Temperature Sensor Market Size, Share & Analysis

Updated on : Sep 12, 2024

Temperature Sensor Market Size & Share

[233 Pages Report] The Temperature Sensor Market Size is projected to grow from USD 7.4 billion in 2024 to USD 9.7 billion by 2029, registering a CAGR of 5.6% during the forecast period.

The rising inclusion of temperature control systems in food safety management , increasing adoption of Industry 4.0 and IoT, and increasing penetration of temperature sensors in advanced & portable healthcare equipment is expected to propel the temperature sensor market in the next five years. However, continuous price reductions and intense competition among manufacturers will likely pose challenges for industry players.

The objective of the report is to define, describe, and forecast the temperature sensor market based on product type, output, connectivity, end-user industry, and region.

Temperature Sensor Market Forecast to 2029

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Temperature Sensor Market Trends & Dynamics.

Driver: Increasing adoption of Industry 4.0 and IoT

Temperature sensors industry play a critical role in Industry 4.0 and industrial automation by providing real-time data for process monitoring, control, and optimization. The integration of temperature sensors with Internet of Things (IoT) devices and Industry 4.0 initiatives provides opportunities for real-time monitoring, data analytics, and automation in various industries and thus drives the temperature sensor market growth. The need for temperature sensors is growing in a variety of sectors, including industry, energy, healthcare, and agriculture. This is creating new opportunities for sensor makers as well as diversifying the market. Furthermore, temperature sensors are becoming more and more integrated with AI and machine learning technologies, allowing for advanced data analysis and predictive capabilities for process optimization. With the continuous evolution of Industry 4.0 and industrial automation, the demand for advanced temperature sensors is expected to grow significantly. By investing in innovative sensor technology and creating intelligent solutions, companies can leverage the power of temperature sensors to achieve optimal performance, efficiency, and sustainability in industrial operations.

Restraint: High initial cost involved in advanced sensors

Advancements in materials science and engineering have paved the way for the development of new and more capable sensors. To a significant extent, manufacturing has been at the forefront of incorporating advanced sensor technology. For instance, the current revolution in computer-integrated manufacturing has been enabled by advanced sensor technology. The rising expense of quality inspection is reflected in the more competitive global economy. As a result, quality needs to be a fundamental component of the production process, which means that it needs to be controlled either by removing the product for inspection at intermediate manufacturing stages or by continuously monitoring it with the right sensors. High initial costs are therefore anticipated to negatively impact temperature sensor manufacturing and logistics.

Opportunities: Increasing trend of wearable devices

Wearable devices are used for tracking several biometric parameters, such as heartbeat and body temperature. A rising number of end users are opting for wearable technology to enhance their overall health and fitness, which is driving the adoption of these electronic devices. With the advancement of technology, there is a growing need for temperature sensors in wearables like fitness trackers and smartwatches to detect and monitor physiological parameters like body temperature, heart rate, and pulse rate. It is anticipated that as technology advances, there will be a greater need for better wearables. It is anticipated that the players in the temperature sensor market will have development possibilities due to the increasing demand and increased health consciousness among people.

Challenges: Stringent performance requirements for advanced applications

Depending on the end-use application, the sensing capability of sensors varies, leading to inaccurate temperature measurement. For instance, temperature measurement parameters in the automotive end-user industry are different from those in the oil & gas end-user industry; therefore, the performance requirements of temperature sensors become critical for advanced applications. Higher application segments, such as process industries (chemicals, glass, and biotechnology), have different requirements in terms of temperature sensors—generally, high-temperature measurement is required. Furthermore, the temperature sensor market is characterized by the presence of a large number of manufacturers focusing mostly on the automotive, aerospace & defense, consumer electronics, and power industries. Since temperature measurement is a vital parameter in almost every process, sensors have achieved deep market penetration. Volume discounting in the case of low-priced sensors is a challenge.

Temperature Sensor Market Map

Temperature Sensor Market Segmentation

Temperature Sensor Market Trends

The prominent players in the temperature sensor market are Honeywell International Inc. (US), TE Connectivity (Switzerland), Texas Instruments Incorporated (US), Endress+Hauser Group Services AG (Switzerland), Siemens (Germany), Emerson Electric Co. (US), Analog Devices (US), Amphenol Corporation (US), WIKA Alexander Wiegand SE & Co. KG (Germany), and Microchip Technology Inc. (US)among others. These companies boast mixing trends with a comprehensive product portfolio and strong geographic footprint.

Non-contact temperature sensor is expected to grow at the highest CARG in the temperature sensor market during the forecast period.

The non-contact temperature sensor segment is expected to account for a significant share and grow at the highest CAGR during the forecast period. These sensors measure the surface temperature of a body or object to be identified without any physical contact between the sensor and the measurement object. They are mainly used for small, moving, and inaccessible objects/sources/devices. Non-contact temperature sensors include infrared and fiber optic temperature sensors. Some of the prominent companies offering non-contact temperature sensors are OMEGA Engineering (US), TE Connectivity (Switzerland), Keyence Corporation (Japan), and Melexis (Belgium).

Consumer Electronics are expected to hold the largest share of the temperature sensor market in 2024.

The consumer electronics segment is expected to account for the highest share during the forecast period. The increasing use of temperature sensors in consumer electronics, such as smartphones, PCs, laptops, tablets, and other smart home appliances, is expected to keep this segment's market share at the top during the projected period. Moreover, with the introduction of new and innovative technologies in the consumer electronics industry, there is a huge opportunity for innovative and power-efficient temperature sensors.

The temperature sensor market is expected to have a high market share in China from the Asia Pacific region during the forecast period.

The Asia Pacific region continues to be a significant market for temperature sensors. Asia Pacific has been ahead of other regions in terms of the adoption of temperature sensor products and solutions. Continuous demand for cost-effective and highly efficient temperature sensors from chemicals, oil & gas, consumer electronics, energy & power, healthcare, automotive, and metals & mining industries is expected to drive the growth of the temperature sensor market in this region. The region’s automotive sector accounts for more than 50% of the world’s passenger car production. The thriving electrical and electronics industry in Asia Pacific is also supporting the growth of the temperature sensor market.

China is the largest consumer of electricity in the Asia Pacific, primarily owing to its rapid industrialization and high population. Growing demand from the energy & power sector will be one of the key drivers for the growth of the market in China. The country plans to invest heavily in renewable energy resources, which is anticipated to boost the demand for temperature sensors. Transformer monitoring systems, which deploy temperature sensors, are also being increasingly used in the country, which is likely to surge the demand for temperature sensors in the coming years.

Temperature Sensor Market by Region

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Top Companies Temperature Sensor - Key market players

Major vendors in the temperature sensor companies include

• Honeywell International Inc. (US),
• TE Connectivity (Switzerland),
• Texas Instruments Incorporated (US),
• Endress+Hauser Group Services AG (Switzerland),
• Siemens (Germany),
• Emerson Electric Co. (US),
• Analog Devices (US),
• Amphenol Corporation (US),
• WIKA Alexander Wiegand SE & Co. KG (Germany), and  
• Microchip Technology Inc. (US)among others.

Temperature Sensor Market Report Scope

Temperature Sensor Market Highlights

This report categorizes the temperature sensor market based on product type, output, connectivity, end-user industry, and region.

Recent developments

• In October 2023, Endress+Hauser Group Services AG and SICK are aiming for a strategic partnership for SICK’s process automation business segment and have signed a joint memorandum of understanding.
• In February 2023, In order to implement remote monitoring solutions for condition-based maintenance and operational productivity benefits, TE Connectivity partnered with Preddio Technologies.
• In July 2022, Siemens added new CO2 control and monitoring capabilities to the RDG200 thermostat. There is a model in the RDG200 thermostat series that comes with control features and a CO2 sensor built right in.

Frequently asked questions:

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