC
Resistive Temperature Detector (RTD)
Bimetallic Temperature Sensor
Infrared Temperature Sensor
By Industry Sector
Oil & Gas
Key Market Players
Honeywell International, Inc.
Emerson Electric Co.
NXP Semiconductors N.V.
Infineon Technologies AG
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