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Temperature Sensor Market With COVID-19 Impact by Product Type, Output, Connectivity, End-User Industry, & Region - Global Forecast to 2028

Temperature Sensor Market With COVID-19 Impact by Product Type, Output, Connectivity, End-User Industry, & Region - Global Forecast to 2028

  • September 2021
  • 266 pages
  • ID: 5006193
  • Format: PDF
  • MarketsandMarkets

Summary

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The temperature sensor market is projected to grow from USD 5.9 billion in 2021 to USD 8.0 billion by 2028, at a CAGR of 4.5% from 2021 to 2028. The continuous demand for temperature sensors, which are integrated into devices like wearable bands, smartphones, and patient monitoring devices, from industries such as consumer electronics and healthcare is driving the temperature sensor market growth. For the past few years, the demand for reliable, high-performance, and low-cost sensors has been increasing, leading to the development of new technologies like micro and nanotechnology, which provides benefits such as miniaturization, low power consumption, and mass production. However, high initial cost involved in advanced sensors is expected to restraint market growth.

Non contact temperature sensors will have the highest growth in the coming years
The non-contact temperature sensors segment is projected to register a higher than the contact temperature sensors segment from 2021 to 2028, owing to their capacity of measuring the surface temperature of a body or object to be identified without any physical contact between the sensor and the measurement object. These temperature sensors are mainly used for small, moving, and inaccessible objects/sources/devices.

Consumer Electronics is expected to hold the largest share in 2028
The consumer electronics segment is projected to register a CAGR of 5.7% during the forecast period. This segment is likely to continue holding the largest market share during the forecast period owing to the growing adoption of temperature sensors in consumer electronics, including smartphones, PCs, laptops, tablets, and other smart home appliances. Lately, several newer devices have also been added under this segment.
APAC is attributed to growing at the highest CAGR in the temperature sensor market during the forecast period (2021-2028)
APAC accounted for the largest share (~46%) of the temperature sensor market in 2020.China, India, South Korea, and Japan are the major contributors to the growth of the temperature sensor market in APAC.

The temperature sensor market in APAC is likely to be driven by the evolving automotive, medical, and industrial manufacturing companies and the rising demand for temperature sensors from overseas markets of North America and Europe.However, the US, Canada, and Mexico are the major contributors to the growth of the temperature sensor market in North America.

North America is one of the most technologically advanced markets for temperature sensors owing to the presence of prominent system suppliers as well as large chemicals, oil & gas, healthcare, and food & beverage companies in the region.

The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 - 45%, Tier 2 - 32%, and Tier 3 - 23%
• By Designation: C-level Executives - 30%, Director Level - 45%, and Others - 25%
• By Region: North America - 26%, Europe - 40%, APAC - 22%, and RoW - 12%
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).

Research Coverage:
This research report categorizes the temperature sensor market by product type, output, connectivity, end-user industry, and region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the temperature sensor market and forecasts the same till 2028.

Key Benefits of Buying the Report

The report would help leaders/new entrants in this market in the following ways:
1. This report segments the temperature sensor market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes product launches and developments, collaborations and acquisitions.
4. This report would help understand the pre and post-COVID-19 scenarios as to how would the penetration of temperature sensors will look like for the forecast period. The region segment includes the country wise impact analysis of COVID-19 and initiatives taken to overcome these impacts.

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