The study reveals that temperature sensors is trending in North America region. The global Temperature Sensors Market is expected to witness a high growth in the coming years. However, the temperature sensors has its applications including in Food industries, Petrochemical, oil and energy industries are deploying temperature for production and monitoring to maintain consistency and quality. Moreover, the increasing focus on workplace safety is driving the deployment of temperature sensors for work floor monitoring. Consumer electronics are also expected to drive the demand for temperature sensors. Intense competition in the consumer electronics industry is pushing OEMs to offer new features in devices, are driving the growth temperature sensors.
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The study indicates that the spiraling demand for environment-friendly and low cost temperature sensors is creating a large scope for small players to venture into the market. However, in 2016, the top six players commanded less than 20% of the global temperature sensors market. Among these, Texas Instruments Inc., Honeywell International Inc., and General Electric Company were the top three players in the same year. These players are aiming at improving research and development facilities along with continuous innovation to introduce sensors that are in line with the changing requirements of end-use industries.
The Temperature sensors Market is growing rapidly over 4.8% of CAGR and is expected to reach at USD $~5.93 Billion by the end of forecast period.
Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “The Temperature sensors Market Research Report -Forecast to 2023”.
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Temperature sensors Market Segmentation
The Temperature sensors Market has been segmented on the basis of product types, alloys used, applications, end -users and region. The Temperature sensors market is highly centralized by owing to the presence of many small regional suppliers and large multinational vendors. The Temperature sensor has wide range of applications across several industries such as electronics, automotive, and manufacturing. These sensors come in different forms, which has their unique applications for instance, integrated circuit (IC) temperature sensor are used in electronic applications to detect the heat released and start the cooling device. Furthermore, Honeywell serves various industries including aerospace & defense, medical, transportation, industrial etc. Key players are increasingly moving their manufacturing facilities in countries with economical labor particularly in Asia Pacific to reduce their overall cost. Cost effective and differentiated services are expected to be a critical success factor for the industry participants
The prominent players in the Temperature sensors market – Siemens A G (Germany), Stmicroelectronics N.V. (Switzerland), TE Connectivity (Switzerland), Ultra Electronics Holdings Plc. (U.K), UTC Aerospace Systems (U.S), Analog Devices Inc. (Us), Texas Instruments Inc. (Us), Maxim Integrated Products Inc. (Us), Honeywell International Inc. (U.S), ABB Limited (Switzerland), Emerson Electric Corporation (Us) among others.
Market Research Analysis:
On geographic basis, Temperature sensors market is studied in different regions as Americas, Europe, Asia-Pacific and Rest of world. It has been observed that North America region is leading with largest market share growth in the Temperature sensors market. Europe is to be estimated to be second largest market for Temperature sensors during the forecast period, this is due to the rise in research activities in the chemicals and the healthcare sectors is likely to boost this regional market during the forecast period. The Asia Pacific temperature sensors market accounted for over 30% of the global demand and is expected to grow at a considerable rate over the next six years. The regional market is expected to be driven by advancements in sensor technology and demand for high-performance sensors that can be fitted into handheld portable devices. China is expected to be the largest CAGR to regional market revenue generation over the forecast period.
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