Temperature Sensor Market worth $6.9 Billion by 2020 at a growth rate of 4.5%

Temperature Sensor Market

Market Research Reports, Business Consulting Services & Analytics

Growing Popularity of Fitness Products of Temperature Sensor Market Drivers

HYDERABAD, TELANGANA, INDIA, September 22, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that Temperature Sensor Market size was valued at $6.9 billion in 2020, estimated to grow at a CAGR of 4.5% during 2021-2026. The shift towards digitalization in electronics has led to the rise of IoT and IIoT which has further fueled the growth of the Temperature sensors. Furthermore, the digital revolution in the sensing industry has enhanced the manufacturers to design and develop new temperature sensors that utilize a digital interface with low interface. In addition, the growing use of temperature sensors in the industrial marketplace are further anticipating the growth of the Temperature sensors market during the forecast period. The major growth drivers that impact the Temperature Sensors market are new technological advancements in Petrochemical Industry. Growing huge demand of medical sensors due to rise in the number of diseases elevate the growth of the thermistor type of temperature sensor. The another foremost driver for temperature sensors in consumer electronics is the substantial growth of tablets and mobile phones due to Research and Development immense innovations. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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Key takeaways:

1. In 2020, the Temperature Sensors market was dominated by Asia Pacific owing to the growth of the manufacturing and consumer electronics industry in the countries such as China and India.

2. The demand for consumer electronic products such as wearable’s including fitness trackers are highly enhancing the growth of the Temperature sensors market. moreover, the growing demand for smart homes including enhanced consumer electronic products such as refrigerators, air conditioning and so on are highly propelling the market’s growth.

3. With the increasing demand for internet of things (IoT) powered devices including thermostats and the connected home, crop/livestock monitors, as well as industrial machinery as part of the Industrial Internet of Things (IIoT) are further expanding the market’s growth.

4. The major drawback that is hampering the growth of the market is designing of the Temperature sensors, which require enhanced skill workforce.

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Segmental Analysis:

1. The rising demand for smart meters in the power generation sector and the growing need for advanced electronic products for smart homes are enhancing the consumer electronics application. Thus, the growing use of these products enables the requirement of in-built Temperature sensors for effectively monitoring the temperature without leading to any complexity.

2. Asia Pacific dominated the Temperature Sensor market with a share of more than 40.1%, followed by North America and Europe. As countries such as China and Industries has major manufacturing industries which has fueled the demand for Temperature sensors market in this region.

3. China is the most major manufacturer of consumer electronics products which is also amongst the most common factors that is driving the market’s growth. Also, the launch of Chandrayan-2 in 2019 by the Indian Space Research Organization has also made a positive impact one the growth of the market

4. Digital Temperature sensors account for a large share of the market at 39.2% in 2020. Sophisticated safety systems and pervasive electronic systems have affected almost every sector of the automobile operations from engines to seat controls.

5. The rising purchasing power of the millennial population is further resulting in a growing demand for various upgraded vehicles equipped with those sensors, thereby creating a demand influx in the automotive temperature sensor market.

Competitive Landscape:

The top 5 players in the Temperature Sensor industry are –

1. Maxim

2. Analog

3. Microchip

4. NXP

5. ON Semiconductor

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Related Reports:

A. Digital Temperature Sensor Market

B. RTD Temperature Sensors Market

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