Press release
APAC to grow at the highest CAGR in Temperature Sensor Market (2021-2028)
Rising environmental concerns and growing demand for sustainable solutions, coupled with investment in R&D by government organizations are major factors contributing to the growth of temperature sensor market. The report provides information on key companies in the market and their offerings, every detail on definitions, industry news, challenges faced by the players in the market. It also presents company profiles illustrating their key innovations around growth drivers for high-growth segments including IR's and Sensors.Why is APAC Attributed to growing at the highest CAGR in the temperature sensor market?
The temperature sensor market is projected to grow from USD 5.9 billion in 2021 to USD 8.0 billion by 2028, at a CAGR of 4.5% from 2021 to 2028.The key driver for this growth is the increasing demand for environmental monitoring and smart city solutions.
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The increased demand for environmental monitoring solutions in APAC is due to concerns over air quality, climate change, and water management. Countries such as China and India are aggressively investing in green tech initiatives, which is driving the growth of the temperature sensor market in this region. These countries are also promoting electric car adoption, which is expected to increase the use of temperature sensors in automobiles.
Based on this report, companies such as , Honeywell International Inc. (US), TE Connectivity Ltd. (Switzerland), Texas Instruments Incorporated (US), Endress+Hauser Management AG (Switzerland), and Siemens AG (Germany).
Factors that are influencing this industry
Apart from these factors, rising demand for smart buildings and increasing deployment of Internet of Things (IoT) solutions are also helping to drive the market growth. As a result, players in this market are investing in innovative temperature sensor technologies. This is resulting in greater demand for sensors that can track various parameters such as air quality, noise level, temperature, humidity, and location.
Moreover, there is a growing preference for end-to-end solutions in this market. This is because customers want sensors that integrate seamlessly with their existing infrastructure and provide a holistic view of environmental conditions. In addition, companies are investing in novel technologies such as wireless sensors and big data analytics tools to improve sensor accuracy and timeliness. This is resulting in heightened customer satisfaction levels.
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