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Global RTD Temperature Sensors Market Rise with CAGR of 5.64% by 2023 | Key Players: TEXAS INSTRUMENTS, PANASONIC CORPORATION, SIEMENS AG, HONEYWELL INTERNATIONAL, ABB, ANALOG DEVICES, GENERAL ELECTRIC, KONGSBERG GRUPPEN

10-11-2018 02:39 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Market Prognosis

The global RTD temperature sensors market USD 1.11 billion in 2017, and is expected to reach a value of USD 1.54 billion by 2023 at a CAGR of 5.64%, during the forecast period of (2018 - 2023). The scope of the report is limited to type of measurement like surface measurement, liquid measurements, air and gas stream measurements. End-user industry is limited to consumer electronics, automotive, aerospace & defense, healthcare, chemical, oil & gas, energy and power, food & beverage, and retail sector. While the region considered in the scope of the report include North America, Europe, Asia pacific, Middle East & Africa, and Latin America.

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Increasing Demand for Temperature Sensors in Consumer Electronics
Temperature measurement and control is crucial to the steady performance of sophisticated consumer electronic products. The sensors provide long-term reliability, accuracy, and fast response times for the efficient operation of household electronics, such as home appliances, pool, and spa control, among other products. Owing to their high performance, RTDs are the primary sensors of choice for sophisticated HVAC applications. Highly efficient environmental building control systems require precision temperature measurements at numerous points within a project. Applications include monitoring and controlling room and air duct temperature, outside ambient temperature, condenser temperature, coolant line temperature, etc. Known for their precision, RTD has found a wide range of applications in the consumer electronics industry and the demand for them is expected to grow during the forecast period.

Key Developments in the Market
February 2017 - Emerson announced the sale of its Leroy-Somer and Control Techniques businesses to Nidec Corporation, which strengthens the company’s capacity for investment.

The major players include –
TEXAS INSTRUMENTS INCORPORATED, PANASONIC CORPORATION, SIEMENS AG, HONEYWELL INTERNATIONAL, INC., ABB LTD., ANALOG DEVICES, INC., GENERAL ELECTRIC, KONGSBERG GRUPPEN, EMERSON ELECTRIC COMPANY, STMICROELECTRONICS, MICROCHIP TECHNOLOGY INCORPORATED, NXP SEMICONDUCTORS N.V., and MAXIM INTEGRATED PRODUCTS, amongst others.

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Automotive Sector Has the Highest Market Share
The automotive industry is currently experiencing a passive market change. The rise of the shared economy and new partnerships with disruptive tech companies, are the factors resulting in the growth of automotive manufacturers.
The three key markets for automotive sales are the US, China and Europe. The drive toward innovation and the advent of autonomous vehicles is expected to drive the growth of automotive industry significantly in the developed regions, while the developing economies have witnessed a considerable rise in the consumer disposable income and can directly translate into an increase in the purchase of automobiles.

North America region has a significant market share
The highest share is attributed to the booming manufacturing and food-processing industries, especially in chamber application, where usually temperature (cold) is the only parameter monitored. RTDs are the most advanced versions of temperature measurement sensors that provide highly accurate, stable, linear response for moderate range of temperatures; however, they are energy inefficient, as they need external power. According to the US FDA, only two temperatures sensors are used in regulating the food and drug industry, namely resistance temperature detectors (RTDs) and thermistors. The number of employees in the chemical manufacturing industry is growing, directly implying the growth of chemical manufacturing industry.

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About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.

Contact us:
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Thane - 421501
India.
Contact No: +1 973 241 5193
Email: sales@marketprognosis.com

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