Temperature Sensor Market Heating Up

According to a report issued by research firm Research Report Insights, the global temperature sensors market is anticipated to rise at a CAGR of 6% and command $7.5 billion from 2016 to 2023. Escalating demand for temperature sensors in the automotive, home and building automation systems, portable healthcare equipment, and industrial robotics markets are thought to be driving market growth. However, a decline in the personal-computer market will hamper the temperature sensors market.

 

Notable Points

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  • Geographically, Asia Pacific is expected to increase at the highest growth rate over the forecasting period 2016 and 2023. Increasing demand for consumer equipment and healthcare electronics in the high-density countries such as India and China will lead to increasing demand for temperature sensors in the region.
  • Contact-type temperature sensor market is expected to increase at higher CAGR during force.
  • Chemical and end-user industries will lead the market in the forecast period.
  • The major companies active in the global temperature sensor market include ABB, Texas Instruments, Analog Devices, Amphenol, Honeywell International, Global Mixed-Mode Technology, Kongsberg Gruppen, Integrated Device Technology, and Microchip Technology.

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