Temperature Sensor Market Overview and SWOT Analysis 2028

The Temperature Sensor Market is estimated to be valued at USD 5.9 billion in 2021 and reach USD 8.0 billion by 2028; it is anticipated to grow at a CAGR of 4.5% during the forecast period (2021–2028).

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.

Wireless Temperature Sensors are projected to witness the highest CAGR for the forecast period

Wireless Temperature Sensors are expected to grow at a higher CAGR during the forecast period. Industrial automation and demand for miniaturized consumer devices, such as wearables and IoT-connected devices, across regions, are key factors driving the wireless segment of the Temperature Sensor Market.

Digital Temperature Sensors to account for the largest share of the market during the forecast period

Temperature Sensors with digital outputs have several advantages over sensors with analog outputs and are especially suited for remote applications. Digital temperature sensors find applications in medical and aerospace verticals, test and measurement equipment, and industrial automation.

Download PDF Sample @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=522

Contact Temperature Sensors is estimated to hold a major share of the market

Contact Temperature Sensors are expected to account for ~86% share of the overall market by 2028. This segment is likely to continue holding a larger market share than the non-contact temperature sensors segment during the forecast period, due to the use of contact temperature sensors for detecting solid, liquid, or gaseous elements covering a wide range of materials. Contact temperature sensors are widely used in the chemicals, consumer electronics, oil & gas, energy & power, and automotive industries, owing to their low cost, wide temperature range, and high accuracy.

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.

Key Market Players

In 2020, the 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).

Browse For More Details - https://www.marketsandmarkets.com/Market-Reports/temperature-sensor-market-522.html

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/temperature-sensor.asp

  • Issue by:Avinash
  • Web:https://www.marketsandmarkets.com/Market-Reports/temperature-sensor-market-522.html
  • Street:630 Dundee Road Suite 430 Northbrook
  • City:IL 60062
  • State/province:USA
  • Country/region:USA
  • Zip:60062
  • Telephone:+1-888-600-6441
  • About Viv-Media|Free Add URL|Submit Press Release|Submit How To|SiteMap|Advertise with Us|Help|Contact Viv-Media |China Viv-Media
  • Copyright© 2010-2020 viv-media.com Corporation.
    Use of this web constitutes acceptance of Terms of Service and Privacy Policy. All rights reserved.  Poetry Online :Ancient Chinese Poetry