Temperature Sensors Market is estimated to reach $7.16 billion by 2023

The Report “Temperature Sensors Market: By Product Type (Thermistor, RTD, Thermocouple, ICs, Thermopiles, IR Sensors, Thermostat, Thermometer and others); By Type (Contact sensors, Non-contact Sensors); By Alloys used (Type K, Type M, Type E, Type J, Type C, Type N, Type T and others); By Metals used (Platinum, Nickel, Copper, Tungsten, Silicon); By Industry Verticals (Petrochemicals, Metal Manufacturing, Automation and Instrumentation, Power Industry, Electronics, Automotive and others) & Geographic Analysis - Forecast (2018-2023)”, published by IndustryARC, the market to reach $7.16 billion by 2023.

Browse 122 Market Tables, 38 Figures spread through 188 Pages and an in-depth TOC on “Temperature Sensors Market”

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According to a recent study from IndustryARC, the Temperature Sensors market is forecasted to grow at a CAGR of 6.2% from $4.87 billion in 2017 to $7.9 billion by 2023. The growth in the market can mainly be attributed to the petrochemical industry. The another leading driver for temperature sensors in consumer electronics is the substantial growth of tablets and mobile phones due to research and development immense innovations.

Temperature sensor measures the amount of heat energy or coldness that is generated by an object or system, and allows to sense physical change to that temperature by producing either an analogue or digital output. Non-contact temperature sensors are divided into thermopiles and infrared temperature detectors. Each sensor has its own advantages and features to be used in each industry. As for example automotive industry deploys thermistors whereas aerospace use thermocouples temperature sensors.. The sensor in automotive works by measuring the temperature that’s given by the thermostat or the coolant. That temperature is then sent to the on-board control system and then the vehicle’s computer uses the temperature information to continue operation or adjust certain engine functions at an ideal level. The sensor is also used in food processing, HVAC environmental control, medical devices, chemical handling and automotive under the hood monitoring.

Asia Pacific will dominate the temperature sensors market in the forecast period; 2018-2023 with a market share of approximately 34%. The market is estimated to grow at healthy CAGR during the mentioned forecast period. APAC has a huge demand for consumer equipment, including portable healthcare electronics and white goods. Not only will this, the increasing industrial automation, especially in automotive and food & beverages sectors, surely contribute to more demand for temperature sensors in APAC region.  

The Major Players in this Market Include

Temperature Sensors manufacturers have utilized mergers and acquisitions as well as product launches to augment entry into related markets and enhance core competencies through additions to product portfolio as well as leveraging capabilities of acquired companies to gain a foothold in the emerging markets.

The Temperature Sensors Market study across various industries is incorporated in the Report 

The overall market is also presented from the perspective of different geographic regions and the key countries for this industry.  Competitive landscape for each of the product types is highlighted and market players are profiled.