Meticulous Research® has released a new report titled "Temperature Sensors Market by Type (Contact Sensors (Thermistors, Thermocouples, RTDs, Others), Non-contact Sensors), Output (Analog, Digital), End-use Industry (Automotive, Healthcare, Consumer Electronics, Oil & Gas, Others), Geography - Global Forecasts to 2031." This report provides a comprehensive analysis of the temperature sensors market, predicting a significant growth trajectory over the next several years.
The report indicates that the global temperature sensors market is expected to reach $10.5 billion by 2031, with a compound annual growth rate (CAGR) of 5.1% from 2024 to 2031. This growth is primarily driven by the increasing adoption of temperature sensors in building automation, the rising demand for temperature sensors in the automotive industry, and the growing use of sensors in smart devices. Additionally, the expanding application of temperature sensors in wearable technology and the increasing automation of industrial processes are likely to present significant growth opportunities. However, market growth may be restrained by the volatility of raw material prices and the stringent performance standards required in advanced applications.
The temperature sensors market is segmented by type, output, and end-use industry, with the report providing a detailed analysis of the competitive landscape and regional markets.
In terms of type, the market is divided into contact sensors and non-contact sensors. The contact sensors segment is expected to account for 83.0% of the global market share in 2024. This dominance is attributed to the widespread use of contact sensors in applications that require temperature detection across various states, including solids, liquids, and gases. These sensors are increasingly used in the medical, pharmaceutical, and food processing industries for temperature monitoring and control. To cater to the growing demand, industry players are focusing on product innovation. For instance, TDK Corporation launched the NTCWS series of NTC thermistors with Au wire bonding in September 2023. Meanwhile, the non-contact sensors segment is expected to grow at a faster rate, driven by their adoption in industries such as metals, minerals, paper, and plastics, where they offer precise temperature measurement without physical contact and fast response times.
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When segmented by output, digital sensors are expected to lead the market, capturing 71.0%
of the global share in 2024. The increasing demand for digital sensors is driven by their low power consumption, high accuracy, and their widespread use in applications such as scientific research, medical devices, aerospace, and industrial automation. The digital sensors segment is also projected to register the highest growth rate during the forecast period.
The end-use industry segmentation highlights the consumer electronics sector as the largest market segment in 2024. This growth is driven by the increasing use of temperature sensors in consumer electronics to monitor and control heat generation within devices, preventing overheating and enhancing performance. An example of this is Amazon's 5th generation Echo Dot, launched in March 2023, which features temperature sensing capabilities. The automotive industry is expected to experience the highest growth rate, with a CAGR of 7.0%, due to factors such as stringent emission regulations, the rise of electric and autonomous vehicles, and the increasing use of temperature sensors in automotive systems like engine coolant, air intake, and ambient air monitoring.
Geographically, the Asia-Pacific region is expected to lead the global temperature sensors market, holding 38.0% of the market share in 2024. The region's growth is driven by the increasing demand for cost-effective and efficient temperature sensors across various industries, including chemicals, oil & gas, consumer electronics, and healthcare. Additionally, the region's market expansion is supported by factors such as rising investments in industrial automation, government initiatives promoting energy efficiency, and the growth of the automotive industry. The Asia-Pacific market is also expected to achieve the highest CAGR of 6.5% during the forecast period.
Key Players:
The key players operating in the temperature sensors market are Texas Instruments Incorporated (U.S.), Panasonic Holding Corporation (Japan), Siemens AG (Germany), Honeywell International Inc. (U.S.), ABB Ltd. (Switzerland), Analog Devices, Inc. (U.S.), General Electric Company (U.S.), Kongsberg (Norway), Emerson Electric Co. (U.S.), STMicroelectronics (Switzerland), Microchip Technology Inc. (U.S.), NXP Semiconductors (Netherland), Robert Bosch GmbH (Germany), TE Connectivity (Switzerland), and Omega Engineering, Inc. (U.S.).
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Key questions answered in the report-
- Which are the high-growth market segments based on type, output, and end-use industry?
- What was the historical market for temperature sensors?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, and opportunities in the temperature sensors market?
- Who are the major players, and what shares do they hold in the temperature sensors market?
- What is the competitive landscape like in the temperature sensors market?
- What are the recent developments in the temperature sensors market?
- What are the different strategies adopted by the major players in the temperature sensors market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global temperature sensors market, and how do they compete with the other players?
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