According to a recent study, the overall temperature sensors market is expected to be valued at $6.86 billion by 2023, growing at a CAGR of 4.5% between 2017 and 2023. Top 25 Companies Analyzed for This Study on basis of Competitive Leadership Mapping, Business Strategy Excellence, Strength of Product Portfolio, Regional Outlook, etc.
Increasing government initiatives toward pollution control, lean manufacturing, and process control are fueling the growth of the market for temperature sensors. In addition, the trend of process monitoring and controlling is increasing in the petrochemicals sector, which is expected to boost technological advancements. A key restraining factor for the growth of the temperature sensors market is the dwindling market for personal computers.
Top 25 Companies Analyzed for This Study are - ABB Limited (Switzerland), Analog Devices Inc. (US), Honeywell International Inc. (US), Maxim Integrated Products Inc. (US), Siemens (Germany), TE Connectivity (Switzerland), Texas Instruments Inc. (US), Amphenol Corporation (US), Bosch (Germany), Conax (Norway), Delphi (US), Emerson Electric Corporation (US), Microchip Technology (US), NXP Semiconductors N.V. (Netherlands), on Semiconductor Corporation (US), Panasonic Corporation (Japan), Stmicroelectronics (Switzerland), Gunther (Germany), Total Temperature Instrumation (US), Omega Engineering Inc. (US), Acdelco (US), Dorman (US), Global Mixed Mode Technology Inc. (Taiwan), Kongsberg Gruppen. (Norway), Integrated Device Technology Inc. (US)
This report segments the temperature sensors market on the basis of product type, end-use application, and geography. The chemicals and petrochemicals industries are likely to hold major shares of the temperature sensors market for process end-use applications by 2023. Temperature sensors are used in applications such as gas flow indicators, liquid level indicators, commercial vending machines, pipeline and temperature monitoring, and welding equipment. With the highly mature oil market and stiff competition amongst players, there is an increasing demand for lean manufacturing and process optimization, which can only be achieved by replacing obsolete technologies. The replacement demand for temperature sensors will drive the market for these applications.
- The chemicals and petrochemicals industries are likely to hold major shares of the temperature sensors market for process end-use applications by 2023."
- Asia Pacific will hold the largest market share, and the market in this region is expected to witness a high growth in the coming years."
- In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews have been conducted with key people in the temperature sensors market.
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