According to the latest report published by Grand View Research, the global market for temperature sensors is likely to grow to $6.13 billion by the end of 2020.Being driven by the growing demand from Consumer electronics and automobile industries; the global market is all set to flourish from 2014 to 2020. The extensive use of temperature sensors in consumer products like Smartphone and computer systems will prove to be important market drivers.
Types of temperature sensors widely used:
• Resistive temperature devices (RTD)
• Liquid expansion devices
• Silicon diodes
• Infrared sensors
As inferred during the study, innovations towards device miniaturization, advancement in technology and the requirement of ensuring safety and favorable regulatory scenario is expected to provide support towards the growth of this market.
At the same time, high competition from similar industry participants and therefore, reduction in prices are expected to act as major constraints towards market growth.
Further key findings from the study suggest:
• Consumer electronics and environmental applications are expected to grow at a considerable rate over the forecast period. Temperature sensors are increasingly used standalone or integrated with diverse equipment. This technology is spurred by factors such as low cost and power and wireless connectivity. Introduction of new raw materials such as polymers is expected to lower the weight, size and cost of electronic devices.
• Sensors are used in wide range of applications such as consumer electronics, automotive, process industries etc. owing to easy equipment integration. Temperature sensors are increasing used in automotive applications such as cylinder head temperatures, coolant, and air intake. Therefore, rise in automobile production is expected to favor market demand. Temperature sensors are also used in HVAC, environmental control, food processing, medical devices and chemical handling applications.
• The Asia Pacific temperature sensors market accounted for over 30% of the global demand and is expected to grow at a considerable rate over the next six years. The regional market is expected to be driven by advancements in sensor technology and demand for high-performance sensors that can be fitted into handheld portable devices. China is expected to be the largest contributor to regional market revenue generation over the next six years.
Key market participants include:
• Delphi Automotive
• Analog Devices Inc.
• Siemens AG
• Freescale Semiconductor
• Honeywell International
• Texas Instruments
• NXP Semiconductors
• Panasonic, etc.
Honeywell caters to various industries like aerospace, defense, medical, transportation etc. Key industry players are moving their manufacturing facilities to countries providing economical labor particularly in Asia Pacific to reduce their overall cost. Cost effective and differentiated services are expected to be a critical success factor for the industry participants.
Detailed research report on Global Temperature Sensors Market with TOC: http://www.grandviewresearch.com/industry-analysis/temperature-sensors-market