Temperature Sensor Market size to surpass $11Bn by 2032

Temperature Sensor Market size is projected to surpass USD 11 billion by 2032,  according to a recent research report announced by Global Market Insights Inc.
 

The steady rise in building automation across developed and developing countries is expected to have a positive impact on the temperature sensor industry. The increasing inclination towards luxury lifestyles and smart homes has prompted the installation of temperature sensors in building automation to provide sensory information to smart devices such as HVAC systems, and fire alarm detection systems. Moreover, increasing emphasis on reducing residential and commercial power consumption will accelerate the adoption of advanced energy-efficient temperature regulation systems.
 

Rising medical application scope to propel demand for contact temperature sensors

Contact temperature sensors held more than 85% market share in 2022 on account of their wide temperature range, low cost, and high accuracy. They have the ability to function adequately under harsh environmental conditions, and thus have widespread demand across the chemical, oil & gas, energy & power, and automotive sectors.
 

Contact temperature sensor segment is further segmented into thermistors, temperature sensor ICs, thermocouples, bimetallic temperature sensors, and resistive temperature detectors. The thermistors sub-segment is poised to surpass USD 2.5 billion by 2032. Rapid industrialization is fostering the demand for thermistors for controlling and monitoring temperatures throughout a range of operations. Rapid penetration of NTC thermistors in the healthcare sector for clinically complex measurements such as continuous monitoring of preterm infants, hypothermia, personal heat strain monitoring in occupational medicine, and testicular temperature evaluation in reproductive medicines will also drive the market growth.
 

Rise in energy-intensive industries to propel adoption of analog temperature sensors

Temperature sensor market valuation from analog output segment reached over USD 5.5 billion in 2022. Analog temperature sensors are widely used across consumer goods, industrial and automotive applications to offer low cost, compact size, and low power requirement. Moreover, the rising advancements in temperature sensors are allowing companies to integrate analog into digital converters to boost measurement accuracy. The increasing preference for temperature sensors with analog output can also be attributed to the use of continuous data flows for temperature measurement, unlike one measurement storage capability of the digital counterpart.
 

Browse key industry insights spread across 340 pages with 472 market data tables and 43 figures & charts from the report “Temperature Sensor Market Size By Product (Contact {Temperature Sensors ICs, Resistive Temperature Detectors, Thermistors, Thermocouples, Bimetallic Temperature Sensors}, Non-Contact {Infrared, Fiber-Optics}), By Output (Analog, Digital {Single-Channel, Multi-Channel}), By Application (Chemical, Oil & Gas, Consumer Electronics, Healthcare, Automotive), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/temperature-sensor-market
 

Influx of grid expansion initiatives in oil & gas industry to drive product adoption

Temperature sensor market size from oil & gas applications is projected to depict over 2% CAGR from 2023-2032. Temperature sensors have a broad spectrum of applications across the oil & gas sector such as extraction, production, refining, and distribution of petrochemicals, oil, and gas. Due to high volatility across the oil & gas sector, surging costs and demand, several firms are integrating advanced energy-efficient technologies to boost production. Thermocouples are gaining a notable demand across refinery facilities for temperature measurement in synthesis converter systems, purge gas recovery units, and primary reformers. The surging number of offshore grids and expansion efforts will also propel the demand for temperature sensors.
 

Booming manufacturing sector to augment temperature sensor market in APAC

Asia Pacific temperature sensor market size is poised to expand at over 5.5% CAGR between 2023-2032. The increasing demand for temperature sensors in APAC can be attributed to the expanding consumer electronics sector in India, China, South Korea, and Taiwan. With a constantly surging population, urbanization, and industrialization, multiple APAC countries are accelerating their manufacturing sector for economic development. Several governments are supporting large-scale manufacturing activities through funds and investments. For instance, in October 2022, the National Development & Reform Commission (NDRC) of China announced plans to promote foreign investments in high-tech equipment and components to enable advancements in the field of manufacturing.
 

New partnerships to reinforce temperature sensor industry development

ABLIC, Analog Devices, Inc., Amphenol Advanced Sensors, ams - OSRAM AG, DWYER INSTRUMENTS, Honeywell International, EMERSON, HANS TURCK, IFM ELECTRONIC, Littelfuse, Inc., KONGSBERG GRUPPEN, Microchip Technology Inc., Murata, OMEGA ENGINEERING, NXP SEMICONDUCTORS, On Semiconductor Corporation, PYROMATION, Sensata, STMicroelectronics N.V, Renesas Electronics, ROHM Co., Ltd, TE CONNECTIVITY, TEXAS INSTRUMENTS, and Vishay Intertechnology are some of the leading players in the global temperature sensor industry. These companies are foraying into strategic alliances, collaborations, and partnerships to improve their business presence.