Temperature Sensor Market Expected to Reach $11.2 Billion by 2032 | Honeywell International, Emerson Electric

OREGAON, DE, UNITED STATES, October 3, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, "Temperature Sensor Market," The temperature sensor market size was valued at $6.7 billion in 2022, and is estimated to reach $11.2 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.

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Factors contributing toward the growth of the temperature sensor market include surge in penetration of the Internet of Things & Industry 4.0, rise in industrial automation levels, and promising government regulations towards the usage of temperature sensor sensors.

The global adoption of Industry 4.0 rules has recently increased demand for infrared temperature sensors in the manufacturing sectors. In the area of predictive maintenance, IR temperature sensors have been obtaining a significant market share. The effectiveness of IR temperature sensors could seldom be substituted for the growing need to monitor the temperature of moving parts. An infrared body temperature monitoring sensor for large-area detection and monitoring would significantly improve awareness and control the spread of an outbreak.

In the plastic moulding sector, IR sensors may be used to optimise thermoplastic demolding operations. IR temperature sensors are utilised in the automobile industry in combination with paint shops, which employ clever algorithms to compute the length of time a chassis spends in the drying oven without compromising the paint job.

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The adoption of micro-electromechanical system (MEMS) technology played a vital role in the growth of the temperature sensors market globally. In March 2022, CTS Corporation completed the acquisition of TEWA Temperature Sensors Zo.o. and its subsidiaries for an enterprise value of $24.5 million. TEWA is a reputable designer and manufacturer of high-quality temperature sensor industry.

Several uses of wifi temperature sensor, including wellhead tanks, flare systems, chemical tanks, compressors, and pipeline data collection, are among some of the multiple applications of temperature sensors in the oil and gas industry. The applications of temperature sensors in the oil and gas industry are considered critical. Installing a wired device inside a pipe or a tank would be inefficient if the operating temperature is relatively high. Conversely, rise in adoption of temperature sensors in several industries is anticipated to offer potential growth opportunities for the global temperature sensors industry.

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Rapid IoT, AI, and robot adoption has allowed breakthroughs in wearable technology, resulting in a tremendous need for temperature sensors. Furthermore, new advances in advanced patient monitoring systems that enable remote healthcare are increasing the demand for sensors that improve the intelligence of medical equipment, such as life-supporting implants. Temperature sensors are gaining popularity as a result of their widespread use in sleep apnea machines, blood analyzers, medical incubators, ventilators, renal dialysis machines, neonatal critical care units, and monitoring the temperature of organ transplant systems.

The global temperature sensors market is segmented into type, industry vertical, and region. On the basis of type, it is categorized into thermistor, thermocouple, resistance temperature detector, infrared temperature sensor, and others. In 2022, the thermocouple segment dominated the temperature sensor market share, in terms of revenue. On the basis of industry vertical, it is fragmented into healthcare, healthcare & pharmaceutical, chemical, oil & gas, energy & power, and automotive. The oil and gas segment acquired the largest share in 2022 and is expected to grow at a significant CAGR from 2023 to 2032.

Region-wise, the temperature sensor market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific remains significant participants in the temperature sensor market growth.

KEY FINDINGS OF THE STUDY
• The temperature sensor market analysis is expected to continue growing in the coming years, driven by increasing demand for laminated products across various industries, technological advancements, and a growing trend towards sustainability.
• The growing trend towards sustainability is driving the adoption of eco-friendly products in the production of temperature sensors market. Temperature sensors that use processes are in high demand, and manufacturers are investing in the development of environmentally friendly temperature sensors.
• Asia Pacific is the largest market for temperature sensors, driven by the increasing demand for temperature sensors in industries such as oil and gas, manufacturing and automotive. The region is also home to some of the largest manufacturers of temperature sensors systems.
• The temperature sensors market is highly competitive, with several major players operating globally. To remain competitive, companies are focusing on product innovation, strategic partnerships, and expanding their distribution networks.

The key temperature sensors market leaders profiled in the report include Analog Devices, Inc, TE Connectivity Ltd., Texas Instruments Inc., Siemens AG, Amphenol Advanced Sensors, STMicroelectronics N.V., Honeywell International Inc., Emerson Electric Co., WIKA Instruments India Pvt. Ltd., and Endress +Hauser Group Services AG. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration and business expansion to increase the temperature sensors market share during the forecast period.

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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