Temperature Sensor Market Projected to Surge to $8.0 Billion by 2028

Posted March 6, 2023 by avinashgogawale14

The Temperature Sensor Market is projected to grow from USD 5.9 billion in 2021 to USD 8.0 billion by 2028, with a CAGR of 4.5%.
The Temperature Sensor Market is anticipated to grow at a CAGR of 4.5% from 2021 to 2028, from an estimated value of USD 5.9 billion to USD 8.0 billion (2021–2028).

The rising demand for temperature sensors that are built into various products like wearable bands, smartphones, and patient monitoring devices in the consumer electronics and healthcare industries has led to steady expansion in the temperature sensor market. The development of new technologies like micro- and nanotechnology, which offer benefits like miniaturisation, low power consumption, and mass production, has been fueled by the need for dependable, high-performance, and affordable sensors. Many industries and applications are now looking for temperature sensing solutions for their equipment and procedures, which has further fueled the expansion of the temperature sensor market.

Key Players

The Temperature Sensor Market was dominated by Honeywell International Inc. (US), TE Connectivity Ltd. (Switzerland), Texas Instruments Incorporated (US), Endress + Hauser Management AG (Switzerland), Siemens AG (Germany), Maxim Integrated (US), Emerson (US), Amphenol (US), Wika Instrument (Germany), and Dwyer Instruments (US).

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Wireless temperature sensors are projected to grow at the highest CAGR for the forecast period

Throughout the forecast period, a rapid growth rate is anticipated for the wireless temperature sensor market. The Asia Pacific and RoW areas, where these sensors are being utilised more often in a variety of businesses including laboratories, pharmacies, warehouses, industrial plants, and restaurants, are the main drivers of global demand for wireless temperature sensors. Cordless temperature sensors have a number of advantages, including reliable data for analytics, reduced human error, and monitoring of temperature and other parameters (such as humidity, CO2 levels, ambient light, etc.). The growing usage of Internet of Things (IoT) technology and the requirement for remote temperature monitoring are both predicted to increase the need for wireless temperature sensors.

Digital temperature sensors to account for the largest share of the market and the highest growth rate during the forecast period

During the forecast period, digital temperature sensors are expected to have the largest market share and increase at the fastest rate. In comparison to its analogue counterparts, digital temperature sensors have a number of advantages, including excellent accuracy and quick detection times, which make them ideal for remote applications. They are frequently used in test and measurement equipment, industrial automation, and applications in the medical and aerospace fields. Because of the presence of significant industries and the rising need for consumer electronics and medical equipment, the Asia Pacific and North American regions are anticipated to have the biggest demand for digital temperature sensors. Moreover, the demand for digital temperature sensors is being fueled by the increased uptake of IoT-based devices and rising investments in smart city initiatives.

Contact temperature sensors to account for largest share of the market

By 2028, contact temperature sensors are anticipated to account for around 86% of the market for temperature sensors. Due to their inexpensive price, wide temperature range, and excellent precision, these sensors are widely utilised in a variety of industries, including chemicals, consumer electronics, oil and gas, energy, and automotive. Contact temperature sensors function by making physical contact with the substance being measured, providing accurate and consistent temperature readings. Thermocouples, resistance temperature detectors, and thermistors are just a few of the different varieties of these sensors that are available. Each has its own set of benefits and drawbacks. Non-contact temperature sensors are becoming more and more widespread, but contact temperature sensors are still likely to dominate the market because of how widely they are used.

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Oil & gas industry is expected to hold the second-largest share in 2028

As they are used to track temperature changes in numerous applications, including pipelines, storage tanks, and refineries, temperature sensors play a key role in the oil and gas business. These sensors aid in ensuring the equipment and processes operate safely and effectively, avoiding any damage or mishaps. By 2028, the oil and gas sector is anticipated to hold the second-largest market share for temperature sensors as a result of the sector's growing need for temperature sensors for process control, optimization, and automation. It is also anticipated that downhole applications for oil and gas exploration would increasingly use temperature sensors, which will propel the market's expansion in this area. Also, since they deliver precise and real-time temperature data in challenging situations, the industry's adoption of wireless temperature sensors is anticipated to further accelerate the market's expansion.

Asia Pacific is attributed to growing at the highest CAGR in the temperature sensor market during the forecast period, followed by RoW

Throughout the forecast period, the temperature sensor market is expected to develop at the greatest CAGR in the Asia Pacific region, followed by RoW. China, India, South Korea, and Japan are the main drivers of the temperature sensor market's expansion in the Asia Pacific region. The market is expanding due to the development of the automotive, medical, and industrial production industries as well as the increased demand for temperature sensors from North American and European export markets. Because of the region's big chemical, oil and gas, healthcare, food and beverage, and system providers, North America is one of the most technologically advanced markets for temperature sensors.

Due to the rising demand from the Middle East and Africa region, the rest of the world region is anticipated to develop at the fastest rate during the forecast period, while South America exhibits the highest growth rate in the temperature sensor market.

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Last Updated March 6, 2023