Temperature Sensor Market Industry Growth, Competitive Analysis, Future Prospects Forecast To 2028


The Temperature Sensor Market is anticipated to grow at a CAGR of 4.5% from 2021 to 2028, from an estimated value of USD 5.9 billion to USD 8.0 billion (2021–2028).

The primary drivers of the temperature sensor market's expansion include the persistent demand from sectors like consumer electronics and healthcare for temperature sensors, which are used in products like wearable bands, smartphones, and patient monitoring equipment. The need for dependable, high-performing, and affordable sensors has grown over the past several years, which has sparked the creation of new technologies like micro and nanotechnology, which provide advantages including miniaturisation, low power consumption, and mass production.   

The highest CAGR is anticipated for wireless temperature sensors during the projection period.

The strong demand from regions like Asia Pacific and RoW is likely to drive wireless temperature sensors to expand at a higher CAGR over the forecast period. Moreover, wireless temperature sensors have advantages including the ability to monitor temperature and other parameters (such as Humidity, CO2 levels, Ambient light, etc.). Additionally, the wireless temperature sensors reduce human error, have few compliance problems, and provide precise data for analytics. Because to these advantages, they are in high demand across a variety of industries, including laboratories, pharmacies, warehouses, manufacturing facilities, and restaurants. 

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Throughout the anticipated period, digital temperature sensors will have the most market share and experience the fastest growth.

The high speed and accuracy of detection offered by temperature sensors with digital outputs over those with analogue outputs make them particularly well suited for remote applications. The medical and aerospace industries, test and measurement equipment, and industrial automation all use digital temperature sensors. The two regions with the biggest demand for digital temperature sensors are Asia Pacific and North America.

The market's largest share will be accounted for by contact temperature sensors.

Contact temperature sensors are anticipated to control 86% of the market by 2028. Due to contact temperature sensors' use in detecting solid, liquid, or gaseous matter across a variety of materials, it is anticipated that this category will hold a bigger market share than non-contact temperature sensors over the projection period. Due to their low cost, wide temperature range, and excellent precision, contact temperature sensors are also widely utilised in the chemical, consumer electronics, oil & gas, energy & power, and automotive industries.

In 2028, the oil and gas sector is anticipated to hold the second-largest proportion.

Another significant end user of temperature sensors is the oil and gas sector, which is anticipated to expand quickly over the course of the projection period. Temperature sensors are in great demand in the oil and gas sector because they are used in applications that require continuous monitoring and measurement to prevent unplanned outages and maintenance.

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The temperature sensor market is expected to expand at the greatest CAGR during the forecast period, followed by RoW.

In 2020, Asia Pacific held the biggest market share for temperature sensors. The temperature sensor market in APAC is expanding primarily due to China, India, South Korea, and Japan. The growing demand for temperature sensors from international markets in North America and Europe as well as the development of automotive, medical, and industrial production firms are projected to drive the temperature sensor market in APAC. The market for temperature sensors in North America is expanding, although the main drivers of this expansion are the US, Canada, and Mexico. Because of the region's big chemical, oil and gas, healthcare, food and beverage, and system providers, North America is one of the most technologically advanced markets for temperature sensors.

Due to the rising demand from the Middle East and Africa area, the rest of the globe region is anticipated to develop at the fastest rate during the projected period, while South America exhibits the highest growth rate in the temperature sensor market.

Key Market Players

The temperature sensor market was dominated by Honeywell International Inc. (US), TE Connectivity Ltd. (Switzerland), Texas Instruments Incorporated (US), Endress + Hauser Management AG (Switzerland), Siemens AG (Germany), Maxim Integrated (US), Emerson (US), Amphenol (US), Wika Instrument (Germany), and Dwyer Instruments (US). 

News Covered: 

https://www.prnewswire.com/news-releases/temperature-sensor-market-worth-8-0-billion-by-2028---exclusive-report-by-marketsandmarkets-301383738.html 

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