According to a new market research report published by Credence Research “Temperature Sensors Market (Product Type – Thermistor, Thermocouple, Resistance Temperature Detectors (RTD), Infrared Temperature Sensors, Fiber Optic Temperature Sensors, Bimetallic Temperature Sensors and Others; Sensing Method – Contact-based and Contactless Temperature Sensors) – Growth, Future Prospects and Competitive Analysis, 2017 - 2025”, the global temperature sensors market is set to expand with a CAGR of 3.8% through the forecast period of 2017 to 2025.
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Market Insights
Temperature sensor refer to instrumentation device used for measuring temperature of a given object/load. These sensors are popularly used across different applications including industrial manufacturing & processing, automotive, heat, ventilation, air conditioning (HVAC), food & beverages, oil & gas and several others. Temperature sensors form among the most prominent instrumentation devices across these verticals. Inaccurate temperature measurement may lead damage to major industrial as well as residential equipment. Subsequently, temperature sensors have witnessed profound penetration across different applications, over the period of time. The most popular types of temperature sensors include contact-based and contactless temperature sensors.
Consistently rising industrial manufacturing & processing sector forms the prime factor bolstering the temperature sensors market worldwide. Driven majorly by China, Japan, South Korea and India, Asia Pacific is the most promising market for temperature sensors across the globe. With the rapid industrialization across the region, the demand for related instrumentation devices (such as temperature sensors) is projected to remain strong in the following years. Additionally, the demand for temperature sensors is driven by the rising penetration of smartphones and other electronic devices containing temperature sensors.
The overall temperature sensors market is segmented on the basis of product type and sensing method. On the basis of product type, the market is segmented into thermistor, thermocouple, resistance temperature detectors (RTD), infrared temperature sensors, fiber optic temperature sensors, bimetallic temperature sensors and others. Based on the sensing method, the market is categorized into contact-based and contactless temperature sensors. As of 2016, the overall temperature sensors market is led by the contact-based temperature sensors segment, accounting for more than sixty percent of the total market revenue. This is attributed to their low cost, simple design and prolonged existence in the market.
On the basis of geographic regions, the market is classified into North America, Europe, Asia Pacific and rest of the world (RoW). As of 2016, the overall temperature sensors market is collectively led by the Europe and Asia Pacific region. In the following years, Asia Pacific is set to continue dominating the overall temperature sensors.
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