Temperature Sensor Market is Projected to Experience Significant Growth From 2020 To 2026
The temperature sensor market is anticipated to record noteworthy growth on account of increasing product implementation across several end-user industries such as automotive, consumer electronics, and healthcare. The strong demand for precise systems that measure temperature is likely to exert a strong influence on the temperature sensors market. The product’s profound application across devices like thermometers and thermistors could fuel industry expansion in the forthcoming years.
With growing traction, the global temperature sensor industry size is anticipated to exceed USD 9 billion by 2026, claims research conducted by Global Market Insights Inc.
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Top three trends accelerating temperature sensor market size
Increasing demand in the wake of COVID-19 pandemic
The ongoing coronavirus pandemic has significantly impacted economies across the world. Nations worldwide have been adopting several measures such as lockdowns and safety checks to reduce the coronavirus spread. During the pandemic, the demand for temperature sensors has accelerated on account of their applications in medical devices which are increasingly being used for monitoring the body temperature of people. Besides, wearables manufactures are also deploying these sensors in their devices to offer users body temperature readings.
For instance, in May 2020, GOQii introduced a smart band named ‘Vital 3.0’ which is equipped with body temperature sensors. The device offers pivotal information such as heart rate, body temperature, and blood pressure. Such initiatives by electronics manufacturers are likely to accelerate the demand for temperature sensors over the forecast period.
Strong application scope across the healthcare sector
Increasing adoption of temperature sensors in the healthcare industry may aid the overall temperature sensor market growth. Studies suggest that the healthcare application segment is anticipated to record a 6% CAGR over the forecast period. This growth can be attributed to the increasing demand for IR temperature sensors in healthcare monitoring systems.
A burgeoning number of healthcare companies that are rolling out health monitoring devices such as temperature guns, wearables may support product demand over the forecast timeframe. Moreover, optic temperature sensors are used to measure body temperatures particularly during treatments of RF hyperthermia and for measuring the body temperature of the patient during several procedures like MRI, fMRI, and electro-surgical. In addition, the rising interest of researchers to develop cutting-edge temperature sensors to help in decreasing health-related mortality rates may further accelerate wearables market growth.
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Accenting demand across the Middle East & Africa
Middle East & Africa market is anticipated to record prominent growth over the forecast period owing to expanding oil & gas sector in the region. Temperature sensor offers suitable convenience to the O&G industry by reducing operational challenges at a deeper level. These sensors facilitate the well-organized recovery of unusual resources by monitoring environmental temperature distribution underground. The region has a strong presence of oil-producing nations such as Saudi Arabia, Iraq, and the United Arab Emirates, which in turn boosts the temperature sensor market in the region. On this note, the Middle East & Africa temperature sensor sector is set to record a 4% of the total market share over the forecast period.
Table of Contents (ToC) of the report:
Chapter 1. Methodology and Scope
1.1. Methodology
1.1.1. Definition and forecast parameters
1.1.1.1. Definitions
1.1.1.2. Assumptions, methodology and forecast parameters
1.2. Data Sources
1.2.1. Primary
1.2.2. Secondary
Chapter 2. Executive Summary
2.1. Temperature sensor market 3600 synopsis, 2016 - 2026
2.1.1. Business trends
2.1.2. Regional trends
2.1.3. Product trends
2.1.4. Output trends
2.1.5. Application trends
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