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Redding, California - April 29, 2024

Temperature Sensors Market to be Worth $10.5 Billion by 2031

Temperature Sensors Market by Type (Contact Sensors (Thermistors, Thermocouples, RTDs, Others), Non-contact Sensors), Output (Analog, Digital), End-use Industry (Automotive, Healthcare, Consumer Electronics, Oil & Gas, Others), Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Temperature Sensors Market by Type (Contact Sensors (Thermistors, Thermocouples, RTDs, Others), Non-contact Sensors), Output (Analog, Digital), End-use Industry (Automotive, Healthcare, Consumer Electronics, Oil & Gas, Others), Geography - Global Forecasts to 2031.’

According to this latest publication from Meticulous Research^®, the temperature sensors market is projected to reach $10.5 billion by 2031, at a CAGR of 5.1% from 2024 to 2031. The growth of this market is driven by the increasing utilization of temperature sensors in building automation, the growing demand for temperature sensors within the automotive industry, and the rising integration of sensors in smart devices. Moreover, the rising integration of temperature sensors in wearables and the increasing automation of industrial processes are expected to create market growth opportunities. However, fluctuations in raw material prices may restrain market growth. Additionally, stringent performance requirements in advanced applications pose challenges to the market’s growth.

The temperature sensors market is segmented by type, output, and end-use industry. The study also evaluates industry competitors and analyzes the regional and country-level markets.

Based on type, the temperature sensors market is segmented into contact sensors and non-contact sensors. In 2024, the contact sensors segment is expected to account for the larger share of 83.0% of the global temperature sensors market. This segment’s large market share can be attributed to the growing adoption of contact sensors for detecting solids, liquids, or gases across a broad temperature range and the increasing utilization of these sensors in medical, pharmaceutical, and food processing applications for temperature monitoring and control. In response to this increasing utilization, market players are increasingly focusing on product development initiatives. For instance, in September 2023, TDK Corporation (Japan) launched its new NTCWS series of NTC thermistors featuring Au wire bonding.

However, the non-contact sensors segment is projected to register a higher CAGR during the forecast period. This segment’s growth can be attributed to the increasing adoption of non-contact sensors in industries like metals, minerals, paper, and plastics. These sensors offer benefits such as accurate temperature determination without physical contact and rapid response times.

Based on output, the temperature sensors market is segmented into analog and digital. In 2024, the digital segment is expected to account for the larger share of 71.0% of the global temperature sensors market. The large share of this segment can be attributed to the increasing demand for temperature sensors with low power consumption and high accuracy and the rising utilization of digital sensors across scientific, medical, and aerospace applications, as well as in test and measurement equipment and industrial automation applications. Moreover, the digital segment is projected to register a highrt CAGR during the forecast period.

Based on end-use industry, the temperature sensors market is segmented into chemicals, oil & gas, consumer electronics, energy & power, healthcare, automotive, metals and mining, food & beverages, aerospace & defense, and other end-use industries. In 2024, the consumer electronics segment is expected to account for the largest share of the global temperature sensors market. The large market share of this segment can be attributed to the growing utilization of temperature sensors in consumer electronics to monitor and regulate the heat generated within devices, thereby preventing overheating and potential damage. For instance, in March 2023, Amazon.com, Inc. (U.S.) launched the 5th generation of Echo Dot in India, featuring enhanced audio, motion detection, temperature sensing capabilities, and tap gesture controls.

However, the automotive segment is projected to register the highest CAGR of 7.0% during the forecast period. The growth of this segment can be attributed to stringent emission regulations for automobiles, the proliferation of electric and autonomous vehicles, and the increasing utilization of temperature sensors for monitoring engine coolant, air intake, and ambient air temperatures. In response to this increasing utilization, market players are increasingly focusing on product development initiatives. For instance, in January 2024, Microchip Technology Inc. (U.S.) launched the MCP998x family of 10 automotive-qualified remote temperature sensors.

Based on geography, the temperature sensors market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 38.0% of the temperature sensors market. Asia-Pacific’s significant market share can be attributed to the rising demand for cost-effective and highly efficient temperature sensors across various sectors, including chemicals, oil & gas, consumer electronics, and healthcare. Additionally, factors such as increasing investments in industrial automation, rising per capita income, government initiatives promoting energy efficiency, and the growth in the automotive industry contribute to the growth of this regional market. Moreover, the market in Asia-Pacific is projected to register the highest CAGR of 6.5% during the forecast period.

Key Players:

The key players operating in the temperature sensors market are Texas Instruments Incorporated (U.S.), Panasonic Holding Corporation (Japan), Siemens AG (Germany), Honeywell International Inc. (U.S.), ABB Ltd. (Switzerland), Analog Devices, Inc. (U.S.), General Electric Company (U.S.), Kongsberg (Norway), Emerson Electric Co. (U.S.), STMicroelectronics (Switzerland), Microchip Technology Inc. (U.S.), NXP Semiconductors (Netherland), Robert Bosch GmbH (Germany), TE Connectivity (Switzerland), and Omega Engineering, Inc. (U.S.).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5822

Key questions answered in the report-

Which are the high-growth market segments based on type, output, and end-use industry?
What was the historical market for temperature sensors?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, and opportunities in the temperature sensors market?
Who are the major players, and what shares do they hold in the temperature sensors market?
What is the competitive landscape like in the temperature sensors market?
What are the recent developments in the temperature sensors market?
What are the different strategies adopted by the major players in the temperature sensors market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global temperature sensors market, and how do they compete with the other players?

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Redding, California - April 29, 2024

Temperature Sensors Market to be Worth $10.5 Billion by 2031

Temperature Sensors Market by Type (Contact Sensors (Thermistors, Thermocouples, RTDs, Others), Non-contact Sensors), Output (Analog, Digital), End-use Industry (Automotive, Healthcare, Consumer Electronics, Oil & Gas, Others), Geography - Global Forecast to 2031

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