Temperature Sensor Market in Agriculture: Improving Crop Yield and Quality
The Temperature Sensor Market Report projects that the market will be valued USD 5.9 billion in 2021 and will increase at a Compound Annual Growth Rate (CAGR) of 4.5% between 2021 and 2026 to reach USD 8.0 billion by 2028. Applications for temperature sensors include those in the automotive, healthcare, aerospace and defence, and industrial fields. During the forecast period, the market is anticipated to grow due to the rising need for accurate and dependable temperature monitoring systems as well as the rising demand for temperature sensors in these industries. The report also identifies the leading market participants and their marketing plans for gaining a competitive edge.
Due to the constant demand from sectors like consumer electronics and healthcare, where these sensors are used in products like wearable bands, smartphones, and patient monitoring systems, the temperature sensor market is expanding. As the demand for dependable, high-performing, and affordable sensors has grown, new technologies like micro- and nanotechnology have been created. Benefits including miniaturisation, low power usage, and mass production are provided by these technologies. The high initial cost of sophisticated sensors, however, is anticipated to limit market expansion.
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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).
Digital temperature sensors to account for the largest share of the market during the forecast period
Digital temperature sensors are anticipated to rule the temperature sensor market during the forecast period. This is because they have a number of advantages over analogue sensors, particularly in remote applications. In the medical and aeronautical fields, as well as in test and measurement tools and industrial automation, digital temperature sensors are frequently utilised. In the upcoming years, their popularity is most likely to continue rising.
Contact temperature sensors is estimated to hold a major share of the market
contact temperature sensors are predicted to account for a sizeable portion of the temperature sensor market by 2028, rising to over 86%. This is because contact temperature sensors are capable of sensing solid, liquid, or gaseous components in a wide variety of materials. Due to their low cost, wide temperature range, and excellent precision, contact temperature sensors are widely used in many industries, including chemicals, consumer electronics, oil & gas, energy & power, and automotive. As a result, it is anticipated that over the projection period, the market for contact temperature sensors will continue to have a greater market share than that of non-contact temperature sensors.
Consumer Electronics is expected to hold the largest share in 2028
By 2028, the consumer electronics sector is anticipated to have the biggest market share for temperature sensors. Due to the growing use of temperature sensors in various consumer electronics such smartphones, laptops, PCs, tablets, and smart home appliances, the market is anticipated to grow at a compound annual growth rate (CAGR) of 5.7% during the forecast period. With the introduction of newer devices and the expectation that the market would continue to increase, the consumer electronics sector currently holds the biggest market share.
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Why rising need for temperature control for food safety management is a good opportunity?
Temperature sensor manufacturers have a sizable window of opportunity thanks to the growing demand for temperature control in food safety management. To keep foods that could be harmful within a safe temperature range during several stages of food processing, including cooking, cooling, refrigeration, and defrosting, temperature control is essential. Food safety management is becoming an important undertaking as people become more aware of food safety issues and testing procedures. Food must be transported safely from the farm to the table according to the Food Safety Modernization Act (FSMA) rule on Sanitary Transportation of Human and Animal Food. The requirement for refrigeration and temperature control has increased as a result of this regulation and the increase in the availability of packaged foods. Temperature sensor tags connected to food items for temperature tracking during the route are also necessary to prevent maltreatment or high temperatures during transit.
How continual price reductions and intense competition among manufacturers remain a challenge?
The market for temperature sensors continues to face substantial obstacles from ongoing price reductions and fierce manufacturer competition. Temperature sensor manufacturers use aggressive price cutting tactics to enter expanding markets like China and India, which fuels price competition. Intense rivalry among manufacturers is also a result of the cheap access to technology and low-to-medium initial investment costs that have attracted numerous companies to the already fragmented temperature sensor market. Because of this ongoing pressure to cut costs and maintain competitive pricing, manufacturers' long-term profitability and sustainability may suffer.
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