At a CAGR of 4.5% from 2021 to 2028, the Temperature Sensor Market is anticipated to increase from USD 5.9 billion in 2021 to USD 8.0 billion by 2028. The expansion of the temperature sensor market is being driven by the persistent need for temperature sensors, which are used in products like wearable bands, smartphones, and patient monitoring devices from sectors like consumer electronics and healthcare. The need for dependable, high-performing, and affordable sensors has grown over the past several years, which has sparked the creation of new technologies like micro and nanotechnology, which provide advantages including miniaturisation, low power consumption, and mass production. The high initial cost of sophisticated sensors, however, is anticipated to impede market expansion.
Texas Instruments Incorporated (US), Honeywell International Inc. (US), TE Connectivity Ltd. (Switzerland), Endress+Hauser Management AG (Switzerland), and Siemens AG dominated the temperature sensor market in 2020. (Germany). The top 5 players in the temperature sensor market mostly used product launches, new innovations, collaborations, and acquisitions to expand their customer bases and innovate on their product offerings.
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Top 2 Players in the Temperature Sensor Market are:
Honeywell (US):
Based primarily on its product line, R&D expenditures, market share, and geographic reach, Honeywell led the global temperature sensor market in 2020. In the majority of the markets it services, Honeywell has a dominant position. A multifaceted technological and manufacturing corporation, Honeywell provides a variety of products, including scanners, computers, wearable technology, radio frequency identification (RFID) systems, connected car solutions, sophisticated automotive technologies, protective gear, sensors, and switches. The business makes major investments in R&D operations to develop cutting-edge products that will satisfy changing client demands and look into new possibilities to spur growth and profitability. Asia Pacific (APAC), Europe, North America, South America, the Middle East, and Africa are all regions where Honeywell has a presence. The business operates at about 970 locations across more than 70 nations. Some of its significant subsidiaries are Life Safety Distribution AG (Switzerland), Honeywell Korea Ltd. (South Korea), Honeywell Ltd. (Australia), Honeywell Safety Products Europe SAS (France), Honeywell Technology Solutions Lab Pvt. Ltd. (India), and Honeywell Ltd.
In order to strengthen its position in the market and create sophisticated sensor products based on cutting-edge technologies, Honeywell also places an emphasis on implementing the organic growth strategy of expansion. For instance, the business moved its global headquarters to North Carolina, US, in November 2018. By FY 2024, it intends to increase staff at the same location by 500.
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Recent Developments
In May 2021, Honeywell announced that dnata US had implemented its Honeywell ThermoRebellion temperature monitoring technology at Boston Logan International Airport to assist both domestic and foreign travellers. Ground handling, cargo, travel, and flight catering services are all provided by dnata US, one of the biggest aviation service providers in the world, on all five continents.
TE Connectivity (Switzerland):
TE Connectivity came in second place in the global market for temperature sensors in 2020. One of the top competitors in the market for temperature sensors is TE Connectivity. Through its 110 engineering and manufacturing facilities, as well as more than 15,000 patents, the corporation has increased its market share significantly. It is active in more than 150 nations. Among the company's subsidiaries are Tyco Electronics Japan G.K. (Japan), TE Connectivity HK Ltd. (Hong Kong), TE Connectivity Solutions GmbH (Switzerland), TE Connectivity Germany GmbH (Germany), TE Connectivity Corporation (US), and TE Connectivity HK Ltd. With expansions, TE Connectivity hopes to increase its market share.
Through its active business segments, TE Connectivity provides a diverse product portfolio. With a portfolio of market-leading connectivity solutions and sensors, the company has solidified its presence on a global scale and gained a substantial competitive edge. The company's production facilities are located all over the world, which lowers transportation costs and boosts profit margins. Digital temperature sensors, NTC thermistors, sensors and probes, RTD sensors and probes, thermocouple sensors, thermopile infrared digital sensors, and thermopile infrared sensors are all part of the company's temperature sensor range. Chemicals, oil & gas, energy & electricity, consumer electronics, and food & beverages all employ these sensors. The company's expansion in the Temperature Sensor Market is made possible by its robust product portfolio.
Recent Developments
- In June 2019, TE Connectivity opened the TE Store for European customers comprising more than 25,000 product offerings.
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