The global temperature sensor market size is expected to reach USD 7.88 Billion by 2026, exhibiting a CAGR of 6.1% during the forecast period. The rising adoption of temperature sensors in process industries such as oil and gas, and chemical for the prevention of moisture, overheating, and corrosion will significantly aid the temperature sensor market share. Moreover, the rising investment in the oil and gas industry will attract sales opportunities for the market in the forthcoming years. For instance, as per the India Brand Equity Foundation, the investment in oil and gas exploration and production activities in India is expected to reach $25 million by 2022. In addition, the growing government policies and initiatives towards the fulfillment of energy demands and initiations of new projects will contribute positively to the temperature sensor market revenue during the forecast period.
According to the report, published by Fortune Business Insights, titled “Temperature Sensor Market Size, Share and Global Trend, By Type (Thermocouple, Thermistor, Resistance Temperature Detector (RTD), Semiconductor Temperature Sensor, Infrared Temperature Sensor, and Others), By End-User (Healthcare, Consumer Electronics, Automotive, Aerospace and Defence, Food and Beverages, Energy and Power, Oil and Gas, Chemicals, and Others), and Geography Forecast till 2026” the market size stood at USD 5.02 Billion in 2018. The report is aimed at delivering a comprehensive description of the temperature sensor market dynamics and structure by identifying and providing information regarding the key market segments. It also focuses on an all-encompassing analysis of leading market players by financial position, product, product portfolio, price, growth strategies, and regional presence. It offers PORTER’s analysis and SWOT analysis to record the question of shareholders and highlights the investment potential in the upcoming future. It also showcases what procedures and strategies; companies are currently implementing in the market. It further examines the components, convincing market expansion, growth patterns, restricting factors, and market strategies.
Introduction of PEKO by Exergen Global to Boost Market Potential
Exergen Global, a world leader and provider of Non-Contact Infrared Sensor Solutions launched “PEKO,” the first-ever non-contact thermal dynamic management solution, that combines a proprietary-design cooling mechanism with a unique emissivity control device to provide accurate, repeatable thermal measurement results in industrial settings under extreme conditions, with ambient temperatures as high as 500°C. The introduction of the new thermal dynamic management solution can be a crucial factor in boosting the temperature sensor market growth owing to its ability to benefit manufacturers to run operations safely while assisting in industrial processes and to position thermal sensors close to measurement targets. Moreover, Bram Stelt, CEO of Exergen Global, said in a statement, “Exergen Global is known worldwide for its proprietary Sensoranics™ design approach, which combines thermal management, thermal dynamics, and engineering expertise. “PEKO” is an outstanding example of how that approach can deliver solutions that and cost-effectively tackle the most unusual and complex thermal management challenges for a wide range of industries.”
Rising Technological Advancements to Bolster Growth in North America
North America generated a revenue of USD 1.79 billion and 2018 and is predicted to grow rapidly during the forecast period owing to the growing emphasis on HVAC systems, compact systems with standalone sensors and wearable devices. Furthermore, the increasing awareness about the advantages of temperature sensors in various industries, including automotive, oil & gas, and healthcare, will boost the temperature sensor market trends during the forecast period. Europe is likely to witness high growth during the forecast period owing to the presence of various automobile companies in the region. Asia Pacific is predicted to grow astoundingly during the forecast period due to the surge in the automotive sector and the growing sales of automotive vehicles.
The Report Lists the key Companies in the Temperature Sensor Market
· Emerson Electric Co.
· HONEYWELL INTERNATIONAL INC.
· DENSO CORPORATION
· Infineon Technologies AG
· Robert Bosch GmbH
· NXP Semiconductors
· OMRON Corporation
· TE Connectivity
· Analog Devices, Inc.
· Texas Instruments Incorporated