Global Temperature Sensor Market valuation to exceed USD 7 billion by 2027

October 11, 2021

According to the research report titled ‘Global Temperature Sensor Market Size study, by Product Type (Contact Temperature sensor, Non-contact Temperature sensors), by Output (Analog, digital), by connectivity (Wireless (Wi-fi) and wired), by Material Used (Polymer, Ceramic, Platinum Resistance Temperature Detectors, Nickel chromium/nickel aluminum (CODE K), Nickel chromium/constantan (code e), Iron/constantan (code j), Nickel molybdenum-nickel cobalt thermocouples (type m), Nicrosil/Nisil (code n), copper/constantan (code t), Others) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global temperature sensor market was assessed at USD 5.66 billion in 2020 and is anticipated to be worth USD 7.75 billion by 2027, expanding at 4.6% CAGR between 2021-2027.

Growing penetration in advanced & portable healthcare equipment coupled with surging demand from automotive sector are the key factors driving global temperature sensor market growth.

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For the unaware, a temperature sensor is a device which is primarily used to control and measure temperature. It can measure metal temperature, air temperature, liquid temperature, or temperature of solid matter.

Increasing demand for the product for outside air temperature management, engine coolant temperature management, and active in-vehicle temperature management will aid industry expansion as well.

Rising popularity of wearable devices and growth of automotive sector will also facilitate revenue inflow. As per Statista, around 63.8 million cars were sold worldwide in 2020 which rose to at least 71.4 million units in 2021.

Based on product gamut, worldwide temperature sensor industry is split into non-contact temperature sensors, and contact temperature sensor. Speaking of output, the business sphere is divided into digital, and analog. As per connectivity, the market is arrayed into wired Wi-Fi, and wireless Wi-Fi.

From the regional frame of reference, Asia Pacific held majority of global temperature sensor market share in the recent past owing to surging product demand from medical, automotive, and industrial manufacturing sector. Meanwhile, North America market is projected to showcase lucrative growth trends between 2021-2027, due to high concentration of leading healthcare, oil & gas, and food & beverage companies.

Leading players profiled in the report are Honeywell International Inc., Texas Instruments Incorporated, TE connectivity, Endress + Hauser Group,  Maxim Integrated (Analog Devices Inc.), Siemens AG, Amphenol Corporation, Emerson Electric Co., Dwyer instruments Inc., and Wika Instrument LP.                

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