Global temperature sensor market is projected to reach US$ 10,782.6 Mn by end of 2032. Temperature sensors are utilized in various system, components, laboratory or industrial processes, electronic equipment, medical devices, automotive, construction and other sectors to measure, indicate or monitor temperature of solids, liquids, and gases in typical environment.
Their usage and applications have undergone significant innovation and improvement over the last few years, which has benefited the temperature sensor industry. Demand of temperature sensor has been increasing for its widespread use in the industries and consumer applications.
According to FMI, the temperature sensor market is estimated to be valued at US$ 7,077.5 Mn in 2022 and is projected to increase at a CAGR of 4.3 % in the forecast period from 2022 to 2032.
| Attributes | Details |
|---|---|
| Market Size (2021) | US$ 6,785.7 Million |
| Market Size 2022 | US$ 7,077.5 Million |
| Market Size 2032 | US$ 10,782.6 Million |
| Value CAGR (2022 to 2032) | 4.3% |
The temperature sensor market has been growing with a healthy CAGR due to rapid advancements in technology and their several applications in its end-use industries.
A temperature sensor offers certain benefits, like durability, accuracy, and low power consumption. Significant demand for portable healthcare equipment due to the rise in the number of diseases, continued monitoring systems and new sensor applications are estimated to create substantial growth prospects for the temperature sensors in healthcare and medical applications.
Temperature sensors are swiftly gaining popularity in manufacturing and process industries like oil and gas, petrochemicals, overheating, corrosion, and the food and beverage industries for sensing, maintaining and monitoring required temperatures for processes, storage and working environment.
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Temperature sensor sales has witnessed historic growth rate between 2.5 % and 3% through 2017 and 2021.
The electronics and manufacturing industries were badly affected by COVID-19. North America, the Middle East, and Asian countries faced huge losses because the shutdown of manufacturing and processing units and disrupted global supply chains of raw material supplier. Market revenue increased as a result of the post-shutdown demand.
COVID-19 has generated new market demand for portable health monitoring devices and temperature sensors. For instance, these sensors were integrated with IOT connectivity to speed COVID-19 screening.
Furthermore, various technological innovations such as wireless technologies, the Industrial Revolution, digitalization, machine integration with the IoT, the use of secure cloud computing platforms, and rising awareness about safety are key growth factors that will boost market growth in the future.
Prominent growth factors for the temperature sensor are rising demand of portable health care equipment for advance patient motoring. Demand for portable health care equipment will continue to rise in the future as the population grows, lifestyles deteriorate, and there are an increasing number of diseases. Continuous technological innovation in the health care sector will boost the market for temperature sensors.
Maintaining the operating temperature in process industries and chemical-processing plants is very important to avoid hazardous situations and losses. Maintaining the temperature in the food industry is important because of the perishable nature of food. Automated temperature monitoring and control systems play a vital role in propelling the temperature sensor market.
Use of home and building automation systems and smart home devices have seen increased demand as they assist in informing smart or connected devices about the environment. These sensors are used with fire detection systems, heating, ventilation, and air conditioning (HVAC), and lighting control systems to manage the temperature automatically. Increasing usage of temperature sensors in smart devices is estimated to aid the significant demand for temperature sensors.
Growing applications of temperature sensors in automotive industries to maintain safety, improve engine performance with reducing emissions, ensure engine reliability, and maintain battery temperature in order to prevent overheating are estimated to generate huge market demand for temperature sensors. The engine temperatures are continuously monitored and maintained for better engine performance. The temperature sensor market is being driven by continuous innovation in technologies and applications in every industry that uses temperature sensors.
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Temperature sensors are mainly hampered by raw material availability and the continuous changing price of raw materials. Raw materials required to manufacture the sensors are cobalt, nickel, manganese, iron alloy, and copper. Prices are affected by changing global economies, changing currency rates, natural disasters, and trade traffic.
Technical awareness about sensors, such as deployment technique, checking up on performance, and calibration and monitoring issues in extreme operating environments, are some of the key challenges faced by the market stakeholders. Increase in costs of operation, devices and energy consumption have an adverse effect on the manufacturing and processing industries.
Various uses of the temperature sensor in the automotive sector include engine motors, heat exchangers, heaters, lithium-ion batteries in EV charging, and motor coils. The sensors in most of these applications are likely to be exposed to a range of materials, corrosive chemicals, and high temperatures, where temperature sensor proficiency has been called into question in some working situations.
North America region is estimated to dominate the temperature sensor sales in the global market. Also, the rise in the use of home and building automation systems and smart home devices will influence the market's growth in the forecast period.
South Asian countries are expected to experience significant growth in the temperature sensor market as they transition into manufacturing hubs. Furthermore, the easy availability of raw materials further benefits the market.
South Asian regional governments are establishing new safety standards. Consumers' rising adoption of electronic appliances, in addition to rising per capita income and government support and investments in infrastructure, is one of the key factors driving temperature sensor sales.
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Key players such as Robert Bosch GmbH, ABB Limited, Honeywell International, Sensirion, Amphenol, Global Mixed Mode Technology, Analog Devices, Maxim Integrated, Global Mixed Mode Technology, and NXP Semiconductors N.V. are using different strategies, such as product launches, collaborations, acquisitions, partnerships, agreements, and contracts, a cost leadership strategy or low-cost strategy, a differentiation strategy, and a market-niche or focus strategy. To offer better products and remain at the top of the market.
Key players are generating significant opportunities in the sensor market through continuous innovation and development. The temperature sensor market will remain demanding and attractive, specifically in terms of volume, reliability, innovation, and cost.
In September 2022, Sensirion launched analog humidity and temperature sensor SHT40I-HD1B. It has developed especially for demanding industrial applications like those for refrigerators and air conditioners, as well as any other application where excessive system noise excludes the use of digital solutions. The analogue series, like the digital version, the SHT41I, provides a 5 V supply voltage, a robust housing, and enhanced ESD protection to meet the demands of demanding working situations.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.30 % from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Units and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Products, Connectivity, Applications |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; Middle East and Africa |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, Italy, France, UK, Spain, Benelux, Russia, China, Japan, South Korea, India, ASEAN, ANZ, GCC Countries, Turkey, South Africa, North Africa |
| Key Companies Profiled | ABB Limited; Analog Devices; Texas Instruments; Honeywell International; Robert Bosch GmbH; NXP Semiconductors N.V.; Maxim Integrated; Amphenol; Global Mixed Mode Technology; Sensirion |
| Customization & Pricing | Available upon Request |
In 2021, the value of the temperature sensor market reached over US$ 6785.7Mn
The temperature sensor market is projected to reach US$ 10782.6 Mn by the end of 2032.
North America region is projected to lead the temperature sensor market in the forecast period.
During the forecast period, temperature sensor market is estimated to expand at a CAGR of 4.30% during 2022-2032.
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