The global Temperature Sensors Market size is expected to reach USD 6.13 billion by 2020, according to a new study by Grand View Research, Inc. Increasing global demand for smarter consumer electronics and automobiles is expected to favor market growth over the forecast period. Temperature sensors are increasingly used in smartphones and other consumer electronics to monitor their temperature and enhance performance.
Basic
temperature sensors include resistive temperature devices (RTD), thermocouples,
liquid expansion devices, silicon diodes, infrared sensors, etc. Additionally,
the fusion of communication, computing, and sensing is expected to drive the
MEMS market, which is expected to benefit global temperature sensor demand.
Technological advancements and device miniaturization also drive market growth.
The need for ensuring safety and favorable regulatory scenario is expected to
fuel market growth over the forecast period. However, intense competition and
significant price cuts may restrain the temperature sensors market over the
forecast period.
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Further key findings from the study suggest:
- Consumer
electronics and environmental applications are expected to grow at a
considerable rate over the forecast period. Temperature sensors are
increasingly used standalone or integrated with diverse equipment. This
technology is spurred by factors such as low cost and power and wireless
connectivity. The introduction of new raw materials such as polymers is
expected to lower the weight, size, and cost of electronic devices.
- Sensors are
used in a wide range of applications such as consumer electronics,
automotive, process industries, etc. owing to easy equipment integration.
Temperature sensors are increasing used in automotive applications such as
cylinder head temperatures, coolant, and air intake. Therefore, the rise
in automobile production is expected to favor market demand. Temperature
sensors are also used in HVAC, environmental control, food processing,
medical devices, and chemical handling applications.
- The Asia
Pacific temperature sensors market accounted for over 30% of the global
demand and is expected to grow at a considerable rate over the next six
years. The regional market is expected to be driven by advancements in
sensor technology and demand for high-performance sensors that can be
fitted into handheld portable devices. China is expected to be the largest
contributor to regional market revenue generation over the next six years.
- Key market
participants include ABB, Delphi Automotive, Analog Devices Inc., Siemens
AG, Freescale Semiconductor, Honeywell International, Texas Instruments,
NXP Semiconductors, Panasonic, etc. Honeywell serves various industries
including aerospace & defense, medical, transportation, industrial,
etc. Key players are increasingly moving their manufacturing facilities in
countries with economical labor particularly in Asia Pacific to reduce
their overall cost. Cost-effective and differentiated services are
expected to be a critical success factor for industry participants.
About Us:
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View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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