The Impact of Environmental Regulations on the Temperature Sensor Market
The Temperature Sensor Market would increase from USD 5.9 billion in 2021 to USD 8.0 billion in 2028, with a compound annual growth rate (CAGR) of 4.5% from 2021 to 2026. The market's expansion is related to the rise in demand for temperature sensors across a number of sectors, including the automotive, healthcare, and food and beverage industries. Temperature sensors are now required for preserving product quality and guaranteeing safety across several procedures. The market for temperature sensors is expanding as a result of technological developments and the growing uptake of the Internet of Things (IoT).
Due to the rising need for temperature sensors in sectors like oil and gas, consumer electronics, and healthcare, the temperature sensor market is expanding. Temperature sensors are essential for preserving product quality and guaranteeing process safety. Temperature sensors can also provide the various sensing ranges and resolutions that are needed by the majority of working settings. However, the conditions on a factory floor can be unclean, making it challenging to distinguish between humans and other robots. Nevertheless, the market for temperature sensors is expanding due to technological developments like the Internet of Things (IoT), and as temperature sensors increase in sophistication and dependability, they become a crucial part of numerous sectors.
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Drivers: Increasing penetration of temperature sensors in advanced & portable healthcare equipment
The Temperature Sensor Market is being driven by the rising demand for cutting-edge, portable medical equipment. The need for temperature sensors is growing as a result of the development of technologies like sophisticated patient monitoring systems and portable health monitoring systems. This is because of elements including an ageing population, a sedentary lifestyle, and a rise in viral diseases, all of which are predicted to raise the demand for portable medical equipment. In wearable medical equipment, temperature sensors are utilised to provide ongoing patient health monitoring. The market for temperature sensors is growing significantly due to the rising demand for portable and wearable healthcare devices.
Wireless temperature sensors are projected to witness the highest CAGR for the forecast period
During the projected period, the market for wireless temperature sensors is anticipated to grow at a faster compound annual growth rate (CAGR). The desire for miniaturised consumer electronics, including wearables and IoT-connected gadgets, is fueling the boom. The market for wireless temperature sensors is also expanding due to the growing trend of industrial automation and the demand for remote monitoring solutions across numerous sectors. Wireless temperature sensors are an excellent option for many applications across sectors because they provide an easy and affordable way to monitor temperature in real-time.
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Digital temperature sensors to account for the largest share of the market during the forecast period
During the projection period, digital temperature sensors are anticipated to hold the greatest market share in the temperature sensor industry. Compared to analogue temperature sensors, digital ones are easier to use, provide more precise temperature readings, and are compatible with microcontrollers and digital signal processors. These benefits have made digital temperature sensors useful in many applications, including test and measurement equipment, industrial automation, and the medical and aerospace sectors. The development of digital temperature sensor technology is also anticipated to fuel the market's expansion in the upcoming years.
Consumer Electronics is expected to hold the largest share in 2028
With a CAGR of 5.7% throughout the projection period, the consumer electronics category is anticipated to continue holding the highest market share in the temperature sensor market. The increasing use of temperature sensors in consumer electronics, including smartphones, laptops, tablets, PCs, and smart home appliances, is credited with the segment's growth. In the upcoming years, it is also anticipated that this segment's growth will be aided by the introduction of additional technologies. These devices can monitor and regulate temperature thanks to temperature sensors, assuring optimum performance and lowering the possibility of overheating.
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APAC is attributed to growing at the highest CAGR in the temperature sensor market during the forecast period (2021-2028)
The temperature sensor market is anticipated to grow at the highest CAGR during the forecast period (2021-2028) in the Asia-Pacific (APAC) region. The market for temperature sensors is dominated by this area, with significant contributions from China, India, South Korea, and Japan. The developing automotive, medical, and industrial manufacturing industries, as well as the rising demand for temperature sensors from international markets in North America and Europe, are responsible for the expansion of the temperature sensor market in APAC. Contrarily, North America has some of the most technologically sophisticated temperature sensor marketplaces in the world thanks to the region's big businesses in the chemical, oil & gas, healthcare, food & beverage, and pharmaceutical sectors.
Key Market Players
In 2020, the temperature sensor market was dominated by Honeywell International Inc. (US), TE Connectivity Ltd. (Switzerland), Texas Instruments Incorporated (US), Endress+Hauser Management AG (Switzerland), and Siemens AG (Germany).
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