Global Temperature Sensor Market: Snapshot
The growth of the global temperature sensors market is gaining traction due to growing manufacturing electronics industries globally. The demand for temperature sensors is likely to increase substantially in the next few years due to widening its application in the wearable devices and consumer electronics. This is a key factor driving the growth of the global temperature sensor market. Growing oil and gas industries are fuelling demand for temperature sensors and likely to propel demand for temperature sensor market.
According to the report by TMR, the global market for temperature sensor market was valued at around US$4.6 bn in 2015 and is anticipated to expand at a CAGR of around 4.60% from 2016 to 2024 to attain a value of US$6.6 bn by the end of 2024. In terms of volume, the market is expected to expand with a CAGR of 7.40% over the same period of prediction.
Widening Application of Temperature Sensors to be Beneficial for Growth
On the basis of type, the global temperature sensor market is segmented into thermistors, thermocouple, resistance temperature detectors, infrared temperature sensors, bimetallic temperature sensors, and fiber optic temperature sensors. Of these, thermistors are dominating the global market for temperature sensors owing to demand thermistors has been higher than other types of temperature sensors.
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On the basis of technology, the global temperature sensor market is segmented into food and beverage, aerospace and defense, chemicals, oil & gas, semiconductor and electronics, automotive, healthcare, and others. Of these, the medical and healthcare sector is dominating the global temperature sensor market and expected to continue over the forecast period. The growing demand for temperature sensors in the advanced healthcare equipment is a key factor fuelling the global temperature sensor market. Apart from this, expansion of oil and gas sector is boosting demand for the temperature sensors. This growth of the manufacturing industry, semiconductor, and electronics industries in the developing countries is fuelling the growth of the temperature sensor market.
Growing Government Initiatives to Bolster Growth in Asia Pacific
On the basis of region, the global temperature sensor market is segmented into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Of these, North America is dominating the global market for temperature sensor owing to the higher adoption of the temperature sensors in the region. The region accounted for 40% shares of the overall temperature sensors market in 2015. Increase in government initiatives in order to the improvement of the medical and healthcare sector in the region.