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Temperature Sensors Market.PDF


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DESCRIPTION
Temperature Sensors Market is projected to grow at a CAGR of 5.01% to US$7.354
billion by 2022, increasing from US$5.760 billion in 2017. High demand of Temperature
sensor in food and beverage industry for quality assurance, and initiatives being taken
by various governments towards environmental protection are some of the key factors
driving the market growth. Advancement in nano and micro technology have helped in
proving high performance, reliable, accurate and cost-effective temperature sensor
solutions for various industrial applications. Growing demand of contactless
temperature sensor for usage in the hazardous environment is also expected to boost to
demand of these sensors over the forecast period. Moreover, stringent regulations
regarding the application of temperature sensors to ensure over-heating issues will
propel the market growth in the near future.
By End-User Industry
By end-user industry, global Temperature Sensors market is segmented as automotive,
oil and gas, food and beverage, HVAC, consumer electronics, chemical, and others. Oil
and Gas sector accounted for significant market share in 2016 due to high demand for
temperature sensors to monitor upstream, midstream, and downstream processes.
Increasing demand for HVAC systems in residential, commercial, and industrial sectors
will further boost the demand for temperature sensors. Consumer electronics will
witness the fastest market growth due to increasing demand for smartphones and other
mobile devices in developing countries.
By Geography
Geographically, North America accounted for the largest market share, in terms of
value, in 2016. Mature market in this region coupled with the presence of large number
of global market players have led to the deployment of temperature sensors across
various end-use industries. APAC will witness the fastest regional market growth during
the forecast period owing to rapid industrialisation and urbanization in emerging
economies, leading to rising adoption of temperature sensors in food and beverage, oil
and gas, consumer electronics, and automotive industries.

Temperature Sensors Market – Forecasts from 2017 to 2022