Digital Temperature Sensor Market - Forecast(2024 - 2030)

Digital Temperature Sensor Market size is estimated to reach $6.3 billion by 2030 at a CAGR 9.4% during the forecast period 2024-2030. The growth of Digital Temperature Sensor market is majorly attributed to the rising demand for integrated humidity and temperature sensors to provide high accuracy measurements with low power requirements in order to simplify asset monitoring solutions preventing from premature equipment failure. Increasing penetration of digitalization in sensing technology is estimated to drive Digital Temperature Sensor Market. The burgeoning demand for advanced electronics products for consumer electronics including smartphones, smart wears or smart home applications is significantly triggering the market. Presence of temperature sensors integrated with heating, ventilation air conditioning (HVAC) system in autonomous cars or electric vehicles are also contributing to the Digital Temperature Sensor market growth.

Technological advancements in sensor types, technologies, and packaging are driving increased accuracy and efficiency in the digital temperature sensor market. These innovations ensure precise temperature measurements, leading to improved product quality, streamlined processes, and enhanced competitiveness for businesses in various industries. Additionally, Digital temperature sensors are now seamlessly integrated with IoT systems, enabling businesses to monitor and control temperature in real-time. This integration enhances operational efficiency, ensures product quality, and enables predictive maintenance, leading to cost savings and improved customer satisfaction in various industries.

The report “Digital Temperature Sensor Market – Forecast (2024-2030)”, by IndustryARC covers an in-depth analysis of the following segments of the Digital Temperature Sensor Market

By Sensor: Capacitive Temperature Sensor, Resistive Temperature Sensor, Temperature Switch, Thermostat, and Fan Controller IC

By Technology: Contact, Non-Contact

By Usage: Gas, Liquid, Air

By Application: Powertrain, Body Electronics, Smart Utility, Smart Home, Control and Automation, Medical Devices, HVAC and Others

By End User: Automotive, Aerospace, Agriculture, Power, Utility, Oil & Gas, Mining, Healthcare, Chemical, Food & Beverage, Retail & Consumer Goods, Warehouse & Logistics, Enterprise, Residential/Consumer, Industrial and Others

By Geography: North America (U.S., Canada, Mexico), South America (Brazil, Argentina, Chile, Colombia, and Rest of South America), Europe (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe), APAC (China, Japan, South Korea, India, Australia & New Zealand, Thailand, Malaysia and Rest of APAC) and RoW (Middle East and Africa).

 

By application in Digital Temperature Sensor, Smart home applications are estimated to witness significant growth due to rising demand for consumer electronics and increasing penetration of smart home appliances to control residential HVAC system. In June 2022, Renesas Electronics announced a new family of relative humidity, temperature sensors, and related solutions. The sensors provide high accuracy, fast measurement response time, and ultra-low power consumption in a small package size to support deployment in portable devices or products designed for harsh environments. Such innovations are set to drive the market from 2024 to 2030.

By end user Industrial sector is estimated to account for the largest market share of more than 27.5% in 2023. Among industrial sector, Automotive is analysed to witness a significant growth between 2024 and 2030 due to the rising demand for powertrain, body electronics and alternative fuel vehicle. Utility sector is estimated to witness the highest growth with a CAGR of 12.9% during 2024-2030 due to increasing demand for real-time thermal monitoring of mission critical applications to optimize performance and efficiency. In September 2023, E+E Elektronik launched the HTS801, a new humidity and temperature sensor. The sensor features a heat-able sensing element for accurate measurements and ensures long-term stability under challenging conditions. Such developments are estimated to significantly trigger the market growth during the forecast period 2024-2030. Consumer sector is analysed to witness significant growth from 2024 to 2030 due to rising demand for smart sensors for smart home applications.

By Geography, Digital Temperature Sensor market is segmented under North America, Europe, APAC, South America and RoW. APAC is estimated to be the fastest growing market with a CAGR of 11.5% owing to heavy industrialization and transition towards digitalization. According to International Monetary Fund, The Asia-Pacific region remains a key driver of global growth in 2023. Growth in the region increased to 4.6 percent in 2023 from 3.9 percent in 2022. North America is estimated to hold a significant amount of market share at 37.1% during the forecast period 2024-2030 owing to high government investments in smart grid infrastructure and continuous up-gradation of existing infrastructure towards latest technology. With the U.S. Department of the Interior planning to allow offshore exploratory drilling in about 90% of the Outer Continental Shelf (OCS) acreage under the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024, the oil and gas sector in the region is expected to open up new opportunities to the market.

Increasing adoption of autonomous cars and electric vehicles is set to drive the market during the forecast period 2024-2030. Rising demand for intelligent sensors in automotive sector enabling data conversion, digital processing to create a robust thermal management solution ensuring safety of critical applications is propelling the market. Growing demand for faster data processing and instantaneous reliable decision making to simplify asset monitoring solution with minimum human intervention is analyzed to significantly trigger the growth of the market during 2024-2030. In June 2023, Digital Matter launched the Hawk solution using the Nordic nRF9160 SiP, enabling cellular IoT data logging with temperature sensors. The Hawk supports LTE-M/NB-IoT connectivity, enhancing temperature monitoring capabilities Such innovations are steering the market.

Increasing convergence of utility sector with digitalization to deliver an intelligent digital grid management system has contributed to the growth of the market. Growing demand for deployment of Advanced Metering Infrastructure (AMI) and Distribution Automation (DA) has significantly triggered the market. Increasing penetration of smart sensors in utility sector enabling transmission of data and communication with external devices to optimize power generation, transmission and distribution is poised to drive the market. Massive and quick adoption of smart meters for smart home applications is also set to steer the digital temperature sensor market. In March 2022 Honor launched Earbuds 3 Pro with integrated temperature monitoring technology. Honor's buds would include a temperature sensor combined with an AI temperature algorithm. Such product launches are augmenting the market.

Digital Temperature Sensor installation includes high capital expenditure due to rising costs of intelligent electronic devices. Many enterprises are reluctant to adopt this advanced monitoring system due to budget constraint and thus restraining the growth of the market.

Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Digital Temperature Sensor market. In 2023, the market of Digital Temperature Sensor industry outlook has been fragmented by several companies. Digital Temperature Sensor top 10 companies include Texas Instruments Incorporated, Microchip Technology Inc., Continental AG, NXP Semiconductor N.V., Analog Devices, Inc., Sensirion AG, Robert Bosch GmbH, Melexis NV, Semiconductor Components Industries, LLC, AVTECH Software, Inc. among others.

Report Code: AIR 0020

Report Code: ESR 017