Million Insights researchers claim the global Temperature Sensors Market is anticipated to reach $6.13 billion by 2020. Rising demand for temperature sensors in semiconductors, automotive segment, and in other process industries including F&B, plastics and metal is expected to drive the market growth over the forecast period. Increasing need for advanced sensing technologies including image, pressure, proximity, heat and acceleration sensors among various industry players, coupled with rising number of automotive manufacturing facilities particularly in emerging economies including India, and China can be attributed as the major factor propelling the market growth.
- Demand for highly advanced innovative consumer electronics is expected to increase owing to changing consumer preferences for high performance and efficient products, positively affecting the demand for temperature sensors.
- Growing demand for switches, wireless routers, VoIP equipment Bluetooth devices, modems will also impact temperature-sensor market growth.
- Increasing awareness and adoption of HVAC modules is anticipated to favorably influence the global industry. Technological advancements coupled with reduction in prices is expected to result in launch of new product applications in HVAC sector.
- Government initiatives for safety and environmental norms are anticipated to steer the market growth.
- MEMS technology in the market can be attributed as a major factor for market escalation in the future.
- Global market has been segmented into Bimetallic Sensor, Sensor IC, Thermistor (Negative and Positive Temperature Coefficient), Resistive Detector (RTD), Thermocouple, Infrared and Fiber Optic temperature sensors.
- Bimetallic temperature sensors are expected to grow at a moderate rate.
- Asia Pacific is expected to witness significant growth rate owing to increasing healthcare, oil & gas and automobile sectors in the region.
- Key market players are ABB Ltd., Texas Instruments Incorporated, Honeywell International, Inc. Analog Devices, Siemens AG, Maxim Integrated Products, Inc., Other industry participants include Kongsberg Gruppen, Danaher Corporation, Emerson Electric Company, TE Connectivity Ltd., General Electric, Panasonic Corporation, Microchip Technology Incorporated, NXP Semiconductors, and STMicroelectronics.
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