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With 5.6% CAGR, Temperature Sensor Market Growth to Surpass USD 9.7 billion
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The rise in the demand for advanced healthcare equipment due to the emergence of advanced technologies like advanced patient monitoring systems and portable health monitoring systems, the demand for temperature sensors is increasing. Many sensor manufacturers have created specialized sensors, like humidity and temperature sensors, that are used in the medical field for equipment used in blood banks, hospitals, biopharmaceutical companies, pharmaceutical factories, cold chain logistics, freezers, incubators, refrigerated trucks, and other medical facilities. Medical applications demand the ultimate in accurate and reliable monitoring of critical temperature measurement. The increasing demand from the healthcare industry, which also leads to the increasing interest of manufacturers such as Amphenol Corporation, Honeywell International Inc., and others, is driving the growth of the temperature sensor market. The increasing popularity of portable and wearable healthcare devices acts as a major driving factor for the growth of the temperature sensor market.
Temperature sensors play a critical role in Industry 4.0 and industrial automation by providing real-time data for process monitoring, control, and optimization. The integration of temperature sensors with Internet of Things (IoT) devices and Industry 4.0 initiatives provides opportunities for real-time monitoring, data analytics, and automation in various industries and thus drives the growth of the temperature sensor market. With the drive toward Industry 4.0, robotic, automation, and control systems on the factory floor have become commonplace as these systems allow manufacturers to increase efficiency, productivity, and profitability. With the continuous evolution of Industry 4.0 and industrial automation, the demand for advanced temperature sensors is expected to grow significantly.
The contact temperature sensors product type is expected to hold the highest CAGR during the forecast period. Contact temperature sensors can be used to detect solid, liquid, or gaseous elements spanning a wide range of materials; therefore, this sector is expected to maintain a greater market share than the non-contact temperature sensors segment over the projection period. The chemical, consumer electronics, oil and gas, energy and power, and automotive industries use contact temperature sensors extensively because of their low cost, broad temperature range, and excellent accuracy.
Based on region, Asia Pacific is expected to hold the largest share in the temperature sensor market in 2023. India, Japan, China, and South Korea are among the major contributors to the growth of the temperature sensor market in APAC. The increasing demand from automotive, medical, and industrial manufacturing industries and the rising demand for temperature sensors from overseas markets of North America and Europe are creating an opportunity for the market. Further, China, being a global manufacturing hub for various industries, including semiconductor, electrical and electronics, and automotive, holds immense potential for the growth of the temperature sensor market. In addition, the temperature sensor market in India is projected to register the highest CAGR in the forecast period. India is among the major markets for automotive, mining, and power generation-key end-user industries for temperature sensors. Apart from these industries, the consumer electronics industry is also expanding at a rapid pace. Government initiatives for value-added manufacturing in India are expected to further promote the temperature sensors market in the country.
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Major players operating in the temperature sensor market are Honeywell International Inc. (US), TE Connectivity (Switzerland), Texas Instruments Incorporated (US), Endress+Hauser Group Services AG (Switzerland), Siemens (Germany), Emerson Electric Co. (US), Analog Devices (US), Amphenol Corporation (US), WIKA Alexander Wiegand SE & Co. KG (Germany), and Microchip Technology Inc. (US) among others. These companies have strong distribution networks and reliable manufacturing facilities across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of a robust market presence, reputable products and services, and strong business strategies. Furthermore, these companies have a significant market share, products with varied applications, broader geographical use cases, and a more extensive product footprint.
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