Northbrook, IL 60062 -- (SBWIRE) -- 08/03/2023 -- The Temperature Sensor Market report share is estimated to be USD 5.9 billion in 2021 and expected to reach USD 8.0 billion by 2028, at a CAGR of 4.5% from 2021 to 2026..
The increasing demand for temperature sensors, in industries such as oil and gas, consumer electronics and healthcare is driving the growth of the market.Furthermore, most working environments require variable sensing ranges and resolutions, and factory floor environments can be dirty, making it difficult to differentiate between humans and other robots. There are strict regulations as well as stiff penalties surrounding robotic safety. Manufacturers are adopting sensing technology before the robots are installed to ensure compliance and create a safe environment for workers leading to higher demand for temperature sensors.However, high initial cost involved with the implementation of advanced sensorsis expected to restraint temperature sensors industry growth.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=522
Non contact temperature sensors will have the highest growth in the coming years
The non-contact temperature sensors segment is projected to growt at a higher rate compared to contact temperature sensors segment during 2021 to 2028.The high growth rate of non-contact temperature sensors is attributed to their ability to measure the surface temperature of an object or body without any physical contact between the sensor and the observed object. The non-contact temperature sensors are prominently used for small, moving, and inaccessible objects, sources, or devices. Asia Pacific and RoW regions observed the highest demand for non-contact temperature sensors, due the the large consumer electronics, healthcare and oil and gas industry present in these regions.
Oil and gas industryholds the second largest share in the Temperature Sensor Market
The oil and gas segment is projected to register a CAGR of 3.7% during the forecast period. Oil and gas industry is heavily reliant on different sensors to measure, analyse record and share the different parameters for safety and proper functioning of the equipment and workers. Temperature monitoring sensors are one of the key sensors implemented by this industry. These sensors are used to measure, andanalysetempearutres of various equipment and environment. It is expected that the implementation of temperature sensors in the oil and gas industry will continue to grow over the forecast period allowing the industry to hold a prominent position in the Temperature Sensor Market.
North America is a the second largest region for the Temperature Sensor Market
North America accounts for ~27% share of the Temperature Sensor Market in 2020. The key contributors in North America are US, .Canada, and Mexico with US holding the dominant share within the region. The presence of large number of player in the region along with strong trade relations with other regions allows North America to hold a prominent share of the Temperature Sensor Market. Industries such as consumer electronics, healthcare, chemical, automotive, oil and gas, and energy and power attribute to the high demand for temperature sensors in the US.
Ask for Sample Report:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=522
Key Market Players:
The Temperature Sensor Companies was dominated by,Honeywell International Inc. (US), TE Connectivity Ltd. (Switzerland), Texas Instruments Incorporated (US), Endress+Hauser Management AG (Switzerland), and Siemens AG (Germany), Maxim Integrated (US), Emerson (US), ABB (Switzerland), NXP (US), and Kongsberg (Norway).