This industry research report segments the global temperature sensor market by application (oil and gas, automotive, food and beverage, HVAC, and consumer electronics) and by geography (APAC, Europe, and North America). The leading vendors in this market are Honeywell, Microchip Technology, NXP Semiconductors, Panasonic, STMicroelectronics, Sensata Technologies, and Texas Instruments.
Technavio’s market research analysts estimate the global temperature sensor market to grow at a CAGR of around 4% between 2016 and 2020. A temperature sensor is a vital component in many segments, such as food and beverage, automotive, and oil and gas. Rise in automation across these industries will boost the demand for these sensors in the coming years. Owing to the strict government regulations and emission control standards, the need for temperature sensors is gaining momentum among automotive manufacturers. North America is the largest market for temperature sensors, accounting for40% of eth total market share. Much of this region’s growth comes from the increase in the demand from the consumer electronics segment, increasing construction of smart homes, and the growing automotive industry.
The new market research report from Technavio provides a breakdown and analysis of the temperature sensor segments by technology.
“Growing demand for contactless temperature sensors is one of the latest trends gaining traction in this market. Contactless sensors are not only convenient to use, but they are less complex and provide more accurate results than contact temperature sensors. Moreover, contactless sensors are small in size, occupy less space, and have a top-of-the-line acquisition system, making them very useful. These sensors are used to monitor the temperature in hazardous environments such as places exposed to radiation and microwaves. The widespread application of contactless sensors is expected to aid in the growth of the temperature sensor market during the forecast period,” says Sunil Kumar Singh, Lead Analyst, Hardware & Semiconductor, Technavio Research
The analysts have estimated the oil and gas segment to account for more than 37% of the total market revenue by 2020. Sensors designed for the oil and gas industry are used to monitor the upstream, midstream, and downstream processes as they can detect the slightest changes in temperature and this will lead to its augmented utilization during the predicted period.
Segmentation of global temperature sensor market by application
Source: Technavio, 2016
The key vendors in the global temperature sensor market include Honeywell, Microchip Technology, NXP Semiconductors, Panasonic, STMicroelectronics, Sensata Technologies, and Texas Instruments. This market is highly competitive owing to the presence of a large number of established manufacturers. The competitive nature of this market is envisaged to intensify because of the rising demand for sensors from multiple industries, such as consumer electronics, automobiles, and defense and aerospace.
A more detailed analysis is available in the Technavio report, Global Temperature Sensor Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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