The Temperature Sensor Market is predicted to increase at a CAGR of 4.5% over the forecast period, valued at USD 5.9 billion in 2021 and USD 8.0 billion by 2028. (2021–2028).
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.
The highest CAGR is anticipated for wireless temperature sensors during the projection period.
During the projection period, wireless temperature sensors are anticipated to expand at a faster CAGR. The wireless section of the Temperature Sensor Market is primarily driven by industrial automation and regional demand for miniature consumer electronics, including wearables and IoT-connected gadgets.
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During the forecasted period, digital temperature sensors will hold the biggest market share.
In comparison to sensors with analogue outputs, temperature sensors with digital outputs provide a number of advantages and are particularly well suited for distant applications. The medical and aerospace industries, test and measurement equipment, and industrial automation all use digital temperature sensors.
The market for contact temperature sensors is expected to dominate.
By 2028, contact temperature sensors are anticipated to hold an 86% market share. Due to the use of contact temperature sensors for detecting solid, liquid, or gaseous elements spanning a wide range of materials, this sector is anticipated to maintain a greater market share than the non-contact temperature sensors segment during the projection period. Due to their low cost, wide temperature range, and excellent precision, contact temperature sensors are widely utilised in the chemical, consumer electronics, oil & gas, energy & power, and automotive industries.
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In 2028, consumer electronics is anticipated to have the biggest market share.
During the projection period, the consumer electronics segment is anticipated to post a CAGR of 5.7%. Due to the increasing use of temperature sensors in consumer electronics, such as smartphones, PCs, laptops, tablets, and other smart home appliances, this market category is projected to keep holding the biggest market share during the projection period. This category has recently added a number of newer devices.
The temperature sensor market is expected to expand at the highest CAGR in APAC over the anticipated period (2021-2028)
In 2020, APAC held the biggest market share (46%) for temperature sensors. The Temperature Sensor Market in APAC is growing primarily due to China, India, South Korea, and Japan. The growing demand for temperature sensors from international markets in North America and Europe as well as the development of automotive, medical, and industrial production firms are projected to drive the temperature sensor market in APAC. The Temperature Sensor Market in North America, however, is growing primarily due to the US, Canada, and Mexico. Because of the region's big chemical, oil and gas, healthcare, food and beverage, and system providers, North America is one of the most technologically advanced markets for temperature sensors.
Texas Instruments Incorporated (US), Honeywell International Inc. (US), TE Connectivity Ltd. (Switzerland), Endress+Hauser Management AG (Switzerland), and Siemens AG (Germany).
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