US$ 6.26 Billion for Global Temperature Sensor Market by 2022
With the presence of a large pool of participants, the global temperature sensor market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Siemens, ABB Ltd, Infineon Technologies AG, and Panasonic Corporation are some of the key vendors of temperature sensor across the world. These players across temperature sensor market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the temperature sensor market study.
In a major breakthrough witnessed across the temperature sensor market, on 30th August 2018, Lufft, a leading manufacturer of meteorological & environmental measurement equipment, has launched WS10, an all-in-one weather sensor device that can measure temperature accurately with an accuracy of 99%. The device can be used to monitor the activities of smart home appliances a well as smart city happenings. It can also determine humidity, UV index, radiation, temperature, intensity of precipitation & rainfall, sun’s position, air pressure, sun’s brightness and twilight.
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As estimated in this report, the global temperature sensor market stood at US$ 4.81 billion in 2016. Witnessing a tremendous rise during the period from 2017 to 2022, the revenue in this market is expected to reach US$ 6.26 billion by the end of the forecast period. The main products available in this temperature sensor market are Thermocouple, Thermistor, Temperature Sensor, Resistive Temperature Detector, Bimetallic Temperature Sensor, Infrared Temperature Sensor, and Fiber Optic Temperature Sensor. Among them, the demand for Thermocouple is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
Humungous Popularity Of High Performing Sensor Devices To Steer Growth
“Mounting significance of advanced & portable healthcare devices and high performing sensor devices will propel the growth of temperature sensor market in the years ahead,” says the author of this study. Apart from this, escalating demand for body-worn temperature sensors along with wide application of the products across vehicle as well as consumer electronic devices will further boost the temperature sensor market trends in the next few years.
Fierce competition and saturation witnessed across the Pc sector, however, is foreseen to hinder the growth propensity of temperature sensor market in the near future. Nevertheless, massive product applications across oil & gas, food & beverages, aerospace & defense, and chemicals sectors will further leverage the growth graph of temperature sensors market in the coming years.
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Supportive Government Legislations To Boost North America’s Dominance
Regionally, North America has been leading the worldwide temperature sensor market and is anticipated to continue on the dominant position in the years to come, states the temperature sensor market study. Favorable state guidelines to promote the growth of medical & healthcare sectors are the main factor behind the dominance of the North America temperature sensor market. For the record, in 2016, North America contributed more than 41% towards the overall temperature sensor market share in 2016.
The global temperature sensor market is segmented as follows:
- Infrared Temperature Sensor
- Fiber Optic Temperature Sensor
- Resistive Temperature Detector
- Bimetallic Temperature Sensor
- Food and Beverage
- Aerospace and Defense
- Oil & Gas
- Consumer electronics
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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