Temperature sensors Market to Record Stellar Growth During the Forecast Period 2023
Temperature sensors are the electronic tools use to rate how hot an operating machine is. High demand for temperature sensor equipment results in growing the market. The global temperature sensors market is anticipated to rise by CAGR of 6% and touch $ 7.5 billion during the forecast period 2016-2023.
Factors like increasing demand for temperature sensors in the automotive sector, growing use of home and building automation systems and rising demand for temperature sensors in advanced and portable healthcare equipment are driving the industrial robotics market. However, the decline in the pc market will hamper in the growth of the temperature sensors market.
Geographically, Asia Pacific is expected to increase at the highest growth rate over the forecasting period 2016 and 2023. Increasing demand for consumer equipment and healthcare electronics in the high-density countries such as India and China will lead to increasing demand for temperature sensors in the region. In addition, rising industrial automation, especially in the automotive industry and food & beverages sectors, will result in growing the Asia Pacific temperature sensor market.
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The global temperature sensors market categorized on the basis of product type and end-user industry.Further on the basis of product type, the market is categorized into the contact type and non-contact type temperature sensor market. Among these contact type temperature market is expected to increase at higher CAGR during force. The growing demand for, smartphones and other consumer electronics devices are resulting in the growth of the market. On the basis of end-user industry, the market is categorized into various segments such as chemicals, oil & gas, energy & power, consumer electronics, food & beverages, healthcare, automotive, aerospace & defence, advanced fuels, metals & mining, glass, and pulp & paper. Among these segments, it is expected that the chemical end-user industry will lead the market in the forecasting period 2016-2023.
The major companies active in the global temperature sensor market include ABB, Texas Instruments, Analog Devices, Amphenol, Honeywell International, Global Mixed-Mode Technology, Kongsberg Gruppen, Integrated Device Technology, Microchip Technology and others. These companies use various strategies such as merger & acquisition, collaboration, partnership and product launch whereas, product launch is the key strategy adopted by the companies in the global temperature sensors market.
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For instance, October 26, 2018, Texas Instruments the US-based company has launched new temperature sensors – TMP117 and TMP117M, offer ±0.1°C accuracy across a wide temperature range. These two sensors help in simplifying system design for industrial and medical applications.