Temperature Sensor Market Size was valued at USD 8.4 Bn in 2022 and is poised to grow with a CAGR of 4.4% from 2023-2029. Some of the key factors fostering the market growth include growing demand in automotive sector, demand for contactless temperature sensors, rising acceptance of home and building automation systems, growing demand for wearable in consumer electronics and increasing inclination of security and inspection. Also, rising need for temperature control for food safety management provides huge opportunity for the market. However, intense competition among manufacturers and fluctuating raw material prices are inhibiting the market growth. The advent of IoT and IIoT as a result of the shift toward digitalization in electronics has spurred the expansion of temperature sensors. Furthermore, the sensing industry's digital revolution has aided manufacturers in designing and developing new temperature sensors that use a digital interface with a low interface. Furthermore, the increasing use of temperature sensors in the industrial market is expected to propel the Temperature sensors market forward throughout the forecast period. New technical breakthroughs in the Petrochemical Industry are important growth factors for the Temperature Sensor market. The thermistor kind of temperature sensor is growing in popularity as the demand for medical sensors grows due to an increase in the number of diseases. Another major driver for temperature sensors in consumer electronics is the rapid expansion of tablets and smartphones as a result of enormous R&D innovations.
Fastest Growing Market
Oil & Gas segment accounted for larger revenue share in global temperature sensor market with a significant CAGR and is expected to grow over the forecast years. Temperature sensors are used in numerous oil and gas applications in upstream, midstream, and downstream processes. These sensors are used to detect the temperature of oil wells and are installed in reactors, pumps, and steam drums. As the sensors need to be absorbed during oil exploration, the demand for non-contact infrared sensors that can operate under high temperature and can be exposed to corrosion is increasing. These factors are influencing the growth of this segment in the market.
The temperature sensor market size was valued at USD 8.4 billion in 2022
The temperature sensor key players are: Delphi Automotive LLP JIANGXI HAOFENG ELECTRIC APPLIANCES CO., LTD. Okazaki Manufacturing Company Sensata Technologies, Inc. Robert Bosch GmbH Delphi Automotive LLP NXP Semiconductors Continental AG
The temperature sensor market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.