Temperature Sensors Market Growth CAGR of 5.1%, Restraints, Mergers And Forecast (2022-2031)

Temperature Sensors Market Share 2022

The Global Temperature Sensors Market Size will be Worth USD 7.98 Billion by 2031, Growing at a CAGR of 5.1%

NEW YORK CITY, NEW YORK, UNITED STATES, October 17, 2022 /EINPresswire.com/ -- The Global Temperature Sensors Market¹ Size will be Worth USD 7.98 Billion by 2031, Growing at a CAGR of 5.1%

The Global Temperature Sensors Market has experienced rapid growth over the last few decades and will continue to rise in the years ahead. The market for temperature sensors is forecast to reach USD 7.98 Billion by 2031. There will be a 5.1% annual growth rate between 2022-2031.

Growing Demand:

Due to its broad application in many sectors, the temperature sensors market is at an optimum level. These sensors are increasingly being used in the pharmaceutical sector, significantly impacting the temperature sensor market. Products that include resistance temperature detectors offer a more comprehensive range of temperature adjustments, greater accuracy, and greater ruggedness. These benefits increase the demand for RTDs compared to the thermocouple temperature sensor industry.

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The fusion of communications also aids the advancement of temperature sensors market growth. The global temperature sensors market has grown significantly due to technological advancements and market trends for sensing and computing temperature sensors. The market for temperature sensors is expected to grow due to the increasing number of applications and the increased use of temperature sensors in the future.

Driving Factors:

The global temperature sensors industry has seen rapid growth in recent years and is predicted to reach its peak in the next few years. The major drivers of the temperature sensors market are automotive, aerospace, defense, automotive metal manufacturing, automation, instrumentation, and other industries. Because of the extensive range of temperature adjustments, automotive sensors are ideally suited to different industries. According to the temperature sensors market forecasts, market growth will soon be driven by the growing use of temperature sensors in pharmaceutical industries.
Because it maintains a specific temperature for equipment that contains medical drugs, cleaning equipment, or heat liquids, temperature sensors are increasingly being used in healthcare. This has increased the demand for the temperature sensors market in the healthcare industry. Temperature sensors measure temperature accurately and efficiently, increasing their market potential.

Restraining Factors:

Saturation in Personal Computers sales due to the Increasing Popularity of Tablets and Smartphones limits Market Growth.

These sensors are used in personal computers to monitor and control temperature. Usually, 3 to 5 temperature sensor ICs used in desktops and laptops. Due to the growing demand for tablets and smartphones, personal computers have declined in recent years. These devices may not require the sensors. This has decreased the number of sensors being shipped due to the increased use of smartphones and tablets. Accordingly, the decline in the PC market is hindering the growth and demand for temperature sensors

Market Key Trends:

The market's key trends include Continuous Innovations and Increased Competition.

Recent development:

October 2020 – DENSO Corporation announced that it had developed a Factory IoT platform to connect 130 production factories with information technology. The platform collects data from multiple production sites. It can then be stored in a single cloud which can be used across DENSO. This is the first cloud-native platform developed in-house using open-source technology in the automotive supplier sector.
May 2020 – Siemens AG sold its 24% stake in the Indian unit to an international group firm for INR 8,520 crore. At the close of the second quarter fiscal 2020, the distribution unit met the criteria to be classified as a "held for disposal" or "continued operation". Siemens had classified the distribution company as held for disposition, and therefore, Siemens stopped amortizing assets and depreciation. In an extraordinary shareholder meeting, Siemens AG shareholders approved a spin-off plan for July 2020.

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Key Market Players included in the report:
INTRODUCTION
ABB LIMITED
AMPHENOL CORPORATION
ANALOG DEVICES INC.
GLOBAL MIXED MODE TECHNOLOGY INC.
HONEYWELL INTERNATIONAL INC.
INTEGRATED DEVICE TECHNOLOGY INC.
KONGSBERG GRUPPEN
MAXIM INTEGRATED PRODUCTS INC.
MICROCHIP TECHNOLOGY INC.
NXP SEMICONDUCTORS N.V.
ON SEMICONDUCTOR CORPORATION
SIEMENS
STMICROELECTRONICS N.V.
TE CONNECTIVITY LTD.
TEXAS INSTRUMENTS INC.
BLUE SEMICONDUCTORS
GUNTHER GMBH TEMPERATURMESSTECHNIK
OMEGA ENGINEERING

Key Market Segments

Type

Bimetallic
Thermoistor
IC
Thermocouple
IR
Fiber Optics

Application

Oil & Gas
Chemical
Refining
HVAC
Automotive
Electrical
Electronics

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