Temperature Sensors Market to Surpass 12 Billion by 2030 Drives Due to Rising Global Emphasis on Security
SkyQuest projects that the temperature sensors market will attain a value of USD 12 billion by 2030, with a CAGR of 5% over the forecast period (2023-2030). The rapid integration of IoT (Internet of Things), AI (Artificial Intelligence), and robotics has ushered in a new era of wearable technologies, driving a substantial demand for temperature sensors market. These sensors are vital components in wearable devices that monitor and enhance user experiences.
Westford USA, Feb. 07, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, the temperature sensors market has grown significantly due to the automotive industry’s evolving requirements for reliability, comfort, and advanced features. In modern automobiles, accurate temperature sensors are in high demand across various applications.
Browse in-depth TOC on the “Temperature Sensors Market”
- Pages – 165
- Tables – 69
- Figures – 75
The global temperature sensors market is experiencing robust growth, driven by several key factors. The rising global emphasis on security and surveillance has prompted the integration of temperature sensors into various applications, enhancing safety and monitoring capabilities.
Prominent Players in Temperature Sensors Market
- Siemens AG
- Honeywell International Inc.
- Emerson Electric Co.
- TE Connectivity Ltd.
- ABB Ltd.
- STMicroelectronics NV
- Texas Instruments Inc.
- Analog Devices Inc.
- Infineon Technologies AG
- NXP Semiconductors NV
- Omron Corporation
- Panasonic Corporation
- Sensirion AG
- Robert Bosch GmbH
- Amphenol Corporation
- Omega Engineering Inc.
- Microchip Technology Inc.
- Onset Computer Corporation
- Vishay Intertechnology Inc.
- TDK Corporation
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Thermocouple Segment is Expected to Grow the Market Due to its Versatility
Thermocouple segment stands out as the dominant player in the temperature sensors market, primarily owing to its remarkable versatility and wide-ranging applicability. Thermocouples have gained immense popularity and the largest market share due to the diverse array of models and technical specifications they offer.
North America has consistently held the largest market share in the global temperature sensors market, and this trend is expected to persist in the coming years. The region’s continued dominance is rooted in its leadership in developing cutting-edge HVAC (Heating, Ventilation, and Air Conditioning) systems, wearable devices, and autonomous sensor-driven systems.
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Oil and Gas Segment is Expected to Dominate the Market Due to the Extensive Utilization of Sensors
Oil and gas segment emerged as the leader, capturing the largest market share within the temperature sensors industry. This dominance is attributed to the extensive utilization of sensors throughout the oil and gas sector’s multifaceted operations. Sensors are integral to various critical processes in this industry, including extraction, production, refining, and distribution.
Asia-Pacific region is poised for steady growth in the upcoming forecast period, underpinned by several key factors in the temperature sensors market. A significant driver of this growth is the rapid expansion of the automotive industry in countries such as Japan, China, and India.
A comprehensive analysis of the major players in the temperature sensors market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Temperature Sensors Market
- In 2022, Texas Instruments made a significant announcement by introducing a new family of wireless microcontrollers (MCU) designed to enable Bluetooth Low Energy (LE) at an exceptionally competitive price. The SimpleLinkTM Bluetooth LE CC2340 family offers cost-effective connectivity solutions and boasts best-in-class features such as low standby current and superior radio-frequency (RF) performance. This move underscores Texas Instruments’ dedication to providing efficient and accessible wireless technology solutions for various applications and industries.
- In 2022, Texas Instruments demonstrated its commitment to expanding its manufacturing capabilities by constructing new semiconductor wafer plants specializing in 300 mm wafers.
Key Questions Answered in Temperature Sensors Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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