Temperature Sensor Market Lucrative Growth Opportunities to Market Players in the Coming Years
Thanks to the extensive growth of the manufacturing and the electronics sectors across the world, the global demand for temperature sensors market is likely to increase tremendously in the coming years. Apart from this, the growing application of these sensors in wearable devices and the significant rise in the demand for electronic goods in Asian economies, such as China, Japan, and South Korea are projected to boost this market remarkably in the near future.
The opportunity in the worldwide temperature sensor market, which stood at US$4.6 bn in 2015, is estimated to expand at a CAGR of 4.60% during the period from 2016 to 2024 and reach a value of US$6.6 bn by the end of the forecast period. In terms of volume, the market is expected to rise at a CAGR of 7.40% during the same period of forecast.
Thermistors, thermocouple, resistance temperature detectors, infrared temperature sensors, bimetallic temperature sensors, and fiber optic temperature sensors are the key products available in the global market for temperature sensors. The demand for thermistors has been higher than other types of temperature sensors.
Researchers predict the trend to continue in the coming years; however, infrared temperature sensors are likely to witness a high paced growth in their demand due to the increasing application across various industry verticals.
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Asia Pacific, North America, the Middle East and Africa, Latin America, and Europe are the key regional markets for temperature sensors across the world. With a share of nearly 40%, North America emerged as the most prominent contributor to the global market for temperature sensors in 2015. The adoption of temperature sensors in this region has increased significantly over the past few years due to the increase in government initiatives for the betterment of the medical and healthcare sector in North America.
Backed by the expansion in the oil and gas sector, the region is likely to retain its dominance in the worldwide market for temperature sensors during the forecast period. Asia Pacific, on the other hand, is expected to provide lucrative growth opportunities to market players in the coming years, thanks to the robust growth in the manufacturing and the semiconductor and electronics industries.
Apart from these, Europe, Latin America, and the Middle East and Africa are also projected to exhibit healthy growth in the demand for temperature sensors over the forthcoming years. Currently, the rising application of non-contact temperature sensors in automobiles, medical facilities, airplanes, and defense equipment is driving the temperature sensor market in Europe. In addition, the rise in research activities in the chemicals and the healthcare sectors is likely to boost this regional market during the forecast period. The temperature sensor market in the Middle East and Africa is expected to be driven by the rise in the oil and gas sector while the Latin America market will gain momentum due to the growing demand for these sensors from the electronics industry in the near future.