According to a new report published by Allied Market Research, titled, “Temperature Sensor Market,” The temperature sensor market size was valued at $6.7 billion in 2022, and is estimated to reach $11.2 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.
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Factors contributing toward the growth of the temperature sensor market include surge in penetration of the Internet of Things & Industry 4.0, rise in industrial automation levels, and promising government regulations towards the usage of temperature sensor sensors.
The global adoption of Industry 4.0 rules has recently increased demand for infrared temperature sensors in the manufacturing sectors. In the area of predictive maintenance, IR temperature sensors have been obtaining a significant market share. The effectiveness of IR temperature sensors could seldom be substituted for the growing need to monitor the temperature of moving parts. An infrared body temperature monitoring sensor for large-area detection and monitoring would significantly improve awareness and control the spread of an outbreak.
In the plastic moulding sector, IR sensors may be used to optimise thermoplastic demolding operations. IR temperature sensors are utilised in the automobile industry in combination with paint shops, which employ clever algorithms to compute the length of time a chassis spends in the drying oven without compromising the paint job.
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The adoption of micro-electromechanical system (MEMS) technology played a vital role in the growth of the temperature sensors market globally. In March 2022, CTS Corporation completed the acquisition of TEWA Temperature Sensors Zo.o. and its subsidiaries for an enterprise value of $24.5 million. TEWA is a reputable designer and manufacturer of high-quality temperature sensor industry.
Several uses of wifi temperature sensor, including wellhead tanks, flare systems, chemical tanks, compressors, and pipeline data collection, are among some of the multiple applications of temperature sensors in the oil and gas industry. The applications of temperature sensors in the oil and gas industry are considered critical. Installing a wired device inside a pipe or a tank would be inefficient if the operating temperature is relatively high. Conversely, rise in adoption of temperature sensors in several industries is anticipated to offer potential growth opportunities for the global temperature sensors industry.
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Rapid IoT, AI, and robot adoption has allowed breakthroughs in wearable technology, resulting in a tremendous need for temperature sensors. Furthermore, new advances in advanced patient monitoring systems that enable remote healthcare are increasing the demand for sensors that improve the intelligence of medical equipment, such as life-supporting implants. Temperature sensors are gaining popularity as a result of their widespread use in sleep apnea machines, blood analyzers, medical incubators, ventilators, renal dialysis machines, neonatal critical care units, and monitoring the temperature of organ transplant systems.
The global temperature sensors market is segmented into type, industry vertical, and region. On the basis of type, it is categorized into thermistor, thermocouple, resistance temperature detector, infrared temperature sensor, and others. In 2022, the thermocouple segment dominated the temperature sensor market share, in terms of revenue. On the basis of industry vertical, it is fragmented into healthcare, healthcare & pharmaceutical, chemical, oil & gas, energy & power, and automotive. The oil and gas segment acquired the largest share in 2022 and is expected to grow at a significant CAGR from 2023 to 2032.
Based on type, the thermocouple segment held the highest share in 2022, accounting for nearly half of the global temperature sensor market, and is expected to continue its leadership status during the forecast period. This segment is expected to register the highest CAGR of 6.1% from 2023 to 2032.
Based on industry vertical, the oil and gas segment accounted for the highest share in 2022, contributing to more than one-third of the global temperature sensor market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the chemical segment is expected to manifest the highest CAGR of 7.9% from 2023 to 2032.
Based on region, Asia-Pacific held the largest share in 2022, contributing to around half of the global temperature sensor market share. In addition, the same region is expected to manifest the fastest CAGR of 6.3% during the forecast period and is projected to maintain its dominant share in terms of revenue in 2032.
Region-wise, the temperature sensor market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific remains significant participants in the temperature sensor market growth.
Key Findings Of The Study:
• The temperature sensor market analysis is expected to continue growing in the coming years, driven by increasing demand for laminated products across various industries, technological advancements, and a growing trend towards sustainability.
• The growing trend towards sustainability is driving the adoption of eco-friendly products in the production of temperature sensors market. Temperature sensors that use processes are in high demand, and manufacturers are investing in the development of environmentally friendly temperature sensors.
• Asia Pacific is the largest market for temperature sensors, driven by the increasing demand for temperature sensors in industries such as oil and gas, manufacturing and automotive. The region is also home to some of the largest manufacturers of temperature sensors systems.
• The temperature sensors market is highly competitive, with several major players operating globally. To remain competitive, companies are focusing on product innovation, strategic partnerships, and expanding their distribution networks.
The key temperature sensors market leaders profiled in the report include Analog Devices, Inc, TE Connectivity Ltd., Texas Instruments Inc., Siemens AG, Amphenol Advanced Sensors, STMicroelectronics N.V., Honeywell International Inc., Emerson Electric Co., WIKA Instruments India Pvt. Ltd., and Endress +Hauser Group Services AG. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration and business expansion to increase the temperature sensors market share during the forecast period.
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