Temperature Sensors Market: Current Analysis and Forecast (2022-2028)
Emphasis on Type (Contact and Non-contact); Application (Chemical, Oil & Gas, Consumer Electronics, Healthcare, Automotive, and Others); Region (North America, Europe, Asia-Pacific, Rest of the World); and Region/Country
The global temperature sensors market is expected to grow at a significant rate of around 5% during the forecast period. A temperature sensor is a device used to measure temperature. This can be air temperature, liquid temperature, or the temperature of solid matter. The increasing usage of temperature sensors in the research equipment and the rising research & development is attributed to the market growth of temperature sensors. Furthermore, the rising need for accurate sensors to monitor accurate temperature changes in weather forecasting and meteorological analysis is also an important factor affecting the market for temperature sensors.
Factors such as the growing demand for advanced and portable healthcare equipment is also driving the market’s growth during the forecast period. With the advent of advanced technologies, such as the advanced patient monitoring system and portable monitoring systems, is also increasing the demand for temperature sensors during the coming years.
Honeywell International Inc., TE Connectivity Ltd., Texas Instruments Incorporated, Endress+Hauser Management AG, Siemens AG, Maxim Integrated, Emerson, ABB, NXP, and Kongsberg are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, non-contact category to witness higher CAGR during the forecast period”
Based on the type, the market has been categorized into contact and non-contact. Among them, the non-contact segment is expected to have significant growth in the market. The non-contact category is expected to witness a higher CAGR during the forecast period. The demand for non-contact temperature sensors witnessed an uptick due to the strict government regulation after the COVID-19 pandemic to install temperature monitoring devices in public institutions. Furthermore, the increasing need for constant temperature management in the biopharmaceutical and food & beverage industries also drives the market for non-contact temperature sensors.
“Amongst application, oil & gas to hold a significant share in the market in 2020”
Based on the application, the market has been categorized into chemical, oil & gas, consumer electronics, healthcare, automotive, and others. Among these, oil & gas to hold a significant share in the market in 2020. The sensors are used to control the advanced warming of flue gases to provide a better heat transfer rate in om boiler and help in saving fuel. Hence, propelling the use of temperature sensors in the oil & gas industry. Furthermore, temperature sensors are used in the safety equipment to prevent any mishaps in the plant.
“North America to hold a significant share in the market”
For a better understanding of the market adoption of the temperature sensors industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. In 2020, North America held a significant share of the global temperature sensors market. This is mainly attributed to the presence of major companies and well-established industrial and healthcare infrastructure in the region. Additionally, frequent product launches in the region are also an important driving factor for the market growth of temperature sensors. For instance, in June 2022, Renesas announced new relative humidity and temp sensors Renesas also introduced the ZSSC3281 sensor signal conditioning (SSC) integrated circuit for highly accurate amplification, digitization, and sensor-specific correction of sensor signals.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Temperature Sensors market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Temperature Sensors Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global temperature sensors market were the three major steps undertaken to create and analyze the adoption of temperature sensors in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global temperature sensors market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Temperature Sensors market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the temperature sensors market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as segment type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the temperature sensors market. Further, we conducted factor analysis using dependent and independent variables such as type and application of temperature sensors. A thorough
analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the temperature sensors market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global temperature sensors market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the temperature sensors market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global temperature sensors market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global temperature sensors market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of sample and type in the global temperature sensors market.
The main objective of the Global Temperature Sensors Market Study
The current & future market trends of the global temperature sensors market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the temperature sensors market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type and application.
- Define and analysis of the regulatory framework for the temperature sensors industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the temperature sensors market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the temperature sensors market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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