Temperature Sensors Market Estimated to Grow at a CAGR of 4.5% During 2021-2026
Temperature Sensor Market size was valued at $6.9 billion in 2020, estimated to grow at a CAGR of 4.5% during 2021-2026. The shift towards digitalization in electronics has led to the rise of IoT and IIoT which has further fueled the growth of the Temperature sensors. Furthermore, the digital revolution in the sensing industry has enhanced the manufacturers to design and develop new temperature sensors that utilize a digital interface with low interface. In addition, the growing use of temperature sensors in the industrial marketplace are further anticipating the growth of the Temperature sensors market during the forecast period. The major growth drivers that impact the Temperature Sensors market are new technological advancements in Petrochemical Industry. Growing huge demand of medical sensors due to rise in the number of diseases elevate the growth of the thermistor type of temperature sensor. The another foremost driver for temperature sensors in consumer electronics is the substantial growth of tablets and mobile phones due to Research and Development immense innovations.
Temperature Sensor Market Segment Analysis – By Application
Consumer Electronics segment held the largest market share in the Temperature Sensors market in 2020 at 18.9%. As people nowadays are highly relying on consumers electronic products such as mobile devices including wearable’s, phones, handheld gaming consoles and so on. Also, the rising demand for smart meters in the power generation sector and the growing need for advanced electronic products for smart homes are enhancing the consumer electronics application. Thus, the growing use of these products enables the requirement of in-built Temperature sensors for effectively monitoring the temperature without leading to any complexity. This factors are further enhancing the demand for the consumer electronics industry and further propelling the market growth.
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Temperature Sensor Market Segment Analysis – By Type
Digital Temperature sensors account for a large share of the market at 39.2% in 2020. Sophisticated safety systems and pervasive electronic systems have affected almost every sector of the automobile operations from engines to seat controls. In doing so, temperature sensors have become an unavoidable component of every automotive vehicle. The rising purchasing power of the millennial population is further resulting in a growing demand for various upgraded vehicles equipped with those sensors, thereby creating a demand influx in the automotive temperature sensor market. Mounted on battery, exhaust pipe, engine, and air duct, the automotive temperature sensors such as humidity sensor, infrared sensor, thermocouple, and others are used to gauge the temperature measurement of a vehicle. The increasing fuel-efficient technologies combined with growing demand in engine control management is further paving opportunities for the automotive temperature sensor market in the upcoming years. With the developing concern for global warming, the stringent governmental laws to decrease CO2 emissions are building, which are equally driving the automotive temperature sensor industry. Amidst the global CO2 emission, transportation sector contributes 14%. Therefore, with the evolution and expansion of the automotive temperature sensor marketplace, this rising concern can be controlled. Sensirion has got a breakthrough innovation named SCD40, which is a first miniaturized CO2 and RH/T sensor that can be fitted in just one cubic centimeter space and can accelerate environmental sensing expertise by incorporating a best-in-class humidity and temperature sensor. This innovation will create an impact on the environment boosting the automotive temperature sensor market across the globe.
Temperature Sensor Market Segment Analysis – By Geography
In 2020, Asia Pacific dominated the Temperature Sensor market with a share of more than 40.1%, followed by North America and Europe. As countries such as China and Industries has major manufacturing industries which has fueled the demand for Temperature sensors market in this region. Furthermore, China is the most major manufacturer of consumer electronics products which is also amongst the most common factors that is driving the market’s growth. Also, the launch of Chandrayan-2 in 2019 by the Indian Space Research Organization has also made a positive impact one the growth of the market. As, Temperature sensors are most important component for space missions in order to monitor the temperature and maintaining the temperature. This major key factors has driven the Temperature sensors market in the APAC region during the forecast period.
Temperature Sensor Market Drivers
Growing popularity of fitness products
The increasing demand for fitness products in order to become aware of the negative implications of health issues, either going unnoticed or undetected has raised the demand for Temperature sensors. The growing popularity of wearable’s and fitness trackers for enhanced patient monitoring has enhanced the need for latest Temperature sensors. Moreover, the changing lifestyle of the consumers for maintaining health and, further reducing the risks of any diseases is also driving the need for fitness trackers. As, fitness trackers checks the body temperatures and monitors patients health requires the need for Temperature sensors. As a result, Temperature sensors are highly employed in fitness trackers that tracks the temperature of the body during activity and at rest.
Increasing Demand for IoT
The rising demand for Internet of things (IoT) devices has raised the need for Temperature sensors. Moreover, the increasing application of mobile battery-powered IoT applications has driven the need for Temperature sensors, as it has very low power consumption, and can be used at any point of time. In addition, the demand for air conditioner equipped with IoT are significantly enhancing the need for advanced Temperature sensors for optimizing the room temperature and compressor settings. Thus, the increasing demand for the IoT platforms is majorly driving the demand for the digital sensors market.
Temperature Sensor Market Challenges
Design Challenges
The Temperature sensors are becoming widely popular, but it is mainly hindered by the process of the designing the temperature sensors. The designing of the Temperature sensors are complex and also requires features such as stability, accuracy and sensitivity. In order to maintain these features Temperature sensors are widely dependent on monitoring solution. Thus, this monitoring solution requires highly skilled workforce in order to overcome the designing challenges of the Temperature sensors.
Temperature Sensor Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Temperature Sensor market. In 2020, the market of Temperature Sensor has been consolidated by the top ten players – TI, Maxim, Analog, Microchip, NXP, ON Semiconductor, Silicon Labs, Measurement Specialties, Melexis, IDT, STMicroelectronics, Semtech
Acquisitions/Technology Launches
In December 2020, CTS Corporation announced that it has acquired Sensor Scientific, Inc. (SSI), a privately held temperature sensing company.In March 2020, TE Connectivity Ltd. has completed its public takeover of sensor technology company First Sensor AG. TE now holds 71.87% shares of First Sensor.
Key Takeaways
In 2020, the Temperature Sensors market was dominated by Asia Pacific owing to the growth of the manufacturing and consumer electronics industry in the countries such as China and India.
The demand for consumer electronic products such as wearable’s including fitness trackers are highly enhancing the growth of the Temperature sensors market. moreover, the growing demand for smart homes including enhanced consumer electronic products such as refrigerators, air conditioning and so on are highly propelling the market’s growth.
With the increasing demand for internet of things (IoT) powered devices including thermostats and the connected home, crop/livestock monitors, as well as industrial machinery as part of the Industrial Internet of Things (IIoT) are further expanding the market’s growth .
The major drawback that is hampering the growth of the market is designing of the Temperature sensors, which require enhanced skill workforce.
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