Due to their increasing requirement in the automotive industry, the sales of temperature sensors are rising sharply across the world. In the automotive industry, temperatures sensors are used for measuring the temperature of various systems, liquids, and gases present in the vehicles for ensuring their proper functioning. Besides this, temperature sensors are also used in heating, ventilation, and air conditioning (HVAC) systems. With the mushrooming sales of vehicles, especially in Asia-Pacific countries, the requirement for temperature sensors is growing rapidly.
Apart from the aforementioned factor, the increasing usage of smartphones is also positively impacting the sales of temperature sensors across the world. This is, in turn, fueling the expansion of the global temperature sensor market. The valuation of the market is predicted to grow from $6.9 billion in 2019 to $11.1 billion by 2030. Furthermore, the market is predicted to grow at a CAGR of 4.4% between 2020 and 2030.
Get More Insights: Temperature Sensor Market Revenue Estimation and Growth Forecast Report
Depending on product type, the temperature sensor market is divided into thermistor, temperature IC, thermocouple, and resistance temperature detector (RTD). Out of these, the thermistor category is predicted to register the fastest growth in the market in the coming years. This will be because of the several beneficial traits of these devices such as their high sensitivity, low cost, ease of use, small size, fast response rate, and their ability to be customized.
When vertical is taken into consideration, the temperature sensor market is classified into automotive & aerospace, petrochemical and oil & gas, food & beverage, consumer electronics, industrial, utilities, and pharmaceuticals. Out of these, the automotive and aerospace category recorded the highest growth in the market during the past few years. This was because of the implementation of strict government regulations in several countries that mandated the usage of temperature sensors in vehicles.
This was done for improving the fuel efficiency of vehicles, mainly because of the high air pollution levels and the huge requirement for reducing greenhouse gas emissions from automobiles. Furthermore, the expansion of the automotive industry and the aftermarket is propelling the requirement for temperature sensors. The petrochemical and oil & gas category registered the second-highest growth in the market in the past, due to the heavy usage of temperature sensors for measuring the oil temperature in tanks.
Geographically, the temperature sensor market recorded the highest growth in the Asia-Pacific (APAC) region in the past years and this trend will also continue in the coming years, as per the estimates of P&S Intelligence, a market research company based in India. This will be because of the rapidly rising requirement for processed food items, the rising urbanization rate, and the presence of a flourishing automobile sector in the regional countries.
Hence, it can be said with confidence that due to the rising usage of temperature sensors in the automobile industry and smartphones, their sales will shoot-up, especially in the Asia-Pacific (APAC) region in the coming years.
